Source: State of Oklahoma
Gov. Kevin Stitt announced a plan Thursday to bring sports betting to Oklahoma, allowing for in-person bets at gaming sites operated by federally recognized tribes.
Stitt said the proposal would protect tribal investments in brick-and-mortar facilities but also allow Oklahomans to place bets on their mobile devices on a sportsbook licensed by the state.
Stitt said the plan protects Oklahoma’s student-athletes by prohibiting prop betting and bets on individual student-athlete performance.
Stitt noted that 35 states already have legalized sports betting and he predicted it would be a “great revenue stream for the state.”
“I promised Oklahomans if we pursued sports betting, we would do it right — and this plan does just that,” Stitt said in the announcement. Tribes will be able to add it onto their existing infrastructure, and Oklahomans can access it right from their phone.”
The Governor’s plan will prohibit wagers on the individual performance of student-athletes, coaches, referees, player injuries, and prop bets at the college level.
But Stitt is awaiting input from the NCAA and athletic conferences that impact Oklahoma to see how they choose to regulate the industry.
Mobile wagering will be conducted by organizations licensed by the State of Oklahoma, taxed at a 20% rate, and bets may be accepted from anywhere in the state, according to the proposal. An initial licensing fee for participating organizations of $500,000 will be required, in addition to a $100,000 annual fee.
Pursuant to updated tribal gaming compacts, retail wagering can be conducted by federally recognized tribes, taxed at a 15% rate, and bets will only be accepted in person.
A fact sheet on Governor Stitt’s sports betting plan can be found here.
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