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Jun 30, 2023 · The increased rate now matches that of Tennessee, the only non-Northeast state with a similarly high rate of 20%. Conversely, states such as New York, where the rate exceeds 50%, are considering reducing their tax rates to increase sportsbook profitability. The tax rate is not the only aspect of sports betting under discussion in Ohio.
That average is certainly inflated by New York’s 51 percent rate. But three major newer markets in Ohio, Massachusetts and most recently North Carolina now all have tax rates at either 18 or 20 percent, without any bonus deductions, at least initially.
Jul 4, 2023 · Additional Tax to Benefit Different Programs. Given that the new budget is signed, the sports betting tax rate of 20% is expected to be implemented at the start of the next year. The additional proceeds from the taxation of the gambling activity are expected to fund community-focused causes like education.
Jul 4, 2023 · Ohio sports betting has a new update. Under the newly approved budget, taxes will increase from 10% to 20% in the state. (Image: Casino.org) The higher tax rate sought by Republican Gov. Mike ...
- Nick Juliano
Jul 3, 2023 · Operators of Ohio sportsbooks will now pay a 20% tax on sports betting revenue, which is double the 10% approved by the legislature in late 2021. DeWine is expected to sign the budget this week. The change became effective July 1, meaning all betting revenue in the state from in-person and online sportsbooks is subject to the higher tax rate.
But ultimately, DeWine signed a new budget that became law on July 1, 2023. The budget contained language that gave the governor his wish. The tax rate on Ohio online sportsbooks is now 20%. Additionally, the brick-and-mortar operators got an increased tax bill as well. Increased tax rates raise the cost of doing business in a given jurisdiction.
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Jun 4, 2024 · The bill to accomplish this goal is known as HB 4951 and it could lead to a tax rate as high as 40% for the most successful operators in Illinois. For operators who hit that upper echelon tax bracket, the tax rate will be the second highest in the country. Only New York’s 51% tax rate on retail sportsbooks would be higher.
