Chicago lifts city ban on sports betting - and imposes a 2% tax

A divided Chicago City Council agreed Wednesday to lift the Chicago ban on sports betting - and impose a 2% tax on gross revenues from it - paving the way for sportsbooks to open in and around Soldier Field, Wrigley Field, Guaranteed Rate Field, the United Center and Wintrust Arena.

With nine dissenting votes, the Council agreed to get a small piece of the action from a sports betting phenomenon that has already triggered $7 billion of wagering statewide.

The 2% city tax on gross revenues from sports betting is expected to generate $400,000 to $500,000 a year based on an estimated $25 million in annual revenues from sports betting in Chicago.

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