A proposed tax hike on sports betting in Ohio may not proceed in 2023, according to a recent report by SportsGrid. The tax hike, which was part of legislation to legalize and regulate sports betting in the state, has faced criticism from industry experts and stakeholders.
The tax hike would have increased the tax rate on sports betting revenue in Ohio from the current 10% to 20%. This significant increase could potentially deter operators from entering the market and hinder the growth of the industry in the state. Some have argued that the high tax rate would make it difficult for operators to be competitive and would ultimately drive customers to illegal offshore betting sites.
The uncertainty surrounding the tax hike has prompted concerns from industry stakeholders, including sports betting operators and lawmakers. Critics have pointed out that the tax hike could have negative consequences for the state, such as decreased tax revenue and job losses in the industry.
Despite the potential setback, there is still hope for the future of sports betting in Ohio. Lawmakers are considering alternative options to generate revenue from sports betting, such as implementing a tiered tax structure based on betting handle or adjusting the tax rate incrementally over time.
As the debate over the sports betting tax hike continues, stakeholders are eagerly awaiting further developments. The outcome of this issue could have significant implications for the future of sports betting in Ohio and the industry as a whole. Stay tuned for updates on this developing story.
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