Governor DeVine signed Ohio sports betting law making it legal to bet on sports in the state. However, it will take several months before you can place your wagers in Ohio. According to sports news coverage, January 1, 2023, is the latest that people can wager on college, professional, and eSports.
Senator Kirk Schuring hopes to launch Ohio’s sports betting market before 2023. However, creating rules and regulations for the new sports betting industry will take several months. The Ohio Casino Control Commission will begin accepting applications for sportsbooks in the fall or summer of 2022.
The 2018 US Supreme Court decision made the Ohio sports betting law possible. The decision allowed states to set up regulations on sports wagering. Most states near Ohio have already legalized sports gambling in their territories.
Ohio Sports Betting Law
The Ohio Legislative Service Commission estimated the Ohio sports wagering industry to have a value of $3.35 billion in the next couple of years. In addition, the state imposes a ten percent tax on sports betting that could bring $7 million in the first half of 2023. Also, the state hopes to earn around $24 million in its first fiscal year.
Ninety-eight percent of the sports betting tax revenue will go to the state’s public and private education initiatives. The remaining two percent will fund Ohio’s problem gambling programs.
People who want to become a bookie in Ohio need to pay application fees. According to estimates, the state would earn $10 million in the first couple of months. A portion of the application fees will assist veterans and their families.
However, some people want all the sports betting proceeds to go towards K-12 education. Cincinnati Mayor John Cranley said that the money could help schools get proper funding.