Ohio Will Double Sportsbetting Tax

Ohio Governor Mike DeWine has signed the state's budget for the 2024-25 fiscal year, which includes a provision that rases the state's sportsbetting tax to 20% from 10%.

The tax increase is expected to net the state an additional $100 million in proceeds, with 2% going to the state's Problem Sports Gaming Fund and the rest going to the Sports Gaming Profits Education Fund.

There are currently 18 sportsbooks active in the state, with both retail and online books offering services throughout the Buckeye State. The activity launched for both on January 1st of this year.

There is some speculation as to whether the 20% rate will hold, as Rep. Bill Seitz indicated that the hike was a measure to help get the state's budget passed. Regarding the increase Seitz said, "The explanation given to me is we went along with the 20% but we fully expect the gaming study commission, which will be a bunch of legislators, would come back and say that the tax shouldn't be 20%."

In May, revenues from sportsbetting dropped 14.4% from April to $447.5 million, with $430.7 million coming from online wagers while retail books generated $15.6 million. For the month, taxes generated from sportsbetting were $5.78 million, and for the year-to-date, tax revenues are $51 million. Revenues for the first six months are $500 million.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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usbarbadosslim93
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5 July 2023 - 6:09pm
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Yeesh, that's quite the jump. Thankfully it's not players that will have to foot the bill.

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