Ohio sports betting is officially legal, though it will be some time before the first sanctioned wager is placed.
Ohio Gov. Mike DeWine (R) signed House Bill 29 last night. The legislation allows casinos, racinos, and professional sports stadiums to seek retail and mobile sports betting licenses. Bars are permitted to partner with third-party gaming firms, such as DraftKings and FanDuel, to place self-service sports betting kiosks in their establishments.
he statute allows oddsmakers to offer lines on professional and college sports, plus esports. The bill additionally allows the Ohio Lottery to partner with a sportsbook firm and place sports wagering kiosks in watering holes, convenience stores, and restaurants.
With DeWine’s signature, Ohio becomes the 33rd state to pass a sports betting bill. That’s since the US Supreme Court gave states such rights with its landmark sports betting ruling in May of 2018.
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Upon market maturation, the Ohio Legislative Service Commission projects that around $3.35 billion will be wagered on sports in the state each year.
While the state casino commission will dictate governing rules for sports betting, HB29 set out the associated costs interested businesses will need to pay for such rights.
Casinos, racinos, and sports stadiums will need to pay a one-time $2.5 million fee to the state in exchange for a Type A sportsbook license. The permit allows such entities to build an on-site sportsbook and partner with up to two online sportsbooks.
The first mobile sportsbook skin runs an additional $3 million. The second costs $10 million.
Forty Type B licenses are available for brick-and-mortar small businesses, such as convenience stores and restaurants. They cost between $90,000 and $140,000, depending on the location and associated population.
Finally, HB29 sets aside 20 Type C licenses for restauranteurs and chains. That allows them to place sports betting kiosks operated by the Ohio Lottery into their locations. Since most of the revenue generated by the kiosks will go to the state, Type C licenses cost only $1,000 per location.
All of the licenses run for five years. Renewal rates will be set by the OCCC.
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