Ohio is finally catching up to speed with many other US states and launching its own regulated online sports betting market in early 2023. In the three months since Governor Mike DeWine signed HB29 into law, legalizing sports betting in the Buckeye State, there has been tons of speculation and anticipation in the air among Ohio sports bettors. However, we still have many months to wait until top US sportsbook sites and apps arrive in the state.
Still, the bill is already set in motion, and all that remains is to establish the regulatory framework and structure before the January 2023 deadline. This is great news for gamblers in Ohio, as it means regulated online sports betting will arrive in the state no later than January 1st, 2023.
Bettors in the Buckeye State will finally be able to place wagers on Ohio’s major sports teams. Whether they support the MLB’s Cincinnati Reds or Cleveland Guardians, the NFL’s Cincinnati Bengals or Cleveland Browns, or the NBA’s Cleveland Cavaliers, there is plenty of excitement to come in Ohio.
The Development of Regulated Gambling in Ohio
The Ohio Casino Control Commission is responsible for overseeing the implementation of regulated online sports betting and casino gambling in the state. While the gaming control board has established a list of guidelines betting operators must follow to obtain licensing in Ohio, it is also accountable for regulating, investigating, and enforcing state laws relating to online gambling and sports betting.
The commission’s efforts in Ohio’s regulated gambling launch have been solid for the first few months of 2022. However, there is still a lot to do before the state’s sports betting industry launches in 2023. The next step to get the regulated gambling ball rolling is to start accepting applications for (and issuing) sports betting licenses, which should hopefully take place within the next quarter.
If the gaming control board sticks to its deadlines and keeps the process on pace, legalized online gambling will arrive in the Buckeye State as per schedule.
What Does Legal Online Gambling Mean For Ohioans?
The launch of legal online sportsbooks in Ohio will significantly alter the state’s gambling landscape and allow the country’s leading sportsbooks and betting sites to legally operate in Ohio. While we don’t yet know what online gambling operators plan to launch in the state, some believe Ohio’s new sports betting market could generate annual revenues “close to $1 billion,” including Daniel Wallach.
Wallach, the CEO of a law firm devoted to sports betting laws, stated that this new legislation in Ohio may establish the most “open and competitive sports wagering marketplace in the US.” He added that the HB29 bill may also create the most “prevalent and expansive gambling [market] regarding the number of locations and operators in the US.”
Ohio’s Successful Neighbors
If we compare Ohio to its neighboring states with regulated gambling industries and their successes and revenues, the Buckeye State may just become one of the country’s most prominent sports betting markets. Currently, four states that share a border with Ohio offer legal online and retail sports betting, including Pennsylvania, Indiana, Michigan, and West Virginia,
Take Pennsylvania as a prime example. Ohio’s neighbor to the east has continued to bring in billions of dollars in annual revenue. In 2021, the Keystone State generated over $4.7 billion. Yet, since launching in 2019, Pennsylvania has remained among the top US states in terms of gambling profits. The state earnt a massive $3.4 billion in 2019 and $2.6 billion in 2020, despite the COVID-19 pandemic forcing retail locations to close temporarily.
The Future of Ohio Sports Betting
While we eagerly anticipate the January 2023 regulated gambling launch in the Buckeye State, many predict the state’s legalized gambling industry will set off to a flying start. As a result, we can expect several of the US’ best sportsbooks to make their way to Ohio, such as BetMGM, FanDuel, DraftKings, and more. Gamblers in the state will soon be able to visit sports betting sites or sportsbook apps and place wagers on various exciting sports and markets.