Oklahoma Governor Proposes Sports Betting Legislation

Oklahoma, one of the 15 states yet to embrace sports wagering regulation, is now on the verge of joining the wave of states that have legalized this popular form of gambling. Governor Stitt's proposal outlines a clear path for the state to establish a legal sports betting market.

In the early stages of planning, Governor Stitt has outlined the key features of how the sports betting market would operate within Oklahoma. Retail betting will be limited to federally recognized Indian tribes, aligning with a state-tribal gaming compact. In-person wagering revenue will be subject to a 15% tax rate.

On the other hand, mobile betting in Oklahoma will be permitted through licenses granted to operators. These licenses will have an initial cost of $500,000 and an annual renewal fee of $100,000. Mobile operators will be able to accept sports bets from any location within the state, though they will be subject to a higher tax rate compared to their retail counterparts, with a 20% revenue tax.

Governor Stitt emphasized the importance of implementing sports betting correctly, stating, "I promised Oklahomans if we pursued sports betting, we would do it right – and this plan does just that. 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."

In the broader proposal, Governor Stitt has addressed prohibited wagers, particularly those involving college sports in Oklahoma. Betting on individual student-athletes' performances, coaches, referees, and prop bets on collegiate competitions will not be allowed. Additionally, bets on player injuries will also be off-limits. Governor Stitt awaits input from the National Collegiate Athletic Association and athletic conferences before finalizing these aspects of the plan.

The momentum towards legal sports betting in Oklahoma has been building. An earlier bill, House Bill 1027, was introduced to the House of Representatives in February, aiming to permit tribes to include legal sports betting in their existing gaming compacts, mirroring the new plan set out by Governor Stitt. While the House passed the bill in mid-March, it has not progressed beyond the Senate and remains stagnant since late May.

Presently, Oklahoma hosts 35 tribes that offer some form of gambling, signaling potential growth for the state's gaming industry.