Sports Betting Tax Increase in Play in Ohio
A potential doubling of the tax rate on sports betting is one of the many issues Ohio lawmakers are facing as they try to approve a new budget before the end of the month. The tax rate is currently set at 10% and some lawmakers want it to be 20% going forward. Republican Gov. Mike DeWine is pushing for the tax hike after sportsbooks in the state performed better than expected during the first weeks of operation this year. Failure to act by next Friday would mean the tax increase won’t be in effect come the beginning of the fiscal year.
Sportsbook operators reported a handle of $1.11 billion in January, 2023. Nearly all of that money was wagered online. The sportsbooks posted revenue of $208.9 million their first month, with the state taking $20.9 million in tax revenue. Sportsbook promotional credits are not counted in tax revenues because Ohio does not tax them. $320 million were offered that month. Ohio allocates 98% of its sports betting tax revenues to a Sports Gaming Profits Education Fund. The other 2% goes to addressing problem gambling.
In other news Pennsylvania casinos see in person play revenue slow in May at their 17 brick and mortar properties. The decline was mostly felt of the tables as dealer games saw poorer win rates for the house. Hollywood casino at Penn National race course remained the top player in the state market. Revenue there totaled over $74.3 million, which is an 18% jump from May, 2022.
If you don’t live in Ohio, Pennsylvania, or the other states where online gambling is legal remember that every USA online casino that we recommend accepts players from the United States. When trying to decide where to play online for real money there are several things you need to make sure of. First, make sure the online casino has a sportsbook if that is of interest to you. Not every online casino has a sportsbook. Our casino reviews page currently has reviews of some of the best online casinos for USA players. This is a great place for you to start when deciding where to play.
Another thing you want to make sure to check out is their first time deposit bonus. Online casinos want your business and they are willing to give away lots of money to get it. Always check out the play through requirements as well. One other thing to check out is their banking methods including depositing and withdrawing. Most online casinos do a good job of getting USA credit cards approved.
