- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
Sports Betting Tax in Ohio to Double Starting from 2024
With the signing of the new state budget, sports betting tax is expected to increase from 10% to 20% from the start of next year
Late in December 2021, Ohio legalized sports betting activities. Despite the legalization, it wasn’t until January 1 this year, that the state officially launched its legal mobile and retail sports betting market. Although the initial tax rate for sports betting operators was set at 10%, that is expected to change soon.
Starting from next year, the sports betting tax is expected to double or hit 20% on sports betting revenue thanks to a new 2024-2025 executive budget in the state. The changes to the betting tax come as a part of a budget bill labeled House Bill 33, which has successfully cleared the state’s Senate and House.
Now, judging by Tuesday’s statement by Gov. Mike DeWine, the new FY2024-2025 budget has been greenlighted, allowing the state to “make strategic investments” and at the same time provide vital support for families and communities. According to Gov. DeWine, the new operating budget enables the state to invest in its “economy, communities and families.” At the same time, the Governor pointed out that the new budget ensures the sustainable growth and prosperity of Ohio.
“This is truly Ohio’s time! Our new operating budget invests in Ohio’s economy, communities, and families and helps to ensure that our state remains the heart of opportunity and prosperity today and in the future,“
wrote Gov. Mike DeWine
Additional Tax to Benefit Different Programs
Given that the new budget is signed, the sports betting tax rate of 20% is expected to be implemented at the start of the next year. The additional proceeds from the taxation of the gambling activity are expected to fund community-focused causes like education.
Gov. DeWine said that he is proud to sign the budget that enables the state to make historic investments and at the same time “support and encourage Ohio’s children to lead happy, healthy, and productive lives than ever before.” He acknowledged the significance of supporting families and communities while providing much-needed support for people struggling with different issues.
The announcement about the new budget comes after recently, the Ohio Casino Control and Lottery Commission released its latest report outlining the performance of the state’s casinos and racinos in May. Overall, the state’s 11 racinos and casinos reported $196 million in revenue this May, representing a slight decrease when compared to the $202 million result from May 2022.
Related Topics:
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
Must Read
More Articles
Industry
December 11, 2024
Glasgow Councilor Calls for Clarity on UK Gambling Levy Allocation
Legal
December 11, 2024
VGT Mogul Monson Takes Illinois Gaming Board to Court
Industry
December 11, 2024
LVCVA CEO: F1 Race Didn’t Reach 2023 Attendance, Still a Win
Industry
December 11, 2024
Michigan Mulls over Slight Tax Hikes for Sports Betting, iGaming
Industry
December 11, 2024
NJ to Donate $720K to Six Addiction Treatment Organizations
Industry
December 11, 2024
FanDuel Rolls Out “My Spend” to Boost Responsible Gaming Options
Industry
December 11, 2024
RMS Capital Announces The Top Hat Boutique Hotel in Atlantic City
Legal
December 11, 2024
BetMGM Faces Third Circuit Appeal in Negligence Suit by Problem Gambler
Industry
December 10, 2024
Polymarket Releases Betting on UnitedHealthcare CEO Killer’s Arrest
Business
December 10, 2024
Underdog’s Peer-to-Peer Shift Enabled Business Growth
Legal
December 10, 2024
CFTC’s Tensions with Kalshi Escalate amid Legal Battle
Business
December 10, 2024
BetMGM Names Ex-Fiat Chrysler Head Hurbis as New CMO
Casino
December 10, 2024
Player Wins $3M Slot Jackpot at Seminole Hard Rock Casino Hollywood
Industry
December 10, 2024
Pennsylvania Stood at the Top in Terms of 2023 Casino Taxes