Last December, Ohio became the 33rd state in the United States to legalize sports betting after the passing of House Bill 29. Sports fans in the Buckeye State have been looking forward to being able to bet on their favorite teams for years, and the wait has certainly been long. However, it will not be until January 2023 before sports betting will be open to the public, as state lawmakers must set final rules and operators apply for licenses.
But as soon as we step into the new year, Ohioans can expect to be able to bet on exciting games through a variety of different bookies that have been granted a license by the Ohio Casino Control Commission (OCCC).
In fact, there are already a few operators that have begun to make a name for themselves, such as betJACK, which will offer odds on the world’s biggest betting events. However, we will have to wait a few more months before the legalization goes live. So before then, let us take a look at the passage of House Bill 29 so you can prepare.
It has long been debated whether sports betting should be legal in Ohio or not, and it was not until December 8, 2021 that the Ohio Legislature passed House Bill 29 to legalize and regulate sports betting. It went straight to Ohio Governor Mike Dewine, who signed the deal on December 21.
With this passing, sports betting will become legal both in brick-and-mortar-establishments and in the online marketplace. This requires that the OCCC will license the various operators under three different licenses.
Type A License: This license will be issued to bookmakers and casinos operating in the state of Ohio at a cost of up to $2.5 million.
Type B License: This license will be issued to bookmakers and casinos in Ohio at a cost of $90,000 to $140,000.
Type C License: This license will be issued to bars and restaurants offering lottery terminals at a cost of $1,000.
The license period for Types A, B and C will now be five years instead of three years as originally proposed. One of the conditions is the imposition of a 10 percent tax on net revenues. 96 percent of the tax will be used to fund public and private K-12 education in Ohio, and the remaining 2 percent will be used to support organizations that help gambling addicts.
Although online bookies are starting to appear in the state, it is not yet possible for sports fans to legally bet on sports. We will simply have to wait until January 2023 before we start betting on our favorite teams and players.
But there are some bookies who have started branding themselves with free-to-play-betting that do not require the player to risk money, which of course means that there is no money to be made either. However, it is a great way to try out sports betting and get to know the different bookmakers.
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