Sen. Louis Blessing introduced SB199, which would put a 2% tax on the total wagered by bettors in Ohio, in addition to the current 20% tax on adjusted gaming revenue for online sportsbooks.
Ohio Sports Betting Handle To Be Taxed By New Bill Ohio Sports Betting Handle To Be Taxed By New BillBetting handle tax would double state income
At the current rate of 20%, the state has collected approximately $359 million since legalizing Ohio sports betting in 2023. In this time, Ohioans have wagered around $19 billion, so an additional 2% tax on the betting handle would have brought in an extra $380 million.
Ohio Sports Betting Handle To Be Taxed By New BillIn January this year alone, Ohio bettors wagered over $1 billion, almost matching the record of $1.13 staked in January 2023 following legalization.
However, is is estimated that unregulated platforms take in even more bets. A report published last month suggested unlicensed operators generated $1.5 billion last year, compared to licensed sportsbooks at $899 million.
Ohio considers legalizing online casinos
Lawmakers have been exploring various options to generate more revenue from gambling. In addition to Gov. DeWine’s proposed tax hike, there has also been discussions about legalizing online casinos in the Buckeye State.
Ohio Sports Betting Handle To Be Taxed By New Bill proposing to legalize online casinos, and it has gained bipartisan support. The bill proposes a 36-40% tax rate that could bring in an estimated $400 million in tax revenue. SB199 has been referred to the Select Committee on Gaming for discussion.As with sports betting, it is estimated Ohio online casinos operating in a legal gray area generate a substantial amount of revenue in the state, at $3.7 billion last year.
Ohio Sports Betting Handle To Be Taxed By New Bill Ohio Sports Betting Handle To Be Taxed By New Bill
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
