Illinois News & Prediction Market Coverage
Track the latest Illinois news across prediction markets. Prediction News is following 10 active Illinois stories across regulation, legal action, market moves, and platform developments, each clustered from original reporting and summarized for operators, traders, and regulators.
Latest News
Illinois enacts taxes and rules on prediction markets; Kalshi sues
LegalCFTC sues Minnesota to block nation's first felony prediction market ban
LegalNorth Carolina taxes prediction markets at 6% in signed state budget
LegalMichigan judge blocks Kalshi sports bets while Illinois tax fight heads to court
OpinionKalshi and CFTC sue Illinois to block prediction market tax as state delays enforcement
LegalCFTC sues New Mexico to block state gambling enforcement against prediction markets
LegalIllinois budget adds taxes on prediction markets, digital ads, crypto
LegalIllinois passes 1.75% tax on prediction market sports contracts amid legal fights
LegalIllinois enacts first U.S. state tax on sports event contracts
LegalIllinois lawmakers approve $56B budget with new prediction market tax
Frequently Asked Questions
What taxes has Illinois imposed on prediction markets?
Illinois enacted a 1.75% tax on sports event contracts as part of its FY2027 budget, with some reports noting potential escalation to higher rates and a 15% tax on gross receipts from sports-related wagers.
Has Kalshi sued Illinois over prediction markets?
Yes, Kalshi filed suit in federal court against Governor J.B. Pritzker, Attorney General Kwame Raoul, and the Illinois Gaming Board to block the July 1, 2026 gambling license requirement and associated taxes.
Why did the CFTC sue Illinois regarding prediction markets?
The CFTC sued Illinois to block state enforcement actions, including cease-and-desist orders, arguing federal law grants the agency exclusive authority over event contracts.
Are prediction markets legal in Illinois?
Platforms face state cease-and-desist orders and new licensing/tax rules, but the legality remains subject to ongoing federal preemption litigation between the CFTC, Kalshi, and the state.
What is the Illinois Gaming Board doing about prediction markets?
The board issued cease-and-desist letters to Kalshi, Polymarket, Crypto.com, and Robinhood for alleged unlicensed sports wagering and is tasked with enforcing new license and tax requirements.