Illinois stands to immediately add $130 million or more to state coffers in the form of a tax prepayment if state legislators legalize and regulate online gambling, according to a new analysis by OnlinePokerReport.com.
The research comes in the wake of recent movement in the Illinois legislature to regulate online gambling, and it reveals the potential for regulated online poker and casino games to bring significant benefits to the state in the first five years, including:
• An immediate addition of at least $130 million — and as much as $150 million — into state coffers in the form of a tax prepayment by entities applying for an operator’s license.
• The collection of over $160 million in tax revenue.
• $1.53 billion in new revenue for the state’s casino and racing industries.
“Illinois would get an immediate windfall of $130 million dollars, a steady stream of tax and fee revenue, increased employment, and the benefit of hundreds of millions of dollars poured into local media and services companies,” said Chris Grove, gambling industry strategist and editor of OnlinePokerReport.com.
The OnlinePokerReport.com analysis is based in large part on what New Jersey has experienced since that state regulated online gambling in 2013. New Jersey has generated more than $100 million in taxes and more than $500 million in revenue for casinos from online gambling.
“New Jersey has proven that online gambling can be safely regulated and serve as an economic engine,” Grove said. “All of the New Jersey’s casinos have confirmed that regulated online gambling drives new customers and new revenue.
“Regulated online gambling has saved Atlantic City’s casinos and brought some $100 million in new tax revenue to the state,” Grove added. “That’s the sort of help Illinois’ casinos, the Illinois racing industry, and the state itself could desperately use.”
To learn more about regulated online gambling in Illinois, visit www.onlinepokerreport.com/us/il/. To learn more about the author of the analysis, Chris Grove, visit www.onlinepokerreport.com/chris-grove/.
— From the Illinois Business Journal, June 15, 2017