As several states continue considering massive tax hikes, Ohio is considering a different direction.
A new bill introduced in the Buckeye State proposes reducing the state’s 20% tax rate on sportsbooks to 10%. The proposal comes a year after the Ohio Governor raised the rate.
Ohio State Senator Niraj Antani, the bill’s sponsor, believes the higher tax rate is hurting the state’s sports betting market. He shared fears that doubling their tax rate is preventing operators from investing more and could scare off others. His concerns echo those shared by some Republicans when Gov. Mike DeWine shared his plan to raise it.
“This hampered the growth that was occurring and made other companies think twice about coming to Ohio to invest,” A group of Republicans wrote in response to the increased rate. “As future General Assemblies look at making changes to the sports gaming platform or implement new forms of gaming, they must keep those who are going to be making the investments in mind.”
While the bill has support in the legislature, proponents will need to convince opponents and the public of the benefits of a lower rate. The state’s schools are currently benefiting from the majority of the tax revenue generated by the industry, meaning a cut could take money out of their pockets.
The Senate Finance Committee is currently reviewing the bill.
In addition to his bill to cut the tax rate, Sen. Antani also introduced a bill to legalize online casinos. This would represent a significant expansion for the industry, which would be adding a large market as its eighth state.
While Sen. Antani hopes to legalize online casinos, he knows the bill's chances remain slim. Instead, the focus is on starting the conversation. The failure of this one will help address concerns in the next attempt, making it far more likely to succeed.
Wyoming Lawmaker Confirms Online Casino Bill Coming in 2025
11 hours ago | Michael SavioWyoming Sports Regulator Takes Aim at Athlete Harassment
6 days ago | Michael SavioCaesars Launches Horshoe Online Casino in New Jersey
1 week ago | Michael Savio
We support responsible gambling. Gambling can be addictive, please play responsibly. If you need help, call
1-800-Gambler.
WSN.com is managed by Gentoo Media. Unless declared otherwise, all of the visible content on this site, such
as texts and images, including the brand name and logo, belongs to Innovation Labs Limited (a Gentoo Media
company) - Company Registration Number C44130, VAT ID: MT18874732, @GIG Beach Triq id-Dragunara, St.
Julians, STJ3148, Malta.
Advertising Disclosure: WSN.com contains links to partner websites. When a visitor to our website clicks on
one of these links and makes a purchase at a partner site, World Sports Network is paid a commission.
Copyright © 2024