Ohio Gov. Mike DeWine decided to sign the government’s sports gambling legislation into law on Wednesday, making Ohio the 8th state to legalize sports betting by 2021. It took more than three years and countless hours of discussion, but Ohio has finally legalized sports wagering. The new legislation will legalize sports betting in Ohio by allowing sports gaming owners licensed and controlled by the Ohio Casino Control Commission (OCCC) to offer sporting events gaming online, at sports gaming establishments, as well as through kiosks located in facilities with class D alcohol authorizations to sell sports video games (restaurants and bars). Attendees must be at least twenty-one years old and physically present in the state of Ohio.
The House and The Senate did agree on proposals which will enable for 25 class A or mobile licenses — in which the majority of sports wagering is put — 40 brick and mortar sites, whether self-contained or in casino sites, racinos, ballparks, and an unspecified number of self-serve ticket machines in restaurants and bars all across the state.
Ohio’s legalized betting is expected to start on January 1, 2023. This will be financially viable to the state of Ohio. Furthermore, we all understand exactly that sports gaming is currently taking place illegally, and there will now be regulatory safeguards in place to ensure that it is done properly in Ohio.
The state will levy a ten percent tax on all license holder prize money once all bets have been paid, which is consistent with states around the country, apart from Pennsylvania, which levies a nation-high 36 percent. JACK, Ohio’s sole games developer, eagerly supported the implementation of HB 29, Ohio’s sports betting legislation. JACK will make this sector available to gaming clients by introducing new levels of participation for sports lovers. They are excited to provide new opportunities to their fan base and visitors through their sportsbook locations as well as their betJACK website. Ohioans can visit BetJACK.com for news updates and play free pick-em style games for a chance to win big bucks in Visa gift cards.
A 10 percent tax on net income from sports gambling could generate seven million dollars in the first half of 2023 & twenty-four million dollars in the 1st full FY. The overwhelming bulk of that money, 98 percent, is designated for formal and informal K-12 education. The residual 2 percent is allocated to gambling addiction assistance.
Casino games, racinos, sports teams, and bars and clubs that want to offer sports gambling also must charge registration fees, which are projected to reach 10 million dollars statewide in the program’s 1st month. A part of those service charges, 0.5 percent, will be used to assist veterans.