Ohio’s new regulatory framework for sports betting is set to give a boost to lottery retailers in the state as ‘limited offerings’ of sports betting will be allowed in conventional lottery retail stores.
It comes as PlayOhio.com, the firm that tracks the gambling industry in the Buckeye state, outlines the benefits of the sports betting bill, noting that it is ‘arguably the best in the US’ in terms of regulatory oversight.
Free from ‘any significant flaws or limitations that could stifle Ohio’s industry’, the bill proposes a target opening date of January 1, 2023, which would end a five-year fight to bring sports betting to the state.
“The state took its time in legalizing sports betting and then took a collaborative approach with existing casino stakeholders, local pro sports franchises, and the lottery program,” said Eric Ramsey, data analyst who co-authored the PlayOhio.com market analysis. “The result is a structure that is the new standard in the US.”
On top of providing a boost to lottery retailers, the bill proposes to allow all online and retail forms of sports betting on all professional sports including esports and the Olympic Games.
Under the proposals, a tax rate of 10% adjusted revenue for all operators will be introduced, of which professional sports teams and gaming facilities are given preferential consideration for licensure.
PlayOhio’s research has also uncovered that, by the third year of operations, the sports betting market in Ohio would generate between $9bn and $12bn in bets annually.
“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 said.
“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 appears poised to emerge as the second- or third-largest sports betting market in the country, clearly behind New York, but perhaps rivaling Nevada, New Jersey, and Illinois for No. 2.”