Ohio Governor Mike DeWine has raised the state’s sports betting tax rate to 20% in his 2024-2025 executive budget.
This means that all licensed sports betting operators in the state will have to pay double the initial agreed tax of 10% on sports betting revenue from 2024 onward.
DeWine is set to sign the raise into the budget this week.
The amendment from 10% to 20% was proposed in DeWine’s budget bill, titled House Bill 33. This was introduced in the state House earlier this year.
Ohio sports betting
The legalization of sports betting was a long time coming in Ohio. In 2020, the state House passed a bill that would legalize sports betting in the state – however, this did not progress further.
Another bill, Senate Bill 176, was introduced the following year in May. In June, Ohio’s Senate Gaming Committee unanimously approved Senate Bill 176 alongside an omnibus amendment. This delayed the opening of the market to 1 April 2022. This was to increase the number of potential licensees.
Ohio’s assembly finance committee approved the bill the same month.
An equivalent House bill, House Bill 29, was agreed upon by Ohio’s House and Senate in December 2021.
The launch date was moved to January 1 2023, with numerous operators gaining approval to launch in the market ahead of its opening, including Caesars and Elys.