Illinois sportsbooks are determining their next move after legislators passed a $55.2 billion budget on Saturday that included a bet fee of 25 to 50 cents per wager.

The bill calls for sportsbooks to pay the tax on every bet, which could be passed on to public bettors. The stock market reacted by declining on Monday.

Starting July 1, the first 20 million individual bets placed in the state each fiscal year carry a tax of 25 cents apiece and every bet placed after that brings a fee of 50 cents.

Sports Betting Alliance, which represents interests of online and brick-and-mortar sportsbooks, vowed, "This is not the end of this conversation. We will continue to fight this discriminatory tax alongside our customers -- both right now in Illinois and in any state that considers these harmful tax changes in the future."

The bill is projected to yield more than $40 million for the state.

According to documents presented in support of the tax hike before Saturday's vote, Illinois bettors wagered a state-record $14.017 billion in 2024. The astonishing figure represents an increase of more than 20 percent from 2023. Illinois sportsbooks generated a combined $1.233 billion total revenue in 2024.

Only New York generated more revenue last year.

Yet, Illinois is doubling down on taxing sports wagers following the adoption of a separate tax in the 2024 fiscal year budget.

"With this change, lawmakers are essentially urging customers -- and especially these small-dollar bettors -- to switch to unsafe and unregulated sportsbooks who defy state consumer protections and generate zero taxes for state priorities," SBA said in a statement. "These illegal operators are the big winners from Saturday's vote."

The newly approved legislation promises "$800 million in new taxes on tobacco products and sports betting" and also included approval of a 5 percent pay raise for lawmakers tied to inflation.