The Ohio Legislature December 8 passed HB 29, a sports betting bill, by wide, bipartisan, veto-proof majorities. Buckeye state Governor Mike DeWine has said previously that he will sign it.
It took lawmakers three years of trying to pass the bill.
The bill mandates the Ohio Casino Control Commission to designate a start date for sports gaming no later than January 1, 2023. The state lottery had also been in the running for operating sports betting, but ended up losing that political struggle.
The bill calls for a 10 percent tax rate on revenue, which compares to 9.5 percent and 8.4 percent for neighboring states. Imitating Virginia and Arizona, the bill makes licenses available for professional sports teams, , motor sports, Olympic events, professional golf and tennis, and major college sports to offer retail and mobile sports betting. Unusually, it allows establishments with liquor licenses to also take certain kinds of “mainstream” bets with a $700 per week betting limit.
There are actually three kinds of licenses, ones for mobile wagering, one for brick and mortar casinos and racinos and one for professional sports teams, bars and eateries with self-serve kiosks.
The seventh largest state in population, Ohio has a vibrant and diverse sports landscape of professional and college sports. It has two NFL teams, two Major League baseball teams, two Major League Soccer teams, and one NHL team.
There are also many college sports teams, and unlike some states, Ohioans will be able to wager on all of them, including in-state teams. When asked that question, Ohio Casino Control Commission executive director Matt Schuler said, “That’s the big question: Will people be able to bet on the Ohio State Buckeyes?” He answered, “Yes, they will.”
The law provides for simultaneous launch for operators.
All these things point to a healthy sportsbook market. The state’s Legislative Budget Office has projected a $1.1 billion handle for the state for FY 2023 and $3.1 billion for FY 2024.
