Ohio sports betting bill: What the Senate and House passed

Ohio Gov. Mike DeWine authorized sports betting in Ohio by signing a bill. But Ohio residents can’t start betting on players and events just yet.

DeWine signed House Bill 29 in December 2021. It explains how state regulators will establish the laws and regulations. Additionally, grant licenses, and other specifics. The systems must be operational by January 1, 2023.

HB 29 sports betting bill was completed swiftly after a delay of about four hours. In less than five minutes, the conference committee recommended that the bill be approved. The Ohio senate sports betting floor approved the conference report in less than ten minutes.

Gov. Mike DeWine, who has publicly backed the legalization of Ohio sportsbooks, is responsible for the final bit of work. Fortunately, the Ohio Legislative Service Commission released a summary of the changes made by the conference committee to the 225-page modified HB 29.

The main subject under discussion during the months-long negotiation process was mobile sports betting. Sports leagues and teams were only allowed to operate one body each under the original legislation.

Other amendments to HB 29

In addition to the improvements for mobile betting, there have been a few other changes.

  • The duration of cellular and retail gambling licenses will increase from three to five years.
  • The Ohio Casino Control Commission is no longer required to impose restrictions on the size and price of a commercial sportsbook. Instead, candidates will use such data in their submissions.
  • The Ohio State Lottery Commission will grant permission to any qualified lottery retailer who requests to operate a sports betting station. The number of outlets was formerly limited to 20 according to Ohio sports betting laws.
  • Lottery vending machines will take wagers on the spread, moneyline, over/under, and parlays of two to four wagers.
  • The weekly betting cap at lottery stations is $700.
  • Live wagering no longer requires official league data.
  • Ohio must legalize sports betting by January 1, 2023, but the regulator may allow it to begin earlier. Up to June 30, 2023, provisional gaming licenses can be granted.
  • For tax purposes, operations can no longer carry forward unpaid or negative revenues.
  • A clause that would have allowed sportsbooks to provide horse racing betting was eliminated. In contrast, professional esports gambling was covered by the legislation.

Ohio Casino Commission Control regulates the market

Vice-Executive Director of the Ohio Humanities Council, Rick Anthony described the future steps for OCCC. A clause allowing for the creation of emergency rules was not included in the legislation. Regarding the OCCC’s publication of its draft rules and regulations, the following steps will be taken:

  • The public’s opinions on the laws are sought by a group named Common Sense Initiative. Prior to returning the regulations to the OCCC, the group may request clarification from the commission or make revisions.
  • Comments from stakeholders will be considered by the OCCC.
  • The Joint Committee on Agency Rule Review receives drafts of final regulations from the OCCC. Up to 65 days may pass before JCARR reviews the regulations.

Anthony mentioned that the commission will allow anyone who wishes to begin on January 1, 2023. However, non-ready-to-go entities won’t cause a delay in the procedure.

Anthony remarked, “We won’t delay the launch if we have personnel set to go, and we have those who don’t have complete applications. However, everyone who is prepared on the day of our global launch will be capable of starting immediately.

The commission will then be responsible for ensuring that the Ohio senate sports betting law is prepared to go live by the start of 2023.

Anthony remarked, “Our goal isn’t to have it done for anyone sporting event or anything. Our intention is to ensure that we’re meticulous in a reasonable manner to do things correctly.” Everyone agrees that it is preferable to take your time and ensure everything is done correctly rather than moving too quickly.

Ohio senate sports betting notable timeline to follow

03. 08. 2022: Executive director Matthew Schuler stated that legal gambling would begin on New Year’s Eve.

09. 07. 2022: The major sportsbooks including Bengals, FanDuel, and Fanatics are among the applicants for sports betting licenses ahead of the deadline.

13. 06. 2022: More than 500 institutions have already been pre-qualified by the Ohio Lottery Commission for sports gaming Class-C hosting applications. The deadline for such applications is July 15.

10. 05. 2022: Senator Kirk Schuring, who spearheaded the Ohio sports betting law, tells the media that everything will be ready and operating in the mid to late fall.

22. 12. 2021: Gov. Mike DeWine signs HB29 into action, legalizing retail and sports gambling online in the state. The legalization of sports betting is scheduled to begin on January 1, 2023, if not sooner.

08. 12. 2021: Bill 29 is passed by the Council and Senate by a vote of 103-13. All that is needed to pass an Ohio sports betting bill.

How much revenue will be generated when sports betting officially begins in 2023?

The Ohio Legislature Service Commission predicts that by the end of the year 2023, sports betting will generate more than $3 billion in annual income.

A 10% total revenue tax will be imposed. With 98% of the money allocated to public and private Curriculum education. Consequently, the remaining 2% will be allocated to problem gambling services.

Looking at the 29 states including Washington, D.C. with active legalized sports betting. It appears that there are plenty of deep wallets.

Pennsylvania, which approved the legalization of gambling in 2019, reported a revenue of over $40 million as of October 2021. Moreover, close to $30 million in Michigan, a state that embraced sports betting in 2020.

Additionally, a staggering $84 million has been obtained in New Jersey. Which was among the first states to legalize sports gambling after the Supreme Court struck down a federal ban.

Type B licenses are intended for physical sports wagering under HB 29, whereas Type A licenses will govern operations conducted online. In Ohio, there has been a struggle over whether small enterprises or land-based casinos should have total control. Rob Walgate asserts that the 2009 Ohio Constitutional Amendment. Therefore, benefits the state’s four major casinos in conformity with the new legislation. Most of these were under consideration for the whole Ohio senate sports betting regulations bill.