{"id":940,"date":"2023-06-27T08:12:53","date_gmt":"2023-06-27T05:12:53","guid":{"rendered":"https:\/\/xxbet-company.com\/sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal\/"},"modified":"2023-06-27T08:12:53","modified_gmt":"2023-06-27T05:12:53","slug":"sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/es\/sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal\/","title":{"rendered":"Sports Betting Tax Increase in Play as Ohio Seeks Budget Deal\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Tabla de contenidos<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/es\/sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal\/#Wagers_Wane_After_First_Month\" title=\"Wagers Wane After First Month\">Wagers Wane After First Month<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/es\/sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal\/#Legislators_Split_Over_Spending\" title=\"Legislators Split Over Spending\">Legislators Split Over Spending<\/a><\/li><\/ul><\/nav><\/div>\n<p>A potential doubling of the tax rate on sports betting is among the issues Ohio lawmakers are working to hash out as they aim to approve a new budget by the end of next week.<\/p>\n<figure aria-describedby=\"caption-attachment-195874\" data-style=\"width: 1920px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-195874\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/mike.jpg\" alt=\"vaccine lottery\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/mike.jpg 1920w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/mike-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/mike-1024x576.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/mike-768x432.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/mike-1536x864.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" title=\"\"><figcaption class=\"text-description\">Ohio Gov. Mike Dewine, pictured, above.DeWine is pushing for a tax increase on sportsbooks in the state after high performance in the first few weeks of operation this year. \u00a0(Image: Getty)<\/figcaption><\/figure>\n<p>Whether to increase the current tax rate from 10% to 20% is among hundreds of areas of disagreement between the state House and Senate in budget bills that passed each chamber this month. Republican Gov. Mike DeWine is <a href=\"https:\/\/www.casino.org\/news\/ohio-governor-wants-20-sports-betting-tax-potential-promo-bonus-ban-for-violators\/\" rel=\"nofollow noopener\" target=\"_blank\">pushing for the tax hike<\/a> after sportsbooks in the state performed better than expected in their first weeks of operation this year.<\/p>\n<div class=\"callout\">\n<p>While Republicans control both legislative chambers, they have produced budgets that diverge on hundreds of issues, including the gambling levy. According to <a href=\"https:\/\/www.lsc.ohio.gov\/assets\/legislation\/135\/hb33\/ps\/files\/hb33-comparison-document-differences-only-as-passed-by-the-senate-135th-general-assembly.pdf\" rel=\"nofollow noopener\" target=\"_blank\">an analysis from the Ohio Legislative Service Commission<\/a>, adopting the higher rate would lead to the state collecting an additional $100 million to $135 million per year from taxes on sports betting.<\/p>\n<\/div>\n<p>A legislative conference committee is negotiating with the goal of finding a compromise before the current fiscal year ends on June 30. Still, it remains to be seen whether they can meet that deadline. Failure to act by next Friday would mean tax changes won\u2019t take effect at the start of the new fiscal year.<\/p>\n<p>Doubling the tax on sports betting would put Ohio in line with states such as Pennsylvania and Illinois, which also apply a 20% rate. But the proposal faces resistance from some legislators who say they set the levy at 10% when they legalized sports betting in 2021 to encourage as many companies as possible to enter the market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wagers_Wane_After_First_Month\"><\/span><b>Wagers Wane After First Month<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Sportsbook operators in Ohio <a href=\"https:\/\/www.casino.org\/news\/ohio-sports-betting-five-takeaways-from-the-first-revenue-report\/\" rel=\"nofollow noopener\" target=\"_blank\">reported a handle of $1.11 billion in January<\/a>, the first full month of betting in the state, nearly all of which was wagered online. The sportsbooks posted a revenue of $208.9 million in their first month, with the state taking in $20.9 million in taxes. Those figures don\u2019t include $320 million in promotional credits operators offered that month, as Ohio doesn\u2019t include such promotions in its tax calculations.<\/p>\n<div class=\"callout\">\n<p>Betting\u2019s popularity has fallen as the novelty has waned in recent months. For April, the most recent month available, Sportsbooks reported taxable revenues of $63.7 million on a handle of $520 million, according to the <a href=\"https:\/\/casinocontrol.ohio.gov\/Compliance\/MonthlyRevenueReports.aspx\" rel=\"nofollow noopener\" target=\"_blank\">Ohio Casino Control Commission<\/a>.<\/p>\n<\/div>\n<p>Ohio allocates 98% of its sports betting tax revenues to a Sports Gaming Profits Education Fund, with the remaining 2% directed to addressing problem gambling. The education funds are meant to be evenly split between K-12 education and extracurricular activities, and sports programs. But there is confusion over how the money will be spent, according to <a href=\"https:\/\/www.wcpo.com\/news\/local-news\/i-team\/sports-betting-proceeds-will-flow-to-youth-sports-but-no-one-really-knows-how-yet\" rel=\"nofollow noopener\" target=\"_blank\">local news reports<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Legislators_Split_Over_Spending\"><\/span><b>Legislators Split Over Spending<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the current budget negotiations, the Ohio House and Senate are split on how to spend the money. The House would cap extracurricular spending at $15 million. The Senate would eliminate specific funding for youth sports and require the revenues be distributed by the state\u2019s overall education funding formula, according to <a href=\"https:\/\/www.wcpo.com\/news\/state\/state-ohio\/ohio-reconsiders-pledge-to-fund-athletics-with-sports-betting-taxes\" rel=\"nofollow noopener\" target=\"_blank\">a report from <em>WCPO<\/em> in Cincinnati<\/a>.<\/p>\n<p>\u201cWe intend to fight the Senate on this issue,\u201d Rep. Bill Seitz (R-Green Township) told the station. \u201cTo my dismay, the Senate has chosen to eviscerate the original sports gaming bill in this regard by appropriating not a farthing for sports and extracurricular activities, but rather, putting it all in school funding.\u201d<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal\/\" target=\"_blank\">Sports Betting Tax Increase in Play as Ohio Seeks Budget Deal\u00a0<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>A potential doubling of the tax rate on sports betting is among the issues Ohio lawmakers are working to hash out as they aim to approve a new budget by the end of next week. Ohio Gov. Mike Dewine, pictured, above.DeWine is pushing for a tax increase on sportsbooks in the state after high performance <a href=\"https:\/\/xxbet-company.com\/es\/sports-betting-tax-increase-in-play-as-ohio-seeks-budget-deal\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts\/940"}],"collection":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/comments?post=940"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts\/940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/media\/941"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/media?parent=940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/categories?post=940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/tags?post=940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}