OH glory be to thee state of Ohio. After trudging through the political battlegrounds it is official – gambling became legal in Ohio on January 1, 2023. This day proved to be groundbreaking for legal sports betting as it fell on an NFL Sunday and the day before multiple New Year’s College Football bowl games.
This Midwest breakthrough occurred due to all the potential earnings the state of Ohio lost during the 2021 Cincinnati Bengals Super Bowl run. Indeed, it was only a matter of time until America’s seventh most populous state legalized sports betting.
Only a Matter of Time
Every state that borders Ohio (besides Kentucky) has legalized sports betting. Businesses are thoroughly vetted before they receive a license. What makes Ohio’s process truly special is twofold: tax rate and amount of licenses.
- The tax rate weighs in at an extremely low 10% which ratchets up competition and ensures state revenue will be maximized
- 65 licenses will be granted between online and retail locations
- On launch day in New York – only four licenses were granted
Furthermore, the amount of licenses granted to businesses that hold existing liquor licenses are unlimited. You know what that means? Kiosks for days!
Uncapped Potential
There are no major restrictions on bet types but that is not to say that The Ohio State University isn’t trying to propose any. The Buckeyes recommended bets only take place for College Football and Basketball and would like to do away with prop bets entirely. Only time will tell how that proposition will play out.
Savvy businesses enter the playing field early and efficiently. Let’s take a gander at some of the official partnerships already established in the state of Ohio.
Tipico Sportsbook deal with Columbus Crew
betPARX Sportsbook exclusive sports bettor of Memorial Tournament (Muirfield Village Dublin)
DraftKings + FanDuel already have Daily Fantasy Sports betting established
Caesar’s Sportsbook Ohio is building a facility inside Cleveland Cavaliers stadium
Bally Bet will launch a Cleveland Browns sports lounge
Jack Entertainment already released a free sports betting app to build familiarity
Wynnbet solidified a partnership with the Cincinnati Reds
The earliest and best prepared businesses have the greatest chance at obtaining a license. Safe to say, that statement applies to many different facets of life.
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