Rep. Chad Caldwell Supports Gov.'s Sports Betting Plan
OKLAHOMA CITY – Rep. Chad Caldwell, R-Enid, today praised Gov. Kevin Stitt's plan to bring sports betting to Oklahoma.
"I wholeheartedly support the governor's plan for sports betting in Oklahoma. As someone who has worked on this topic for some time, I recognize the governor’s proposal is an important step in what I’m sure will be a lengthy process. The governor's plan is an equitable one that benefits all Oklahomans, making it fairer and more inclusive than our current gaming system. By opening the industry to all companies, we are not only embracing new sources of revenue, but also joining thirty-five other states who are already taking advantage of the benefits that come with sports betting. I firmly believe this is a win-win for the state and the tribes, and I look forward to working with Governor Stitt and our tribal partners in the upcoming session to advance legislation for the betterment of our great state.”
Gov. Stitt released details of his plan Nov. 2.
His plan would allow Oklahomans to place in-person bets at gaming sites operated by federally recognized tribes, protecting tribal investments in brick-and-mortar facilities in the process. It would also allow Oklahomans to place bets on their mobile devices on sportsbooks licensed by the state. Additionally, the plan protects Oklahoma’s student-athletes by prohibiting prop betting and bets on individual student-athlete performance.
The governor’s plan prohibits wagers on the individual performance of student-athletes, coaches, referees, player injuries, and prop bets at the college level. With that said, the Governor is actively awaiting input from the NCAA and athletic conferences that impact Oklahoma to see how they choose to regulate the industry.
Mobile wagering will be conducted by organizations licensed by the State of Oklahoma, taxed at a 20% rate, and bets may be accepted from anywhere in the state. An initial licensing fee for participating organizations of $500,000 will be required, in addition to a $100,000 annual fee.
Pursuant to updated tribal gaming compacts, retail wagering can be conducted by federally recognized tribes, taxed at a 15% rate, and bets will only be accepted in person.
A fact sheet on Governor Stitt's sports betting plan can be found here.