Sports betting now legal in the state of Ohio
COLUMBUS, Ohio (WXIX) - Governor Mike DeWine signed a bill into law on Wednesday that will allow Ohioans to bet on their favorite sports teams.
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.
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.
A 10% tax will be assessed on the sports gaming industry with proceeds going mostly toward schools.
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.
Sports gaming will roll out over the next year with a launch no later than Jan. 1, 2023.
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