Oklahoma is aiming to become the next state to legalize sports betting in 2025. In December, state Sen. Dave Rader pre-filed SB 125 ahead of the 2025 legislative session, which begins in early February.
The proposed bill would amend the state’s model tribal gaming agreement to allow tribes to enter into agreements to offer retail and online sports betting.
The proposal establishes a progressive tax structure based on annual net sports betting revenue. The bill would tax sports betting at 5 percent of the first $5 million in annual net revenue, 6 percent of the next $5 million in revenue, and 7 percent of any revenue over $10 million.
Licensed tribes would be allowed to withhold an amount equal to their state payments from sports betting. Because Oklahoma tribes have exclusive rights to gaming in the state, the bill would require the consent of at least four of them.
The revenue generated by these taxes will be allocated 88 percent to education, with the remaining 12 percent going to the state general fund. A small percentage will be reserved for programs aimed at combating problem gambling. Sports betting will be regulated by the Oklahoma Racing Commission. It is expected that other sports betting measures may be introduced in 2025.
The proposed bill would amend the state’s model tribal gaming agreement to allow tribes to enter into agreements to offer retail and online sports betting.
The proposal establishes a progressive tax structure based on annual net sports betting revenue. The bill would tax sports betting at 5 percent of the first $5 million in annual net revenue, 6 percent of the next $5 million in revenue, and 7 percent of any revenue over $10 million.
Licensed tribes would be allowed to withhold an amount equal to their state payments from sports betting. Because Oklahoma tribes have exclusive rights to gaming in the state, the bill would require the consent of at least four of them.
The revenue generated by these taxes will be allocated 88 percent to education, with the remaining 12 percent going to the state general fund. A small percentage will be reserved for programs aimed at combating problem gambling. Sports betting will be regulated by the Oklahoma Racing Commission. It is expected that other sports betting measures may be introduced in 2025.
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