After Governor House Bill HB29 was signed, Ohio lawmakers could create a sports betting system that is undoubtedly the best in the US, according to analysts. Mike DeWineIt is possible to legalize the activity earlier in the calendar year.
With the Ohio Casino Commission targeting a January 1, 2023, debut, PlayOhio adds that the legislation is free from any significant flaws or limitations that could stifle Ohio’s industry.
The law, which concludes a legislative effort begun in 2018, stipulates a 10% rate and allows retail and online betting throughout Buckeye State.
Furthermore, it would allow lottery retailers to host sports betting kiosks with limited offerings and wagering on professional and collegiate sports, plus esports and the Olympics, as well as give professional sports teams and gaming facilities preferential consideration for licensure.
“The state took its time in legalising sports betting and then took a collaborative approach with existing casino stakeholders, local pro sports franchises, and the lottery program,” said Eric RamseyCo-author of the PlayOhio market analysis was a data analyst. “The result is a structure that is the new standard in the US.”
PlayOhio projects that online and retail operators will generate between $9bn and $12bn in bets annually by the market’s third year, which would produce between $700m and $900m in gross revenue per annum.
With Ohio’s tax structure, which is 10 per cent of an operator’s taxable revenue, such revenue would mean $70m to $90m in taxes for the state each year.
“This framework provides a firm foundation for operators to build what should be one of the nation’s largest, most dynamic sports betting markets,” Ramsey commented.
“The state’s sports landscape and the affinity for land-based gambling among its residents and visitors additionally bode well for the future of sports betting in Ohio.
Ohio looks poised to become the second or third largest sports betting market in the United States, clearly behind New York. However, it may rival Nevada, New Jersey and. Illinois for number two.”
Ohio has been praised for creating an online environment that is competitive and encourages participation at existing land-based casinos. It also places minimal restrictions on the types or wagers that sportsbooks can offer.
“The law strikes a pragmatic balance between rewarding the state’s existing stakeholders the casinos, racinos, and lottery and incentivising participation from the largest national sports betting brands,” Ramsey added.
“Every major operator in the country will seek licensure in Ohio, fostering the sort of competition that is essential to generating wagers in significant volume.”