Last updated on December 6th, 2023 at 05:08 pm
When it comes to sports betting, joining the growing betting industry is definitely a case of being better late than never. But will it ever happen for the Sooner state? Such is the plight of the sports betting market in Oklahoma, as the state is yet to legalize sports betting. In the US, around 35 states already allow sports betting- with these betting markets offering a mix of online, retail, or a combination of both betting platforms. Given how one can easily open a sportsbook and earn money from sports betting, it is somewhat becoming an outdated concept to not allow wagering. But will we see Oklahoma sports betting finally emerge soon?
Oklahoma legislators tried, and failed, to pass a sports betting law this year. They can resume their efforts when the legislature reconvenes in February. This will be a loss for the state, as those who use a sportsbook pay per head software service knows. By February, most sportsbooks will have earned a pretty penny from football and basketball seasons alone. But it is what it is. That being said, Oklahoma Governor Kevin Stitt is a man with a mission, and he wants to legalize sports betting in the state.
Oklahoma Sports Betting Efforts Spearheaded by Governor Stitt
The governor has a plan in place. One that will protect tribal business interests by allowing retail betting in gaming sites of federally recognized tribes. He also wants to allow residents easy access to sports betting through online betting. Of course, these efforts will not really bear fruit until the legislature passes a bill. But with the Governor practically outlining all of the details, it should be easy for them to pass it.
Governor Stitt’s plan wants to offer retail betting through tribal casinos, and will have a tax of 15%. He also wants to allow online sports betting for operators who will obtain licenses from the state. He is eyeing a licensing fee of $500,000 for the first year, with renewals of $100,000 each year. The tax revenue for online sports betting will be set at 20%.
In addition, the Governor wants to focus on consumer protection, transparency, and accountability. There will be limits to wagering, of course. Some of the possible restrictions will be betting on individual performances of student athletes, coaches, and referees. They also want to ban bets on player injuries. And bettors will also not be able to place prop bets on collegiate sports events or competitions- which could change based on regulations of the said leagues.
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