Compliance Updates
Governor Kevin Stitt Announces Plan to Introduce Sports Betting in Oklahoma
Governor Kevin Stitt announced his plan to make sports betting a reality in Oklahoma. 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 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.
“I promised Oklahomans if we pursued sports betting, we would do it right— and this plan does just that. 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,” Governor Stitt said.
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.