Illinois Gaming Board Reports $1.5 Billion in Gaming Revenue for 2023
The Illinois Gaming Board (IGB) announced that the state and local governments earned over $1.5 billion in tax revenue from licensed casinos, video gaming terminals, and sports wagering operators in 2023. This revenue highlights the success and economic benefits of legal gambling in Illinois.
According to IGB Administrator Marcus D. Fruchter, the IGB’s work has been instrumental in protecting the integrity and public confidence in Illinois gaming. The Board looks forward to continued cooperation and partnership with licensees and stakeholders to ensure the continued success, revenue generation, and highest ethical standards for Illinois gaming in 2024 and beyond.
Illinois Sports Wagering Market Sees $11.6 Billion in Total Wagered Amount for 2023
The IGB revealed that the total amount of money wagered in the Illinois sports wagering market for 2023 was $11.6 billion. $1 billion accounted for sports wagering adjusted gross revenue (SWAGR). After applying the 15% state sports wagering tax to the SWAGR, the result was $150.3 million in state taxes. Additionally, the 2% Cook County tax on SWAGR generated $10.6 million.
Administrator Fruchter emphasized the importance of wagering through legal sportsbooks authorized to operate in Illinois, as illegal operators lack the necessary safeguards and do not contribute tax revenue.
Illinois Urges Responsible and Safe Wagering Through Approved Sportsbooks
Administrator Fruchter reminded Illinoisans to wager responsibly and safely through approved retail or online sportsbooks. It is essential to choose licensed operators to ensure age verification requirements, prevent money laundering, and guarantee fair payouts.
Fruchter also highlighted that Illinois only allows wagering on Super Bowl prop bets related to activities within the control or jurisdiction of the NFL and its Integrity Policy. Betting on certain activities, such as the length of the National Anthem or the number of times Taylor Swift will appear on camera, is prohibited.
Resources Available for Those with Gambling Problems
The IGB wants to ensure that individuals with gambling problems have access to crisis counseling and referral services. By calling 1-800-GAMBLER (1-800-426-2537) or texting “GAMB” to 833234, help is available. Additionally, individuals can enroll in the IGB Self-Exclusion Program at any of the IGB offices located in casinos.
Other Official Actions Taken by the Illinois Gaming Board
The IGB conducted various official actions during its meeting, including granting a request from Major League Soccer to prohibit wagering on yellow or red card penalties in soccer matches. The Board also considered renewal requests for the Par-A-Dice Hotel Casino, approved an extension of temporary casino operations, and heard updates on casino construction projects.
The IGB also approved licenses for video gaming locations and terminal handlers, approved key person and occupational licenses for casinos, and granted a sports wagering supplier license and sports wagering occupational licenses.
The Future of Gambling in Illinois
Illinois has established itself as a thriving gambling market with 15 casinos, 13 licensed sportsbooks, and over 8,500 licensed video gaming establishments. In 2023 alone, casino gambling, video gaming, and sports wagering generated over $1.5 billion in tax revenue for the state and local communities.
Illinois aims to maintain the success of its gambling industry by prioritizing integrity, responsible wagering, and compliance with ethical standards. The IGB will continue to regulate and oversee licensed operators to ensure the continued growth and economic benefits of legal gambling in the state.
Analyst comment
Heading 1: Positive news – The Illinois Gaming Board reports $1.5 billion in gaming revenue for 2023. Market outlook: The market for licensed casinos, video gaming terminals, and sports wagering operators will likely continue to thrive in 2024, leading to further revenue generation and economic benefits.
Heading 2: Positive news – Illinois sports wagering market sees $11.6 billion in total wagered amount for 2023. Market outlook: The sports wagering market in Illinois is expected to experience continued growth, with licensed operators contributing to tax revenue and ensuring a safe and regulated environment for bettors.
Heading 3: Neutral news – Illinois urges responsible and safe wagering through approved sportsbooks. Market outlook: The market for approved retail or online sportsbooks in Illinois is expected to maintain its high grossing status, with emphasis on responsible gambling and adherence to regulations.
Heading 4: Positive news – Resources available for those with gambling problems. Market outlook: The availability of crisis counseling and referral services, as well as the focus on responsible gambling, will contribute to a healthier and more sustainable gambling market in Illinois.
Heading 5: Neutral news – Other official actions taken by the Illinois Gaming Board. Market outlook: The actions taken by the Gaming Board, such as granting requests and approving licenses, suggest a continued regulatory environment that supports the growth and development of the gambling industry in Illinois.
Heading 6: Positive news – The future of gambling in Illinois. Market outlook: With a thriving gambling market, Illinois is well-positioned to maintain its success and economic benefits. The focus on integrity, responsible wagering, and compliance will ensure continued growth and positive outcomes for the industry.
