bill presented by Ohio Senator for establishing online casinos, garners significant backing.
Hey there, folks! It's your boy Grant Mitchell, former Virginia Tech grad and former NCAA track and field athlete, here to dish the latest on the sports betting industry. Today, we're diving into the hot topic of online casinos, and a proposed bill that could shake up Ohio's gaming landscape.
Let's Break It Down
In a bold move, the proposed bill encourages local casinos to handle their own online operations. But hold onto your hats, because the tax rate could reach a whopping 40%, making it the highest in the country! Talk about putting the squeeze on those online gaming providers.
The Nitty-Gritty
Now, the tax rate isn't quite black and white. It varies based on the ownership structure of the online platform. Casinos with at least 50% ownership of their own platform will pay a slightly lower rate of 36%, while untethered license-holders using a third-party platform will face the full 40% tax brunt.
Why The Push For Online Casinos?
Money, baby! State figures are eyeing significant revenue as a major incentive. Senator Nathan Manning predicts that online casino gaming could generate anywhere from $300 million to a jaw-dropping $1 billion annually! And you bet your last chip that most of that dough will end up in the state's general fund, with a smidgen earmarked for addressing problem gambling.
With these tantalizing figures on the line, it's no wonder that Ohio lawmakers are eager to join the online gaming frenzy. Not only does it promise to pump up the state's gaming industry, but it also offers a chance to reel in some much-needed cash.
There you have it, folks! A quick rundown of the proposed online casino bill that could redefine Ohio's gaming industry. Keep an eye on this one, as things are bound to heat up in the days to come.
Want more from me? Catch my reviews and musings at milemitchell.com, or follow me on the usual social media haunts. Until next time, keep grinding! ✌️️ Out.
- The proposed online casino bill in Ohio encourages local casinos to handle their own online operations, with a potential tax rate of 40%, making it the highest in the country.
- Casinos with at least 50% ownership of their online platforms will pay a slightly lower tax rate of 36%, while untethered license-holders using a third-party platform will face the full 40% tax brunt.
- State figures predict that online casino gaming could generate from $300 million to $1 billion annually, with most of the revenue going into the state's general fund and a fraction allocated for addressing problem gambling.
- The tantalizing financial prospects and potential to boost Ohio's gaming industry have made online casinos a hot topic among Ohio lawmakers, who are keen to tap into the online gaming frenzy.
