Sports betting is coming to Oklahoma. Governor Kevin Stitt made the announcement yesterday that the plan would allow Oklahoma residents to place in-person bets at gaming sites operated by federally recognized tribes. Officials say, under the plan, state residents and visitors would also be able could place bets via mobile devices on a state-licensed sportsbook. Mobile wagering reportedly will be conducted by Oklahoma-licensed organizations. Officials say bets - which can be accepted statewide - will be taxed at 20%.
“I promised Oklahomans if we pursued sports betting, we would do it right— and this plan does just that,” said Governor Stitt. “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.”
The Governor’s plan will prohibit wagers on the individual performance of student-athletes, coaches, referees, player injuries, and prop bets at the college level. With that said, the Governor is actively awaiting input from the NCAA and athletic conferences that impact Oklahoma to see how they choose to regulate the industry.
Mobile wagering will be conducted by organizations licensed by the State of Oklahoma, taxed at a 20% rate, and bets may be accepted from anywhere in the state. An initial licensing fee for participating organizations of $500,000 will be required, in addition to a $100,000 annual fee.
Pursuant to updated tribal gaming compacts, retail wagering can be conducted by federally recognized tribes, taxed at a 15% rate, and bets will only be accepted in person.
A fact sheet on Governor Stitt's sports betting plan can be found here.