1 of 4 | Traders work on the floor of the New York Stock Exchange on Wall Street on Monday in New York City. Stocks of major U.S. steel companies jumped after President Trump announced he would double tariffs on steel and aluminum. Photo by John Angelillo/UPI | License Photo
June 2 (UPI) -- Illinois legislators have approved a new state budget that raises taxes on legal sports wagers, causing betting stocks to decline Monday.
On Sunday, the state's Senate and House passed a $55 billion budget with $800 million in tax increases, including sports betting. Illinois Gov. J.B. Pritzker said he would sign the bill.
Illinois officials hope to raise more than $36 million in yearly revenue with a per-wager tax on sports bets placed within the state, according to Casino Beats. The new tax takes effect July 1, with the money going into the state's General Revenue Fund.
Online and in-person sportsbooks are run by FanDuel, DraftKings, Caesars, BetMGM and ESPN BET. Betters 21 years of age and older must be physically located within Illinois state lines. Many casinos and racetracks have partnered with sportsbook operators.
