As the legal system slowly becomes more friendly towards online sports betting, states around the country begin to look towards the young and growing industry to raise tax revenue. Recently, the advancement of sports betting in Illinois took place, vastly expanding the mobile wagering options available to the state’s 12.7 million residents. Furthermore, data from Odds.com published by Forbes showed that Illinois is poised to generate upwards of USD 73 Million in taxable revenue if the estimates of a USD 488 Million annual market come to fruition. The 15% tax levied on gaming revenue could also see this number rapidly increase once measures to allow online and mobile offerings are put in place.
The increasing popularity of online gambling is attributed to several factors, such as advancements in the field of digital marketing, wider availability of modern technology as well as easy-to-use systems. In recent years, the global online gaming market has expanded to represent one of the fastest growing segments of the gambling industry. As a result, several important developments related to this field were implemented. For example, late last year, the first college sports deal with a gambling company outside of Nevada was implemented.