00:00Another sports betting operator in the state of Illinois is also going to add a little bit of a fee to their bets, too, to make sure they make up for some of the taxes.
00:10Yeah, Bet365 is the latest operator to say, in response to Illinois's new sports betting tax of $0.25 per bet, which goes up to $0.50 per bet after an operator takes over $20 million in bets,
00:24Illinois is going to have all operators now passing that down, Bet365 being the latest.
00:30They're going to charge customers $0.25 per bet, FanDuel $0.50, DraftKings $0.25, some bets will be $0.50,
00:37and every other operator is going to charge a minimum bet amount as well.
00:41Folks like BetMGM, Circa is going to be $10.
00:43So you now have the first state ever where there is either an added fee on a bet or there is a minimum bet amount set,
00:51and that's in response to that per bet tax.
00:54So it's going to be really interesting to see what happens this NFL season.
00:58Illinois, you know, not just being the first state to do this, but it's a very, very large state.
01:02They're about top five in sports betting handle usually every year.
01:06So the operators have responded by, you know, adding these fees, which, you know,
01:10if you look around online or talk to anybody in Illinois, most customers are not happy with.
01:14They do have the option to get rid of it, the state does, if it's not going well,
01:18but that remains to be seen.
01:20We'll have to see how this plays out this NFL season.
01:23It's supposed to generate $36 million in extra tax revenue.
01:27But, of course, that is if people keep betting the way they've been betting,
01:31if this leads to a scenario where people are using offshore sports books more, not betting as much,
01:37I don't think it will happen.
01:38I think largely people will just kind of take the hit and move on, complain,
01:42and kind of forget that it exists.
01:44But it will be really interesting to see how it plays out this season,
01:47especially with, you know, all the sports books are doing it there now,
01:50so it's no longer going to move somebody over to a different sports book.
01:53You kind of don't have many options if you want to save money on your bets in Illinois.
01:57But, you know, if you bet a lot of money, if you bet, you know, thousands of dollars,
02:00it's really not that big of a hit.
02:02If you are, you know, a smaller casual bettor, it definitely takes more out of your chunk.
02:06But, yeah, we'll see what happens this NFL season with Illinois.
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