Ohio budget proposal includes tax hike for betting operators

Governor Mike DeWine’s latest budget proposal includes a significant tax hike for Ohio sports betting operators.

Under DeWine’s proposal, the tax on sports betting would double from 10% to 20%, with the additional revenue going to support a variety of causes such as athletic programs in schools, programs to help individuals with problem gambling, and administrative costs associated with overseeing the sports betting industry.

The 20% tax rate is slightly higher than the average of 19% levied by other states, according to a recent report by Bloomberg. However, the tax hike is seen as a necessary step to ensure the long-term viability and stability of the sports betting industry in Ohio.

Dan Tierney, the press secretary for the governor, stated that “it is part of the package designed to encourage better compliance with the rules”.

In addition to the tax hike, DeWine’s budget proposal includes provisions aimed at curbing illegal and unethical practices in the sports betting industry. This includes monitoring the advertisements and promotions of sports betting apps to ensure that they are in compliance with state laws and regulations.

Since the Ohio sports betting market went live on January 1, the likes of Caesars, DraftKings and BetMGM have already been sanctioned by the state regulator for failing to adhere to guidelines regarding gambling advertisements.

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