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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 1, 2023 · Ohio state lawmakers passed a $86.1 billion state budget Friday that would double the tax rate on sports betting operators to 20% starting this month. The change in the sports gaming tax rate from ...
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
Jun 21, 2023 · Legal sports betting began in Ohio in January, and so far, more than $450 million in taxable revenue has been generated by online and retail operators. With the 10% tax rate in place, bookmakers ...
- Senior News Analyst
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.
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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.
