Oklahoma Governor Kevin Stitt has unveiled a proposal to legalize sports betting in the state. This initiative aims to provide Oklahomans with the opportunity to engage in both in-person and mobile sports wagering activities. The plan outlines key provisions and taxation rates for this new form of gambling.
Key Proposal Details:
In-Person Betting: The proposal will permit in-person sports betting at gaming establishments operated by federally recognized tribes in Oklahoma. This approach respects the tribal gaming compacts while expanding the offerings available at these venues.
Mobile Sportsbooks: Oklahomans will also have access to mobile sportsbooks, subject to licensing by the state. These mobile platforms will provide a convenient way for residents to place bets from their smartphones or other devices.
Betting Restrictions: While the plan embraces sports betting, it comes with certain restrictions. Notably, it prohibits bets on specific aspects of college sports, including individual athlete performance, coaches, referees, player injuries, and proposition (prop) bets. Governor Stitt is waiting for feedback from the NCAA and athletic conferences.
Taxation Rates: Mobile sports wagering operations will be subject to a 20% tax rate, offering a significant revenue stream to the state. In addition to this tax, there will be an initial licensing fee of $500,000 and an annual fee of $100,000 for mobile operators. Retail sports betting will be taxed at a rate of 15%.
Governor’s Perspective:
Governor Stitt is committed to ensuring that the introduction of sports betting is handled responsibly. He views it as an opportunity to generate revenue for the state while allowing tribes to expand their gaming offerings. Oklahoma’s move towards sports betting reflects the evolving landscape of legal wagering in the United States, with 35 states having already embraced this industry.
Oklahoma’s pursuit of legalized sports betting represents a significant step in expanding gambling options within the state. While the proposal outlines key elements of this initiative, its ultimate success will depend on legislative approval and adherence to regulatory guidelines.