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Ohio Sports Betting Bill Signed by Governor Mike Dewein, Legalized in 33rd State

Ohio Sports Betting Bill Signed by Governor Mike Dewein, Legalized in 33rd State

Posted: December 23, 2021, 06:44 h.

Last updated: December 23, 2021, 10:59 h.

Devin O & #039; Connor

Ohio sports betting is officially legal, but it will take some time before the first approved bet is made.

Ohio sports betting casino racino
Pre-game ceremony 2019 at Ohio State Buckeyes football game is depicted. The Birth of The Birth will play Utah Utz in the Rose Bowl on January 1st. Despite the fact that Ohio's sports betting bill has been signed by the governor, Ohio citizens must wait before making a legitimate bet on their home base. (image:USA TODAY Sports)

Ohio Governor Mike DeWine (R) signed House Bill 29 last night. This law allows casinos, racino, and professional sports stadiums to seek retail and mobile sports betting licenses. The bar is allowed to partner with third-party gaming companies such as DraftKings and Van Duel to set up a self-service sports betting kiosk at the facility.

This law allows odds makers to offer a line of esports in addition to professional and college sports. The bill also allows Ohio lottery to partner with sportsbook companies to place sports betting kiosks in drinking fountains, convenience stores, and restaurants.

With DeWine's signature, Ohio will be the third state to pass the sports betting bill. That's because the US Supreme Court granted such rights to the state in May in its groundbreaking sports betting ruling 2018.

Late 2022 release

DeWine, signing the sports betting bill, is a monumental day for the Ohio gaming industry. But gamblers who want to bet on Ohio State Backeyes for the next Rose Bowl game don't have a legitimate exit in time for their home state.

Before opening the sportsbook, the Ohio Casino Control Commission (OCCC) is tasked with determining the rules and regulations that oversee expanded gambling. In addition to sanctions on professional, college and esports competitions, the only specific detail is that the total income from sports gambling is a percentage tax. Most of that money goes to K-12 public education.

HB29 required Such operations will be performed before January 1st 2023. But lawmakers expect the first legal bet to be made around the middle of 2022.

We want to get this up and running as soon as possible, but we are building a whole new industry. "Senator Kirk Schuring (R-Canton)Cincinnati Enquirer..

As the market matures, the Ohio Legislative Services Commission predicts about $ 3. 35 Every year, $ 1 billion is bet on sports in the state.

License fee, details

The State Casino Regulatory Commission will determine the rules for managing sports betting, but will set the relevant costs that companies of interest to HB12 will have to pay for such rights.

Casinos, racinos, and sports stadiums are required to pay the state a one-time $ 2.5 million fee in exchange for a Type A sportsbook license. With this permission, such entities can create onsite sportsbooks and partner with up to two online sportsbooks.

The first mobile sportsbook skin runs an additional $ 3 million. The second cost is $10 1 million.

The 40 Type B licenses are available to small businesses in physical stores such as convenience stores and restaurants. They cost between $90, and $140,000, depending on location and associated population.

Finally, put aside HB29 20 restaurant owners and chain type C licenses. This allows you to place a sports betting kiosk run by the Ohio Lottery at your location. Most of the revenue generated by the kiosk goes to the state, so the cost of a Type C license is only 1TP 2T 1 000 per location.

All licenses are valid for 5 years. The update rate is set by OCCC.