Ohio Governor Mike DeWine has suggested increasing the state's sports betting tax rate from 20% to 40%, aiming to generate $130 million to $180 million annually. This revenue would be channeled into a new Sports Facilities Construction and Sports Education Fund, supporting stadium renovations for professional and youth sports teams, as well as sports education initiatives. The proposal comes as both the Cleveland Browns and Cincinnati Bengals explore stadium upgrades and seeks to establish a permanent funding source for such projects without relying on the state's general fund.
Buckeye State executive Mike DeWine believes the move would raise increased revenue. The money could go toward NFL stadium renovations.Ohio Gov. Mike DeWine suggested increasing the state's tax rate on sports betting from 20% to 40%, a move he thinks will yield between $130 million and $180 million annually. The state would funnel that increased revenue into a newly created Sports Facilities Construction and Sports Education Fund, supporting stadium projects and youth sports efforts.
The governor announced the proposed tax increase as part of his broader two-year, $60.9 billion operating budget, which the legislature must finalize by June. Ohio lawmakers will review the proposal, and both the state House and Senate should release their own versions in the coming months. “These sports gaming companies … They’re getting Ohioans to lose massive amounts of money every year. And it seems to me only just and fair that some of the stadiums be paid for by a portion of it," said Gov. DeWine.Gov. DeWine hasn't offered specific numbers on how much funding the state could dedicate to the Browns' stadium renovation. Still, he said the new gambling tax ensures stadium projects get funded without siphoning money from the state’s general fund.
Sports SPORTS BETTING TAX RATE STADIUM FUNDING YOUTH SPORTS OHIO
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