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Ohio became the latest state to legalize sports gambling, when Governor Mike DeWine signed into law House Bill 29.
While Ohioans are sure to be excited about the prospects of placing legal sports bets in the state, it will likely still be a while before they can do so. That’s because the regulations and rules that will govern sports betting in the state still need to be crafted by the Ohio Casino Control Commission.
When will that process complete? It’s uncertain at this point, but it could take at least a few months.
When Sports Bets Could Be Available
The bill that Ohio’s governor signed into law didn’t specify a start date for legal sports betting in the state. However, it did set a deadline when everything must be up and running — January 1 of 2025.
That may seem like a long way off, and it is. But, there’s still a lot of work that has to be done to get everything in order.
The casino control commission in the state initially said that it expects to take the next few months to craft the rules and regulations that will govern the industry. Then, it believes that it could start accepting business applications for sports betting licenses either next summer or fall.
Once everything is in place, Ohio’s sports betting law allows for 25 licenses for mobile sports betting. Leagues, professional teams, racinos and casinos will all be allowed to apply, and can have one mobile “skin” each. This would allow them to partner with an established mobile sports betting company, such as FanDuel or DraftKings, for instance.
Ohio Sports Betting’s Solid Outlook
Industry experts believe that legal sports betting will do quite well in Ohio. In fact, some believe that the state could be one of the leaders in sports betting, with annual revenue reaching almost $1 billion. If that does come true, it could bring in roughly $100 million per year for the state, since the tax rate on sports gambling is 10%.
So, why such a favorable outlook for Ohio sports betting? Well, with a population of approximately 11.7 million residents, Ohio is comparable in size to both Illinois (12.6 million people) and Pennsylvania (12.8 million).
Currently, Illinois is the fourth-largest sports gambling market in the U.S., while Pennsylvaniacomes in third.
States with larger populations and with sports-crazed fans are the ones that have done exceptionally well with sports betting thus far. And Ohio fits that bill, which is why experts believe it will do very well — once wagers are officially accepted.