Will the big Ohio e-sports market contribute to the sports betting craze?
Senator Kirk Schuring of Ohio sponsored legislation that would dramatically extend sports gambling in the state, with 40 licenses available for a one-time cost of $1 million and subsequent payments of $500,000 in the initial three years of operation.
Casinos and other businesses that can currently lawfully take bets in Ohio will be eligible for half of the total licenses. The other half would go to sportsbooks that would have to open a geographic footprint in Ohio to take advantage of new online sports wagering rules if sports gambling laws are implemented.
Two officials from the publicly listed Esports Entertainment Group spoke before the Ohio Senate regarding this bill. EEG’s chief financial officer Dan Marks and vice chairman of strategy Jeff Cohen discussed the company’s latest collaboration with the Cleveland Cavaliers, which was revealed last month, during their testimony. The two also discussed the company’s ambitions to open numerous Helix Centers throughout the effort to promote Esports and introduce their Vie Esports gambling platform to the state. It is assumed that in the coming years, Ohio sports betting will create a huge impact on that era.
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Ohio Sports Betting Will Be Available Soon
The Ohio sports gambling will be fully operational on New Year’s Day 2023. While local sports fans have had to wait a long time for legal betting to begin, the Senate approved a sports betting measure on December 8, 2021, by a huge 31-1 margin. Next, the House quickly approved the betting law by a landslide (72-12), demonstrating the growing popularity of Ohio sports betting. The next key milestone occurred on December 22, 2021, when Ohio Governor Mike DeWine approved the sports gambling bill, increasing the likelihood of a launch. Finally, the Ohio Casino Control Commission declared on June 6, 2022, that the Ohio sports gambling market would open on January 1, 2023.
When sports betting is legalized in Ohio, the tax rate is expected to be 10%, with the overall revenue expected to be significant. According to one estimate, the state’s annual sports betting revenue will be $90 million.
The Ohio Interactive Gambling Commission will oversee the state’s Esports betting sector. Having a projected launch date is a great relief for sports betting in the area after five failed attempts to approve a sports gambling bill in 2020 alone. Here’s everything that you need to know regarding possible casinos and maximum registration bonuses once Ohio sports betting begins on January 1, 2023.
When Will Ohio Sports Betting Begin
Everything was set for a 2022 launch with the passage of the Ohio sports wagering statute. Things are looking up for Ohio bettors now, with a projected start date of January 1, 2023. If all goes according to plan, sports gambling will be available both online and in person. Sportsbook operators wishing to open in Ohio are expecting paperwork from the Ohio Control Commission in order to be licensed in the state, now that the bill has been passed. Before businesses can apply, Ohio legislators must complete the bill’s rules and regulations, which they have not yet done. The market rules are likely to be finalized shortly, and businesses should be willing to apply for licensure anytime.
What Can You Expect From Esports Betting in Ohio?
Governor Mike DeWine has approved Ohio sports betting into law, paving the way for a full launch in 2022. The Ohio Interactive Gambling Commission will control sports betting, and it is expected to begin on January 1, 2023, if not sooner. Some argued that the Ohio Lottery should handle sports betting, but Sen. Ecklund stood firm in his decision. This should help in the region, as jurisdictions without a lottery managing sports gambling are having more luck.
While politicians work out the issues, Ohio State University has written to the commission to request that collegiate sports wagering be limited. Limiting collegiate sports betting to just basketball and football, outlawing prop betting, and increasing punishments for coercion and cheating are among their demands. What the Interactive Gambling Commission will do with the requests has yet to be determined.
What’s going to happen next
One of the key sticking points will be the dispute over sports betting regulation in Ohio, which defeated a similar plan last year. The Interactive Gambling Commission would oversee sportsbooks rather than the lottery under the present measure, although it would allow the lotto jackpot to construct $20 betting pools with profits shared from lost wagers, similar to the existing Ohio Lottery games. Uncapped partners are another contentious issue that will almost certainly be revisited before passing the measure.
As the arguments continue, many eyes are on Ohio since the state’s eventual measure will most likely serve as a model for the subsequent legislation. In addition, Ohio is proposing a number of innovative concepts, thanks in part to EEG’s commitment to the sector. Whatever success Ohio achieves will be replicated by other states as Esports betting becomes more popular in the United States.
The Esports market in Ohio
The Esports market in Ohio is pretty significant since many institutions and educations are available with a focus on Esports, and the market has shifted these past few years. Many people in the Buckeye State regard Esport as an actual sport and should be treated as such. Not all of the operators planned for the launch in Ohio have Esports available on their respective platforms, the ones that do will eventually gain much from this.
As a football fan and sports writer, Mike has many years of experience. Since the US started moving towards legal sports betting, Mike has found new love with sports gambling.