Sports betting in Ohio to start Jan. 1, 2023

Sports betting in Ohio to start Jan. 1, 2023
Published: Jun. 1, 2022 at 11:05 AM EDT
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CINCINNATI (WXIX) - Ohioans will be able to place their wagers on apps and at in-person locations starting Jan. 1, 2023, the Ohio Casino Control Commission announced Wednesday.

While this activation date means NFL fans will not be able to place bets for a majority of the season, they will be able to wager on the last two Bengals’ regular season games.

The first Bengals game fans can bet is the Monday Night Football matchup against the Buffalo Bills on Jan. 2, 2023.

The Bengals have the 11th best odds to win Super Bowl LVII at +2000, according to DraftKings Sportsbook. The Bills are the current favorites at +600.

There are three ways a bet can be placed in Ohio: mobile app (e.g. DraftKings, Fanduels), physically going 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.

Read More | Sports betting in Ohio: How much money will it generate?

The Legislative Budget Office (LBO) 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.

On Dec. 22, 2021, Gov. Mike DeWine signed House Bill 29 to legalize and regulate sports gaming in Ohio.

As HB 29 was heading to the governor’s desk, one expert described Ohio’s sports gaming bill as 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.”

The bill also creates the Ohio sports gaming lottery, operated by the Ohio Lottery Commission through terminals at certain liquor permit establishments.

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