Ohio has recently made a major move in the world of sports betting. In a budget agreement between the state legislature and Governor Mike DeWine, Ohio has increased the sports betting tax rate from 10% to 20%. This is a significant change that will have an impact on the sports betting industry in the state.
The new tax rate applies to both online and in-person sports betting. This means that all sportsbooks in Ohio, both online and in-person, will be subject to the new 20% tax rate. This is a major increase from the previous 10% rate, and it is expected to generate additional revenue for the state.
The new tax rate is expected to have an impact on the sports betting industry in Ohio. It is likely that some sportsbooks may choose to pass on the additional cost to customers, while others may choose to absorb the cost and reduce their profits. It is also possible that some sportsbooks may choose to leave the state altogether due to the increased tax rate.
The new tax rate is also expected to have an impact on the state’s economy. The additional revenue generated by the higher tax rate could be used to fund various programs and initiatives in the state. This could include education, infrastructure, and other public services.
Overall, Ohio’s decision to increase the sports betting tax rate is a major move that could have a significant impact on the state’s economy and the sports betting industry. It remains to be seen how this change will affect the industry in the long run, but it is clear that it will have a major effect on the state’s finances and the sports betting industry in Ohio.