Ohio agrees on a sports betting launch date

If you love to gamble and happen to live in Ohio, there is good news just around the corner for you. Lawmakers have finally agreed on official launch date with sports betting beginning on January 1, 2023, just on time for the Super Bowl it seems. With thousands of licenses still to be issued, the state is preparing for what has been dubbed its largest gambling expansion to date.

There are expected to be at least 3,000 applicants for next year’s market launch, but they will have to meet the application windows, which are set for July and August 15, and then again for November 2. Out of these licenses, 25 will be considered Class A, another 40 will be Class B.

The difference here is that Class A licenses will apply to online betting platforms, such as mobile, and Class B will exclusively cover brick and mortar properties. Meanwhile, Class C licenses will be attributed to liquor establishments, which will then have the right to legally run self-serving betting kiosks.

They will all meet a 10% tax on their gross revenue and pay this towards the state’s education. Ohio could have also had the sports betting launch a bit earlier for online operators, but ultimately, the Ohio Casino Control Commission decided against it during a meeting on Wednesday.

Single start date would be better from a regulatory standpoint, the commission said. Things are also looking good in terms of how big Ohio’s sports gambling industry can get. Initial estimates expect the revenue to hit $1 billion annually, but there are even more optimistic outlooks.

According to other analysts, $3.5 billion is a realistic outlook for the total amounts wagered in Ohio over the next couple of years. The number is per annum. In the meantime, though, commission executive Matt Schuler has urged applicants who wish to obtain a license to ensure that they have all the documents filled out and submitted within the application window.

Schuler added that January 1, 2023, will be the "largest simultaneous launch of a gambling market" in the United States. Ohio definitely doesn’t lack sports franchises that locals would be interested in back. The NBA’s Cleveland Cavaliers and NFL’s Cleveland Browns and Cincinnati Bengals are both from the state. The MLB’s Cleveland Guardians are a popular sports franchise in the state as well.

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