Ohio has recently introduced a new tax rate on sports betting, which is expected to bring in increased revenue for the state. This new tax rate was announced by Governor Mike DeWine and is set to take effect on October 1st, 2019.

Sports betting has become increasingly popular in the United States, with more states legalizing it each year. Ohio is the latest state to join the trend, and the new tax rate is designed to capitalize on this growing industry. The tax rate will be set at 10 percent of the gross gaming revenue from sports betting. This means that any winnings from sports betting will be subject to a 10 percent tax.

The new tax rate is expected to bring in an additional $20 million in revenue for the state of Ohio. This money will be used to fund various state programs, including education, health care, and infrastructure projects. Additionally, the state will be able to use the money to invest in local businesses and communities.

The introduction of the new tax rate is part of a larger effort by the state of Ohio to increase its revenue. The state has also recently introduced a new tax on cigarettes and alcohol, as well as an increase in the sales tax rate. All of these measures are expected to bring in additional revenue for the state.

The new tax rate on sports betting is a welcome addition to the state of Ohio. It is expected to bring in much-needed revenue for the state, while also helping to fund important programs and projects. With this new tax rate in place, Ohio is sure to benefit from the growing popularity of sports betting.