Ohio governor rubberstamps sports betting legislation
More than two-dozen licenses available in what is poised to be one of the largest and most competitive online states
Ohio governor Mike DeWine has signed sports betting in law after legislation legalizing the activity passed earlier this month.
DeWine’s approval means regulated betting is set to launch some time in 2022, probably in the second half of the year, although the law states it must be before January 1, 2023.
There are 25 online licenses available for casinos, pro sports teams, casinos, and racinos, with each allowed one skin each, which could potentially lead to around 50 brands launching alongside retail options.
The favorable tax rate of 10% on gross gaming revenue (GGR) means the Buckeye State is set to be particularly competitive market involving all the usual suspects.
Affiliate PlayOhio.com estimates that the market could generate handle of between $900m and $1.2bn at maturity, while revenue could reach $900m. This would result in $90m annually for state coffers.
"Operators will pay a 10 percent tax on net revenue to the state to help fund K-12 education and problem gambling programs.
The Legislative Service Commission estimates that sports betting will eventually become a $3.35 billion industry in Ohio."
— Anders Strom (@SE_ANDERS) December 22, 2021
Ohio is also home to almost 12 million people, making it the seventh-most populous state, not far behind the regulated state of Illinois. Ohio is the fourth largest to legalize betting after Pennsylvania, Illinois, and New York.
Furthermore, there are nine professional sports teams across the major leagues and more than a dozen colleges with NCAA Division athletes.
The legislation also allows for betting on professional esports events, although fixed-odds horseracing is prohibited.
The regulation of sports betting and the awarding of licenses will be overseen by the Ohio Casino Control Commission.
Ohio is the eighth state to legalize sports betting in 2021. As things stand, 30 states plus the District of Columbia are up and running with legal wagering.
Besides Ohio, Nebraska is in the process of rolling out sports betting, while Florida is embroiled in a legal row, resulting in the Seminole Tribe being forced to shutter its Hard Rock online sportsbook.