Illinois budget bill targets sports prediction markets with unique transaction tax

Illinois lawmakers have signed off on a budget measure that would create what appears to be the first state tax aimed specifically at sports event contracts traded through prediction markets. The provision was included in the wider revenue package contained in Senate Bill 3019 , which cleared both chambers on June 1. Under the legislation, “any wagers offered under this Act shall be subject to incur a transaction tax equal to 1.75% of each exchange wager.” The bill also establishes a higher rate