Sports betting is one of the fastest-growing markets in the United States. Millions of people occasionally enjoy this form of entertainment, and residents of Ohio are no different. The State of Ohio has been working on passing legislation that will allow sports betting. Governor Mike DeWine has already signed bills that will set this in motion. While the regulatory framework has been drawn up and there are still plenty of details left to be decided about sports betting in Ohio. Nevertheless, with the state’s signed sports betting bills, the preparation is put in motion for a 2022 launch. Officials predict that sports gambling could generate $1 billion in annual revenue.
Finally Passing the Bill
Efforts to pass the bill have been in motion since 2020 when bill sponsors from the House and the Senate met to work out a compromise. Unfortunately, the Senate had too many demands, with too little time for a change. Another attempt was made in the summer of 2021, but passing that bill was also unsuccessful.
Finally, on December 8th, 2021, a sports betting bill was passed through the Senate. Not long after, the House approved the bill. On December 22nd, Ohio Governor Mike DeWine signed the state sports betting bill. The Ohio Casino Control Commission is now in charge of drawing up the regulations that will govern the new market. The regulator oversees all gambling in the state and as such will also manage and regulate the incoming legal sports betting market.
Operators will all receive one license with the possibility to get the second one if the applicant manages to prove it will improve the state financially. The law will also see lottery kiosks converted to allow for limited sports betting at grocery stores, bars, and restaurants. The Ohio Casino Control Commission is currently writing the rules now for three types of sports gaming licenses which will allow 25 US oriented online casino sites to compete against and partner with 40 retail, or brick-and-mortar sportsbooks. Another 20 licenses will be offered to sportsbook proprietors that operate kiosks in bars and restaurants.
Sports Betting Live in 2022
Sports Betting is expected to go live in 2022. According to officials, everything seems to be in place for launch in 2022. Online, as well as brick-and-mortar sports betting, will be available if things stay on their course. A big date for sport betting proprietors was January 1st, 2021, when applications could start being filed to the Ohio Casino Control Commission. Another big date is April 1st, 2022, which marks the earliest date these licenses can start being issued.
The most likely reason this bill for Ohio sports wagering has finally seen the light of day is the success noticed in neighboring states. Indiana, Pennsylvania, and Michigan have all launched legal sports betting and have seen immense success. In addition, Ohio’s residents were able to use offshore sports betting platforms, resulting in Ohio’s loss of revenue to these platforms.
Ohio Sports Betting – What to Expect
Now that the bill for sports wagering has been pushed through, and officially signed into law, customers can expect a launch in 2022. The Ohio Casino Control Commission is in charge of overseeing sports betting, starting by January 1st, 2023. Apparently, some officials have pushed for the Ohio Lottery to be in charge of sports wagering, however, Senator Ecklund was the one who held strong against it. This will prove beneficial since states that do not have the lottery overseeing sports betting have more success.
It is expected that Ohio sports betting will be quite lucrative once it rolls out, considering that the U.S. gambling revenue hit $53 billion in 2021. Predictions are that the entire market could bring in $1 billion in total revenue while generating $90 million in tax dollars at a 10% rate.
In most states, more than 90% of the sports betting market is controlled by online sports books, such as FanDuel, Draft Kings, Bet MGM, and Caesars. Once the market opens in January, it is expected that these national players will introduce all kinds of promotional offers in order to attract Ohio customers.
The Ohio customers will not have to wait much longer for the sports gambling launch. Finally, after many delays, the sports betting bill was passed and officials are working on launching this form of betting as soon as possible. With both The House and Senate as well working together to make the launch happen as soon as possible, customers will soon be able to enjoy some online and in-person betting entertainment.