Sports betting in Ohio: How will it work, how much money will it generate?
COLUMBUS, Ohio (WXIX) - Ohio’s sports betting bill is sitting on Gov. Mike DeWine’s desk but he’s expected to pass the measure which will generate millions for the state.
There are three ways a bet can be placed in Ohio - via mobile app, physically go to a casino sportsbook, or at restaurants with kiosks.
A restaurant, bar, or bowling alley can apply to get two kiosks and licenses will cost $1,000.
Those facilities will be regulated by the Ohio Lottery Commission.
Brick and mortar facilities like a casino with a sportsbook will have to pay $50,000 to $100,000 for a license.
Companies operating a mobile app will have to pay $3 million for a license for an initial three-year term.
The second contract will cost $10 million.
Sportsbooks and mobile apps will be regulated by the Ohio Gaming Commission.
State Rep. Bill Seitz says sports gaming will roll out over the next year with a start date of no later than Jan. 1, 2023.
“It takes that long to get all of the rules written properly through the rulemaking process, to get all of the applications properly vetted, so that we’re not going to extend this flexibility to unsavory individuals who could not pass a background check or otherwise have a checkered past of fraudulent behavior,” Seitz said.
The Legislative Budget Office estimates that license revenue alone during Fiscal Year 2023 is likely to reach or exceed $10 million.
The LBO estimates the sports gaming market to produce about $3.35 billion for Ohio after several years of operation.
One expert says Ohio’s sports gaming bill is the most comprehensive in the country.
“I think Ohio’s performance to handle the revenue, that state tax collections are going to be higher than they are in Illinois and Michigan where they’re approaching numbers of close to a billion dollars a month in sports betting transactions,” sports betting attorney Daniel Wallach said. “And then when you add in how accessible and convenient it’s going to be to place a wager, I think Ohio’s performance is going to outpace Michigan and Illinois.”
Sports betting has been legal since 2019 in Indiana.
A sports betting bill was shot down in Kentucky earlier this year but State Representative Adam Koenig says he will draft and submit a new bill next month.
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