Ohio Governor Signs Sports Betting Bill Into Law

by Jenny Tang - Thursday, December 23rd, 2021 12:21

sports betting approved

Ohio Governor Mike DeWine has signed House Bill 29 into law allowing the Ohio Casino Gaming Control Commission to start the process of drafting rules and regulations for sports betting.

According to an Ohio Casino Control Commission presentation, the rule drafting process alone could take months while the operator license application process will only start in summer or fall of 2022. This means that the industry is unlikely to launch before early 2023.

The Ohio Legislative Service Commission expects the local sports betting market is expected to be worth an estimated $3.35 billion within the first few years of operation

The same analysis estimates that the proposed 10% tax on net revenue from sports betting will generate state taxes of around $7 million in the first six months of operation and $24 million in the first full financial year. Of this, 98% will be set aside for public and private education with the remaining 2% going toward gambling addiction services and support.

All venues and operators that hope to offer sports betting will also pay a non-refundable application fee. This is expected to generate at least $10 million for the state prior to the industry launch.

The legislation, that was approved in early December, allows casinos, racinos, sports teams, and other businesses to apply for licenses. As a result, the commission expects to receive a minimum of 23 applications from existing US sportsbetting businesses/organizations with an interest in sports or gambling.

Jenny Tang

Global iGaming Correspondent based in NYC.