Oklahoma Governor signs new gaming compacts with two tribes

Oklahoma’s Governor Kevin Stitt has signed new tribal betting compacts with the United Keetoowah Band of Cherokee Indians (UKB) and Kialegee Tribal Town (KTT).

The compacts will allow both the UKB and KTT to offer Class III games and table games, but neither arrangement covers sports wagering.

The KTT compact said that the tribe will pay the state 12% of its gross gaming revenue (GRR) from slot machines during the first two years of operation. This rate will increase to between 13-15% for each year through to the end of 2035, depending on GGR total.

GGR of up to $300m will be taxed at a rate of 13%, rising to 14% for between $300m and $500m, and 15% for any amount above this. Card games not banked by the house will be taxed at 18%.

Read the full story on iGB North America.