Oklahoma Gov. Kevin Stitt is a man with a sports wagering-related plan.
Stitt, a Republican in his second term of office in OKC, unveiled a blueprint “to make sports betting a reality in Oklahoma,” a press release noted Thursday.
“The Governor’s plan, which would allow Oklahomans to place in-person bets at gaming sites operated by federally recognized tribes, would protect tribal investments in brick-and-mortar facilities,” the release noted. “The plan would also allow Oklahomans to place bets on their mobile devices on a sportsbook licensed by the state. Additionally, the plan protects Oklahoma’s student-athletes by prohibiting prop betting and bets on individual student-athlete performance.”
Oklahoma lawmakers tried and failed to legalize sports betting earlier this year. Nevertheless, the Oklahoma legislature will reconvene in early February, and hope springs eternal, especially when most U.S. states now have some form of authorized event wagering.
The governor’s news release did not contain a lot of detail about the "how," but there was some regarding the "what" Stitt envisions for the state.
In short, online sports betting operators would be licensed by Oklahoma regulators. They would be subject to a 20% tax rate and would need to pay an initial licensing fee of $500,000 and an annual renewal fee of $100,000. There was no mention of a limit on the number of operators, so there could potentially be multiple and many sportsbooks to choose from.
That's a lot of sportsbooks
Meanwhile, in-person retail wagering could be conducted by federally recognized Native American tribes via a gaming compact with the state. Revenue from that betting would be taxed at 15%.
There could potentially be a lot of brick-and-mortar sportsbooks in the state. Oklahoma has no legal sports betting but more than 100 casinos and several racetracks. There are more than 30 federally recognized tribes in the state as well, 35 of which have gaming compacts with the Oklahoma government.
The news never ceases some days. Now we've got Oklahoma Gov. Kevin Stitt unveiling his plan for legal sports betting in the state:https://t.co/EqX4zzOkkz pic.twitter.com/jgUFtQuPkc
— Geoff Zochodne (@GeoffZochodne) November 2, 2023
Stitt's vision would include banning bets on college player props, injuries, and refereeing, although that could be subject to change based on guidance from the NCAA and athletic conferences. Mobile and in-person betting would follow the same rules, which the governor says will focus on transparency, accountability, and consumer protection.
“I promised Oklahomans if we pursued sports betting, we would do it right— and this plan does just that,” Stitt said in Thursday’s press release. “Thirty-five 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.”
