Ohio Senator Seeks Sports Betting Tax Cut
An Ohio Senator has proposed legislation that could slash the statewide sports betting tax rate in half.
Antani seeks to reduce Ohio's sports betting tax from 20% to 10%.
LISTEN TO THIS ARTICLE:Senate Bill 190, introduced by Niraj Antani, seeks to reduce Ohio's sports betting tax from 20% to 10%, returning to the original rate set when the regulated market launched two years ago.
Ohio raised its levy on sports betting in the previous year, a move Antani now regrets and seeks to reverse through his new bill.
The 20% rate makes us the 6th highest out of the 38 states with sports betting. The lowest in the country are Iowa and Nevada, three times lower than our rate. Our border states, Kentucky, Michigan, Indiana, and West Virginia, now all have significantly lower tax rates. This puts us at a significant regional and national disadvantage.
Since the Supreme Court lifted the federal sports betting ban in 2018, over 35 US states have launched regulated sports wagering markets. Presently, New York has the highest sports betting tax rate in the country, at 51%.
More Regulation News
Louisiana Senator Proposes 51% Tax Rate
As Ohio mulls cutting its sports betting tax, Louisiana may more than triple its own rate from 15% to 51%.
House Bill 22, sponsored by Representative Roger Wilder, seeks to raise Louisiana's sports betting tax rate as part of Governor Jeff Landry's sweeping tax code revisions.
The bill was met with resistance from the gaming industry, with some stakeholders arguing that such a drastic hike would lead operators to charge customers high fees. This could harm the state's competitive edge and potentially drive customers to neighboring states or illegal markets.
Due to the opposition, Wilder has temporarily shelved the bill. With the special session set to adjourn on November 25, it is unlikely that the bill will be readdressed before the deadline.
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