Ohio became the 33rd state to legalize online sports betting as well as wagering on brick-and-mortar facilities. This is a move that was put into paper by Governor Mike DeWine as more states continue to loosen the strict rules criminalizing sports betting. Sport gamblers are yet to place their first wagers within the borders of Ohio, but that will be happening soon. The Ohio Casino Control Commission has been tasked with drafting regulations that will govern this new industry. With a little patience, Ohioans can expect to wager in 2023 if all goes as planned.
Is online sports betting legal in Ohio?
Yes, sports betting is legal in Ohio after the sports bill was passed by the Senate and the House on December 2021. Despite this, there are no sportsbook that have already launched their operations in the state. However, sport punters can expect that legal betting will commence no later than January 2023. Ohio online sports betting will be a lucrative industry and there is a line up of sportsbook that will grace the Buckeye state. Licenced operators are the best option for Ohioans when compared to offshore sites that can’t be trusted to pay.
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What you need to know about Ohio sports bill
The HB 29 sports bill passed on December 2021 has a few stipulations that will govern sports betting in Ohio. The bill legalizes betting in land-based facilities, bar and restaurants terminals plus the online betting. Impressively, wagering on esport events was also included. The Ohio Casino Control Commission (OCCC) was tasked with licensing operators under Type A, B and C licences. Type A licences will be reserved for 25 operators at any time. Forty Type B licences will be issued to land-based casinos while twenty Type C licences will be given to self-service terminals.
Ohio Sports betting licences and tax rate
Sports betting will be a lucrative industry that will generate millions in revenue and taxes as per the estimations. According to the HB 29 bill, operators will be expected to pay a 10% tax rate on all net revenues. When it comes to fees, Type A licence will be the most expensive. The fee will range from $500,000 to $2.5 million while the Type B and C licences will range from $50,000 to $100,000. Licences will be issued for five years as opposed to the three years previously proposed. The fees will be non-refundable. For more information visit this site: cnnnewsworld
How players will wager in Ohio Sportsbooks
Like most states, it is expected that nothing much will change when it comes to wagering online. Punters will be expected to find a suitable sportsbook in terms of competitive odds, user interface plus payment options. With this, they can then proceed to the gaming lobby and choose whatever type of bet they intend to place. Having funded their account, players can then finalize on the betting processes. A bet slip will be generated as the player awaits the final result. Withdrawing winnings will also not be complicated, with a verified betting account.
Sports to wager on in Ohio
Ohio is home to several professional sports team. The state boast of having a team on every major league. There is no limitation put in place as to what Ohioans can’t wager on as of now. It’s expected that sport bettors here will have various sports markets to choose from. They can opt for football, hockey, tennis, basketball, soccer plus many more. In addition, it’s expected that major leagues such as NBA, MLB, NFA and NHL will be a staple in most sportsbooks. Moreover, there will be an option for major tournaments too.
Sportsbooks to expect in Ohio
It’s no yet clear on operators who will gain access to the online betting scene in Ohio as of now. The HB 29 bill provides for 25 operators in the state who can apply for a second licence once they demonstrate how sports betting can be beneficial to the state. With a number of sportsbooks already partnering with local professional teams, we can already predict who will grace the Buckeye sate. Additionally, sports teams and casinos will be given preference when it comes to issuing licences. Furthermore, operators with DFS licences could be considered too.
Having partnered with the Cleveland Cavaliers, it is safe to say that Caesar’s Entertainment will likely feature on the list. Other key operators who have already established operations in other states include BetRivers, BarStool, Fubo Gaming and BetMGM. In addition, having legalized fantasy sports betting in 2018, operators such as DraftKings and FanDuel are already operating within the state. Its most likely that this sportsbooks will gain a slot in the coveted list. Whichever, sportsbook will feature punters in Ohio can finally wager on their favourite teams in the major leagues and favourite tournaments.
