By 2023, Ohio is expected to join the increasing number of states which have legalized betting on sports events.
The new law allows Ohioans who are over 21 years old age can legally bet on professional and college sports events on authorized online platforms, as well as in-person at physical places like racetracks, casinos, and other venues that have been approved.
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What you need to know about sports betting in Ohio
- The Ohio Casino Control Commission (OCCC) is charged with overseeing the casino industry. The OCCC will establish rules for operators to adhere to which include requiring prospective operators to pass an extensive background check before approval. It is anticipated that betting licenses cost between $10,000 to $50,000 annually depending on the size of the operator and the scope.
- Sportsbooks will be able to provide traditional betting on games, the latter allowing bets on events or plays in a game. The minimum age to bet for Ohio sportsbooks is 21 years old.
- The operators of sportsbooks are required to pay a tax of 8% on gross gaming revenues (GGR) earned through their betting on sports. The money will go towards financing various state initiatives like infrastructure, education, and public programs.
- The OCCC is expected to begin receiving applications for licenses in 2023 and the first sportsbooks are set to begin operating in the following year. There is no plan to limit the number of sportsbooks that are permitted to be operating in Ohio however, some municipalities could impose limits based on local laws and regulations.
- When the sportsbooks are fully operational, Ohioans will be able to benefit from the many betting options offered. While traditional bets like points spreads or money lines, as well as totals, will be available new betting options such as prop bets and futures markets are also expected to be in place.
What will change?
With betting on sports to launch from 2023 onwards, Ohioans will be able to look forward with excitement to the season ahead. There will be numerous ways to bet on your preferred teams and teams, but they’ll also have the opportunity to help the local economy by doing it. If you’re a fervent fan or simply seeking an enjoyable way to spend your time in Ohio, the state’s legal betting on sports is guaranteed to provide something for every person.
The introduction of sports betting in Ohio is bound to be a thrilling event and one that could generate a significant amount of revenue for Ohio. If it is regulated properly the market could help generate jobs and help local companies. Of course, the only way to know is how effective the market will be however, all signs suggest it will be successful. Mark your calendars now and prepare yourself for Ohio sports betting is on the way!
However, don’t ignore the fact that gambling is addictive. Make sure you gamble with caution. Learn about various strategies and stop whenever needed. Don’t bet more than you can lose! Have fun!
Conclusion
Sports betting will be made lawful across Ohio in 2023 and an Ohio Casino Control Commission is set to oversee the business.
Sportsbooks will be able to provide traditional and in-game betting as operators are required to pay a tax of 8% on GGR produced by their operations. With the right regulations, it could generate lots of money for the state, as well as generate jobs and help local companies.
Key Takeaways:
- Sports gambling will become legal in Ohio in 2023.
- The Ohio Casino Control Commission will supervise the market.
- Operators have to pay a tax of 8% on GGR generated by their work.
- This could result in an enormous amount of revenue for Ohio state, as well as create new jobs and help local companies to get into this field.