Governor Kevin Stitt of Oklahoma unveiled his strategy to legalize sports wagering in the Sooner State on Thursday. Consequently, Oklahomans can shortly obtain access to retail and online betting venues.
Stitt reaffirmed in a press release dated November 2, 2023, his intention to legalize wagering in the state in the proper manner, stating that “this plan accomplishes precisely that.” Priority would be given to promoting regulations and policies that prioritize “transparency, accountability, and consumer protection” at the governor’s office. Stitt recalled that thirty-five states have already authorized sports wagering, which would provide additional funds to the state coffers. Mobile wagering bc. game would be available to inhabitants of Oklahoma from any location within the state.
Retail wagering will be administered by Indian tribes adhering to a State-Tribal Compact in accordance with the Governor’s proposal. The tribes’ revenue will be subject to a 15% tax. Additionally, mobile wagering at authorized operators will be permitted, subject to a 20% levy on their revenue. Applicants will be required to remit an initial licensing charge of $500,000, in addition to an annual licensing fee of $100,000.
However, certain constraints will apply. The focus of their attention will be on placing bets regarding the specific performance of instructors, referees, and student-athletes. Furthermore, it is strictly prohibited for sports wagering enthusiasts to engage in prop bets or wagers on player injuries during collegiate competitions. Contingent upon the standards and regulations set forth by the NCCA and athletic conferences, modifications to these restrictions may be necessary.
As the pace of sports betting legislation in the state quickens, additional regulations that apply equally to mobile and retail wagering will be enforced.
Governor Kevin Stitt has consistently advocated for the establishment of a regulated and legal sports betting industry in Oklahoma.
Governor Stitt is a well-known advocate for sports wagering, having consistently endorsed the notion of a regulated and legalized sector that adheres to the tenets of openness and responsible gambling. Legislators in Oklahoma have made 2 years of legislative efforts to legalize the sector. In 2023, however, not a single bill was ratified into law.
In 2023, Representative Ken Luttrell of Oklahoma introduced House Bill 1027, an identical bill to the one he submitted in 2022. The legislation would grant state tribes the authority to offer retail and online wagering services.
The legislation implemented a sliding scale for fees, which would be recalculated at the start of every month in accordance with the tribes’ monthly net gains. A 4% fee is applicable to monthly net gains of no more than $5 million. A 5% levy would be imposed on the subsequent $5 million in adjusted gross revenues. There would be a 6% administrative charge on all subsequent adjusted gross revenues. Nonetheless, this measure failed to advance to the Senate.
