The chief executive of Oklahoma has put forward a strategy to make online and physical sports wagering legal in the state.
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Oklahoma’s Chief Executive Proposes Legal Sports Wagering Plan
Oklahoma is one of only fifteen states in the US that has not yet regulated sports wagering. However, the proposal could open the door to a legal market in the state.
The plan is still in its initial stages, but the chief executive has outlined how the market would operate in Oklahoma.
Physical betting would be restricted to federally recognized Indian tribes, in line with the state’s gaming agreements with the tribes. The chief executive stated that physical betting revenue would be taxed at a rate of fifteen percent.
As for mobile wagering, Oklahoma would issue licenses allowing operators to offer this form of betting to players. The initial license fee would be five hundred thousand dollars, plus an annual renewal fee of one hundred thousand dollars.
Mobile license holders would be able to accept sports bets from anywhere in Oklahoma. They would also face a higher tax rate than brick-and-mortar operators, which is set at twenty percent of revenue.
“I pledged to the people of Oklahoma that if we pursue sports wagering, we would do it correctly – and this plan does just that,” the chief executive said. “About thirty-five states have already legalized sports wagering, and this will be a significant revenue source for the state.”
Native American communities will be able to integrate this into their current frameworks, and Oklahoma residents will be able to access it directly from their mobile devices.
Stitt aims to safeguard collegiate athletics in Oklahoma.
A more comprehensive proposal outlines plans to prohibit wagering on college sports within the state.
Punters will not be permitted to place bets on the individual achievements of student athletes, coaches, or officials. Consumers will also be unable to place bets on collegiate contests.
Stitt stated that he is actively seeking feedback from the NCAA and athletic conferences before finalizing the plans.
The initial proposal also specifies that bettors will not be allowed to wager on player injuries.
Legalized sports betting in Oklahoma – a matter of time?
Stitt’s proposal follows a bill earlier this year that suggested Oklahoma might be considering legalizing sports wagering.
House Bill 1027 was introduced in February in the House to enable tribes to expand their existing gaming agreements to encompass legal sports betting. This resembles the new plan put forward by Stitt.
The House approved the bill in mid-March, after which it was forwarded to the Senate. However, the bill did not advance further and has been stalled since late May.
At present, 35 tribes offer some form of gaming in Oklahoma.