The Illinois Economic Policy Institute and the University of Illinois Project for Middle Class Renewal recently released a joint report indicating the state could receive $100 million in additional revenue by legalizing sports betting. In addition, the report said legalized sports gambling would generate nearly $12 billion in wagers; increase gaming industry revenue by $565 million a year; create more than 2,500 new jobs at nearly 90 licensed locations in Illinois; reduce illegal sports betting; fund programs for gambling addiction; and help fund education and infrastructure.
However, the study cautioned, “The tax revenues from sports betting will not solve Illinois’ fiscal issues and should be weighed against the potential costs of gambling addiction.” It added, “The investigative ProPublica report should be a reminder to both lawmakers and voters that assumptions matter in forecasting economic activity and tax revenue. The study is also a reminder that gaming expansions are not panaceas that can resolve Illinois’ fiscal issues.”
UIUC School of Labor and Employment Relations Professor Robert Bruno, director of the Project for Middle Class Renewal, noted 10 states already have legalized sports gambling but none are in the Midwest. “There is some advantage to be the first mover, so Illinois may want to be out of the box first. Obviously that incentivizes taking action,” he said. IEPI Policy Director Frank Manzo said sports betting already exists in the black market. “People are doing it anyway, and legalizing sports betting, which is an economic activity that has been approved by the U.S. Supreme Court, would bring those bettors into a safe and regulated marketplace.”
Most candidates for Chicago mayor support a casino in the city or allowing slots at O’Hare International and Midway airports. Governor. J.B. Pritzker previously said he would support legalizing and regulating sports gambling.
