Lawmakers approved the Oklahoma sports betting bill that allows tribes to open sportsbooks at their gaming venues. Once approved, it would be the first time legal sports betting is available in the state.
According to gambling industry news reports, House Bill 1027 will allow tribes to negotiate compacts with the state. Also, it will allow both online and retail sports wagering. The House of Representatives voted on the bill 66-26.
A similar sports betting bill failed to get approval from the House last year. However, Representative Ken Luttrell said he feels enough support to legalize sports gambling. Also, Oklahoma feels the pressure as more neighboring states legalize sports betting.
Oklahoma Sports Betting Bill
Luttrell claims that tribes have sole jurisdiction to provide sports betting in Oklahoma due to existing tribal gaming compacts. Voters in the state have adopted compacts giving tribal members exclusive control over casino operations in exchange for fees ranging from 4% to 10% of gross gaming revenue.
According to sportsbook pay per head sources, public schools in the state would be entitled to 88% of the money made from sports betting under the new law. In addition, the state would get four percent of the first $5 million. Then it would get five percent of the next $5 million. Lastly, the state is entitled to six percent of over $10 million.
The Oklahoma Office of Management and Enterprise Services predicts that the state’s yearly income would increase by $493,000 to $9.4 million if sports betting were legalized in Oklahoma. The amount of money made by sports betting would depend on “many aspects,” such as whether or not internet wagering is allowed alongside traditional gambling. Fortunately, it will enable eSports betting. On March 23rd, the Senate gave its first reading to the measure.
