Ohio state legislators officially allowed sports betting, with online and retail betting set to launch by the end of the year. Dozens of sports betting licenses are available, and if they are all taken, the Buckeye State will soon become one of the biggest wagering markets nationwide.
It can feel off-putting to be uninformed, so here are some basics of legal sports betting in Ohio.
While it was officially legalized at the end of 2021, it won’t launch statewide until January 1, 2023. It’s been a while in coming. Governor Mike DeWine was a big supporter of legalizing sports betting. He stated he wanted to see this happen by November 2020, which it didn’t.
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Up to 50 sportsbooks will open
Considering how many Type A licenses are available, as many as 50 sportsbooks might open in Ohio. They won’t all open at once, of course. Generally, insiders anticipate FanDuel, DraftKings, and Bally Bet to launch on the first day.
To bet legally in Ohio, you have to be at least 21.
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A useful source of revenue
Sports betting will have an additional advantage: providing Ohio with tax revenue. Pennsylvania got over $122 million from sports betting in tax income in 2021, data from the Pennsylvania Gaming Control Department show. Even though Pennsylvania is more populous than Ohio and its GDP is higher, the tax revenue level could be similar.
Ohio’s sports betting tax rate will be much lower than Pennsylvania’s, which should promote a more competitive and open market. This could mean sports wagers could become more popular in Ohio than in PA.
Also in 2021, New Jersey’s tax revenue from sports wagers was $102.6 million, and New Jersey is smaller than Ohio. Ohio will earn a lot from selling licenses to retail and online betting platforms.
Protection for betting fans
Bettors in Ohio have been doing business with unregulated bookmakers for quite some time. Some people visit offshore sites, while others head to the local bookmaker to place their bets. According to a recent survey, almost one in ten adults currently bets on sports in the state. At the same time, they have no protection. They might not get their payout if they win because offshore sportsbooks are unregulated.
Now that Ohio sports betting has been legalized, bettors won’t need to make costly wire transfers or use cryptocurrency. Betting on sports has become more affordable and straightforward.
Governor Mike DeWine has always said that Ohio has sports betting. According to him, the question was whether the state would start regulating it, and if so, how. The state is struggling with a budget deficit, so most of the revenue from taxes will be used for K-12 education.
The vast number of sportsbook apps set to launch in Ohio will give fans a huge opportunity. They can download an app, create an account, and unlock excellent promotions. Placing the first wager in Ohio will be a truly refreshing experience.