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Oklahoma is one of the 15 states without a sports betting law, but Governor Kevin Stitt’s new plan may alter that. A possible structure for the state’s sports betting industry is described in the proposal.
Even though the concept is still in the early stages, it offers a potential framework for Oklahoma sports betting. Stitt’s approach gives the state a way to join the legal sports wagering industry by concentrating on both retail and mobile sports betting.
In compliance with a state-tribal gaming agreement, the plan states that retail sports betting would only be available to Indian tribes that have received federal recognition. The tax rate on proceeds from wagers made in person would be 15%.
Operators would receive licenses from the state for mobile sports betting. There would be a $500,000 initial cost and a $100,000 yearly renewal price for these permits. One benefit for mobile providers would be the ability to take sports bets from anywhere in Oklahoma. Nevertheless, they would be subject to a higher tax rate, set at 20% of revenue.
“I promised Oklahomans if we pursued sports betting, we would do it right – and this plan does just that,” said Stitt. “Some 35 states have already legalized sports betting, and it’ll be a great revenue stream for the state. Tribes will be able to add it onto their existing infrastructure, and Oklahomans can access it right from their phone.”
Plans for forbidden bets are also outlined in the proposal; many of these have to do with Oklahoma’s collegiate sports betting market. It would be illegal to wager on a student-athlete, coach, or referee’s individual performance under the proposed legislation. Additionally, prop bets on collegiate sports would not be allowed.
To complete these goals, Governor Stitt is aggressively requesting feedback from the athletic conferences and the National Collegiate Athletic Association. Provisions prohibiting wagering on player injury are also included in the original draft.
Following a measure that was submitted earlier this year, Stitt’s proposal raises the possibility that Oklahoma is headed toward the legalization of sports betting. In line with Governor Stitt’s updated objectives, House Bill 1027 was submitted in the House of Representatives in February with the intention of enabling tribes to include legal sports betting in their current gaming compacts.
The law was passed by the House in March, but it has been stuck in the Senate since late May. Oklahoma now has 35 tribes that provide different types of gaming, and there seems to be increasing interest in the state’s legal sports betting market.
Oklahoma may soon become one of the states reaping the rewards of a regulated sports betting industry as the idea takes form.