Oklahoma Governor Proposes Legal Sports Betting

The governor of Oklahoma, Kevin Stitt, has put forward a strategy to make both online and in-person sports wagering legal in the state.

Oklahoma is among a small group of states in the US that have not yet established regulations for sports betting. However, Stitt’s proposal could open the door for a legal market to emerge in the state.

The plan is still in its early phases, but Stitt has outlined how the market would function in Oklahoma.

Physical betting would be restricted to federally recognized Native American tribes, in accordance with the state’s gaming agreements with the tribes. Stitt stated that offline betting earnings would be taxed at a rate of 15%.

Regarding mobile betting, Oklahoma would issue permits allowing operators to provide this type of wagering to players. The initial licensing fee would be $500,000 (£409,795/€470,463) plus an annual renewal fee of $100,000.

Operators who secure a mobile license would be able to accept sports wagers from any location within Oklahoma. They would also be subject to a higher tax rate compared to retail operators, with the rate set at 20% of revenue.

“I assure the people of Oklahoma that if we implement sports betting, we will do it properly, and this plan does just that,” Stitt said. “Approximately 35 states have already legalized sports betting, and this will be a substantial revenue source for the state.”

The chief executive of Oklahoma, Kevin Stitt, is advocating for the legalization of wagering on sporting events within the state, with a strong emphasis on safeguarding collegiate athletics. He envisions a framework where indigenous groups can seamlessly incorporate sports betting into their pre-existing infrastructure, making it readily available to Oklahoma residents via their mobile devices.

Stitt’s blueprint includes limitations on wagering on college sports, prohibiting bets on individual athletes, coaches, or officials, as well as speculative bets on collegiate contests. He is also actively seeking input from the National Collegiate Athletic Association and athletic leagues before finalizing the proposition.

The governor’s plan also forbids betting on player injuries.

This fresh proposal emerges following a legislative bill earlier this year, House Bill 1027, which alluded to Oklahoma’s potential legalization of sports betting. The bill, which would have permitted tribes to add sports betting to their existing gaming agreements, passed the lower house in March but faced a setback in the upper house in May.

Currently, 35 indigenous groups offer a variety of gambling options in Oklahoma. The ultimate implementation of legal sports betting in the state remains uncertain, but Stitt’s proposal strongly suggests that it is a viable possibility.