Ohio Governor Mike DeWine is attempting to double the tax rate from 10 percent to 20 percent just over a month after sports betting became legal in the state. This increase is part of his biennial executive budget plan for the 2024–2025 fiscal years.
The budget doubles the tax on sports wagering that casinos and teams operating mobile sportsbooks must pay. A Bloomberg Tax analysis shows that the tax is just a little bit higher than the average 19 percent levied by other states.
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A couple of days before Christmas, I went to see the NHL’s Nashville Predators play on their home ice against the defending Stanley Cup champion Colorado Avalanche.
Amid all the silliness of a modern pro sports experience – the home team skating out of a giant saber-toothed tiger head, the mistletoe kiss cam, a small rock band playing seasonal hits between periods – there was a steady stream of advertising for DraftKings, a company known as a sportsbook that takes bets on athletic events and pays out winnings.
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Mere days after Governor Mike DeWine cited concerns with Ohio’s new sports betting setup, the Ohio Casino Control Commission (OCCC) issued three more warnings for infractions on Thursday.
According to the OCCC, BetMGM, LLC (BetMGM); American Wagering, Inc. (Caesars), and Crown OH Gaming, LLC (DraftKings) violated state law and administrative rules regarding advertising.
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A mere two days since the legalization of sports betting in Ohio, Governor Mike DeWine is already questioning the legality of some companies’ practices.
In his first remarks on the matter since the state’s legalized sports betting on Sunday, DeWine said he had taken a personal interest in upholding state laws governing gambling organizations’ advertising.
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Virginia’s new sports betting continues to set records, with $427 million in wagers cast in October thanks to five weekends of football, postseason baseball, and the opening of the NBA season. Sportsbetting was launched in the Commonwealth on January 21, and October’s results helped make Virginia the fastest state to exceed $2 billion, according to a PlayVirginia press release.
“It took Old Dominion a little less than nine months to reach the milestone. The previous record-holder, New Jersey, took about 10 months to reach $2 billion in wagers,” PlayVirginia said.
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Under the Florida-Seminole Tribe gaming compact signed by Gov. Ron DeSantis and approved by lawmakers in May, mobile online sports wagering becomes officially legal in the Sunshine State on Oct. 15.
But after two Florida pari-mutuels filed a motion in federal court late Tuesday to block the sports wagering component of the 30-year gaming deal from being implemented, don’t bet on it.
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Draft Kings and FanDuel have each contributed $10 million to the Florida Educational Champions political committee who are funding a ballot initiative which would legalize sports betting in Florida.
The chairman of the political committee, David Johnson, took time to thank the sports betting companies for their contributions to the committee.
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Two of the largest companies in the daily fantasy sports industry, DraftKings and FanDuel, are backing a political committee’s efforts to legalize sports betting. The political committee, Florida Education Champions, is proposing an amendment that will allow sports betting at professional sports venues, pari-mutual facilities and through online platforms. The amendment would also raise money for education.
The amendment, as detailed on the Division of Elections website, states that if betting revenues are taxed, the monies would be required to go to the state Educational Enhancement Trust Fund.
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Sports betting in Virginia launched January 21, and Virginians have already wagered $865 million, according to press releases from the Virginia Lottery. In April, Virginians wagered $236.43 million according to a May 28 press release.
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Sports fans in Tennessee placed the first legal sports bets in the state this week, as sports wagering became legal Sunday.
Sports wagering is estimated to generate up to $4.5 billion in revenue each year, according to a study by Oxford Economics. The state will collect about 20 percent of that revenue – the second-highest tax rate on sports betting in the country – to support scholarships in the state.
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Mobile sports betting will be launching in Virginia by January 2021 at the earliest.Â
Since legislation was passed by the Virginia General Assembly and became effective July 1st, the Virginia lottery, who has been tasked with regulation and oversight, has been working to turn mobile sports betting for Virginians into a reality.
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