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Everyone looks forward to sports betting becoming regulated in the state of Ohio some time in early 2023, perhaps in time for bets on the Buckeyes assuming they make the Playoffs.
There will be tax implications whether one bets with an Ohio regulated site, an offshore sportsbook or a local bookie. The later two just won't report your winnings and you can bet anonymously.
For those opting to take advantage of the Ohio-based mobile apps and/or the kiosks, which will be found in bars, casinos, grocery stores and other venues throughout the state, the tax is as follows:
All gambling winnings are taxed at both the federal and state level in Ohio.
There is a withholding tax of 25% of all winnings when providing your social security number and 28% should you prefer not to. Additionally, a state tax of 4% will be docked from your winnings as well.
Jessica Franks, Communication Director at Ohio Casino Control Commission, stated that state regulators are prepared for the upcoming challenge.
"We're regulating a whole new industry for the state of Ohio, which requires a substantial amount of labor. However, we have a fantastic staff at the commission, and we're pretty happy with the job done thus far in this process. " stated Franks.
- Gilbert Horowitz, Gambling911.com
