Governor Releases Proposals for Legal Sports Betting in Oklahoma
Oklahoma is one of the 15 states without a legal sports betting market. However, that might change if Governor Kevin Stitt’s proposals for legal sports betting in Oklahoma get the green light from state legislators.
Although the plans are still conceptual, Stitt has outlined how the Oklahoma market may function. Thus, there is plenty of time to learn how to start a bookie business in the state. Under a state-tribal gaming agreement, only federally recognized Indian tribes could provide retail betting. Stitt predicted a 15% tax on winnings from bets placed in person.
Regarding mobile betting, Oklahoma would issue licenses to businesses that provide such services to gamblers. Initial license fees of $500,000 would be followed by a yearly renewal fee of $100,000.
Sports wagers might be accepted by mobile licensees anywhere in Oklahoma. A higher tax rate, equal to 20% of revenue, would be imposed on them as well, making them more expensive than traditional retailers.
Plans for Legal Sports Betting in Oklahoma
The broader idea also includes restrictions on wagering—several of these deal with wagering on collegiate games in Oklahoma. No wagers may be placed on the results of individual players, coaches, or officials. Prop bets on collegiate events will also be unavailable to consumers.
Stitt claims he eagerly anticipates feedback from the NCAA and sports leagues before implementing his ideas. In addition, the plan specifies that gamblers are not allowed to wager on whether a player will sustain an injury.
A law introduced earlier this year suggested that Oklahoma would seek to allow sports betting, setting the stage for Stitt’s proposal. To allow tribes to add legal sports betting to their current gaming compacts, House Bill 1027 was presented in the House of Representatives in February. This is very much like Stitt’s updated ideas. That means you need to be part of the tribes when opening a racebook in the state.
Midway through March, the House of Representatives unanimously approved the measure, sending it to the Senate. Unfortunately, the bill did not move forward and has been stalled since late May. According to a political news forum, 35 tribes now provide some gaming in Oklahoma.
