The Buckeye State is ranked as one of the best US states for smaller companies and businesses that are just starting their business adventure. As estimated in 2021, over 11 million people reside in the state of Ohio. When it comes to the economic prospects in Ohio, the state’s GDP in the third quarter of 2017 was US$656 billion. In 2011, the state GDP was around US$501 billion and went to US$517 billion in 2021. According to one report released by the Bureau of Economic Analysis (BEA), the state of Ohio is one of the ten US states with the most developed economies.
Speaking of its economic prospects, the Buckeye State is one of the major US manufacturing centers with over 12% of its entire workforce working in the manufacturing industry. Other major industries in the state are agriculture, steel production, banking, insurance, and motor vehicle assembly. Bioscience and food processing are also rapidly developing sectors in the state. Today, Ohio is one of the leading producers and exporters of trucks, fabricated metals, and agriculture products. In addition, Ohio is also home to thriving gambling industry.
Ohio Gambling Industry
All forms of land-based casinos were prohibited in the state until 2009. Before 2009, residents of the state interested in engaging in gambling activities traveled to Michigan, West Virginia, Pennsylvania, and Indiana, and other states where such activities were completely legal. Back in November 2009, the state’s voters approved a new law which led to the establishment of four land-based casinos in Toledo, Cleveland, Columbus, and Cincinnati.
Today, Hard Rock Casino Cincinnati, Hollywood Casino Toledo, Hollywood Casino Columbus, and Jack Cleveland Casino legally operate alongside several other casinos. When it comes to sports betting activities in the state, it surely had its share of major ups and downs over the year. The industry became more stable when several racetracks in the state were finally allowed to install and operate video lottery terminals. In 2019, seven racinos operated in the state alongside over racetrack and these venues offered off-track and live betting options. Residents of Ohio can also legally engage in pari-mutuel betting online.
Today, sports betting activities including those conducted online are not legal in the state. However, a new bill that will legalize sports betting activities online was already passed by the Ohio Senate. In other words, online sports betting will be legal in a couple of months. It becomes obvious that the state of Ohio is following the footsteps of neighboring states that have already legalized some or all sports betting forms and activities within their borders. Ohio is also following the footsteps of European countries that are homes to quite thriving iGaming and sports betting industries, and if you want to learn more, check out bettingsider24.com.
Future of Sports Betting in Ohio
In the state of Ohio, the legalization of sports betting is going rather slow, but at the same time steady. The truth is, residents of Ohio will have to wait several months to legally engage in sports betting activities. In other words, the state will not offer legal sports betting activities until 2022. Back in June, that new betting proposal was passed out to the Ohio Senate after numerous committee meetings. Major Senate sponsors hoped to see the SB 176 bill passed by July, but the Ohio House does not plan on addressing the bill until October or November.
Back in 2020, the state of Ohio was very close to legalizing sports betting activities when major sponsors of the new sports betting bill from the Senate and House started working on potential rules and legislations. However, nothing came out of this meeting and nothing more was done until June 2021 when the HB 29 bill was amended to include sports betting regulations. The amended bill will not be examined by the Ohio House before later October, and house and senate conflicts could again lead to further delays.
Therefore, online sports betting sites will not launch in the state for a couple of months at least. According to most reports, the very first online sports betting sites in Ohio may open their virtual doors sometime in April 2022. Major brands such as BetMGM, Barstool Sportsbook, Caesars, DraftKings, PointsBet, WynnBet, and FanDuel will probably start operating first. In addition to legalizing sports betting activities, SB 176 also legalized e-bingo games.
According to its terms, the state of Ohio would collect a tax of 10% on net revenues. The same bill also introduces Type A licenses aimed at mobile sports betting activities. In addition, it also introduces Type B licenses for retail sports betting sites alongside Type V licenses for restaurants and bars that offer sports betting activities. With almost everything ready, Ohioans will soon be able to legally engage in sports betting activities and the state will collect between US19 and US24 million every year from taxable net revenues.