00:00Meanwhile, in Illinois at the moment, we have a hefty proposal in terms of a sports betting tax north of 10%.
00:09Is this going to pass? Where does this go from here?
00:13Yeah, really interesting. Illinois is now one of the biggest sports betting tax states after raising their taxes almost two or three times in the past two years,
00:22where now the biggest operators, the FanDuel's and DraftKings of the world, have to pay basically a 40% tax as well as another per bet fee on every tax,
00:33which they've in turn thrown down to or passed down to customers, which now have to pay an extra bet fee in Illinois.
00:40Chicago is actually proposing adding their own 10% tax on top of that,
00:45which now Illinois lawmakers have written Chicago councilmen saying that this is just untenable.
00:50It would already add on to our enormous tax in the state.
00:54It would add a precedent where every locality is able to now add their own taxes onto it.
00:59From Chicago's standpoint, they want to raise more money.
01:02It would be about $26 million a year in tax revenue this raises.
01:05But when you put that on top of what many call already sky-high taxes in the state, it makes it really untenable.
01:12We'll have to see if the Illinois lawmakers, about 30 of them, are advocating not to adopt this,
01:16if that has any sway with the actual Chicago lawmakers.
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