Illinois FY24: Gaming Revenue Surpasses $2 Billion, but Casinos Not Key Drivers
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A report from the Illinois Government Forecasting Commission showed that in fiscal year 2024, gambling tax revenue reached a record $2.08 billion, up 4.8% from 2023. The main drivers were video slot machines ($848 million) and lottery ($886 million).
Sports betting brought in $190 million, while casinos brought in just $158 million, almost unchanged from last year. Despite the opening of two new casinos, their contribution was minimal due to the reduced tax structure and high costs.
The growth of slot routes has become a significant trend: from $145.6 million in FY14 to $997 million in FY24. A tax increase on slot machines in FY25 could boost revenue even further.
The sports betting sector is also showing steady growth, with revenues exceeding $1 billion for the first time in 2024. The new tax regime (20-40%) is a concern, but the market is expected to continue growing thanks to online betting and advertising.