- Ohio SB 176 Attempts To Usher In Ohio Sports Betting
- Current Language Proposes 40 Sportsbook Operators
- Ohio Sports Betting Tax Rate Set At 10%
Ohio Senate Bill 176 was introduced a few hours ago, and includes language that has the potential to completely change the Ohio sports betting landscape going forth.
Senator Kirk Schuring is the driving force behind the bill, and this morning, delivered on the promise of introducing SB 176 into Ohio’s legislative process.
So, what is on the table for legal sports betting in Ohio? The bill outlines several aspects of domestic Ohio sports betting, and will certainly stave off the need for residents to visit other states to lay some action on their favorite teams or competitors.
Ohio Sports Betting
- 40 licenses will be available for sportsbook vendors inside of Ohio
- These licenses feature three-year durations
- 20 licenses dedicated to in-person sportsbooks at existing casinos or elsewhere
- Remaining 20 licenses dedicated to mobile sports betting applications
- Existing OH casinos can attain two licenses to allow for mobile and in-person wagering
- Pro sports franchises can apply for a sportsbook license
- 10% tax collected on domestic Ohio sportsbook revenue
- Governance assigned to the Ohio Casino Control Commission
- Minimum age of 21 years old to bet on sports in Ohio
- Ohio Lottery can participate in pooled sports wagering with 10% take
The above provides an excellent outlook for legal sports betting in Cincinnati as well as legitimate sportsbook options for Cleveland because even if the Bengals, Browns, Cavaliers, Indians, or Reds don’t acquire one of those precious 20 in-person licenses, mobile applications will provide services to every square inch of the state.
Colorado and Arizona have already approved of sports betting lounges in pro stadiums, and we’ve seen similar language included in Florida’s recent sports betting bills.
Professional sports leagues and franchises appear to be all-in across the board when it comes to legalizing sports betting, and many of them have already partnered up with domestic operators and combined their lobbying efforts.
Ohio is not bending over for these sportsbooks, however. The price to acquire one of these precious Ohio sportsbook licenses is a cool $1 million. That may sound excessive, but $333,333.33 per year is actually pretty reasonable when considering the population size of the Buckeye State.
With a population of just under 11 million people, Ohio is the seventh-largest state in the USA. Have a quick look at the Internet’s best sports betting revenue tracker to see what kind of revenue Pennsylvania is pulling in right next door with a similar population total and you’ll realize the intense economic impact this can have on OH.
For instance, in March, PA’s sports betting handle was just over a half-billion dollars.
So what does this Ohio sports betting bill do to circumvent offshore sportsbooks from taking bets online from within the state? Essentially nothing, but the sheer glut of sports gambling options should be enough to significantly cut into the action that overseas sportsbooks are currently taking in.
If SB 176 passes and is signed into law by Governor Mike DeWine (R), it has an effective date of January 1, 2022, just in time for betting on the NFL playoffs and wagering on Super Bowl LVI.
