Ohio has seen a significant decrease in sports betting in February compared to the opening month, but the numbers are still impressive. The state saw $638 million in sports betting handle in February, compared to $1.86 billion in January. This decrease is likely due to the lack of major sporting events happening in February. However, Ohio is expected to see an increase in betting in March due to March Madness.
In this article, we will delve into the details of Ohio’s sports betting market, including its history, current regulations, and future outlook.
History of Sports Betting in Ohio
Sports betting was illegal in Ohio until May 2018 when the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA). Since then, the state has been working to create regulations and a framework for sports betting. In July 2019, a bill was introduced in the Ohio Senate to legalize sports betting. However, the bill failed to pass before the end of the legislative session.
In May 2021, a new sports betting bill was introduced in the Ohio House of Representatives. The bill passed the House and was sent to the Senate for approval. The Senate made some changes to the bill, and it was sent back to the House for approval. The House then approved the changes, and the bill was sent to Governor Mike DeWine for his signature. The bill became law on June 29, 2021.
Ohio’s sports betting regulations allow for online and in-person betting. Licenses will be granted to casinos, racetracks, and professional sports teams. The state will collect a 10% tax on all sports betting revenue, which will be used to fund education and gambling addiction services.
The Ohio Casino Control Commission is responsible for regulating sports betting in the state. The commission will issue licenses, oversee operations, and enforce regulations.
Ohio’s sports betting market is expected to grow rapidly in the coming years. In addition to traditional sports betting, the state has also legalized daily fantasy sports and e-sports betting. These new forms of betting are expected to attract a younger demographic and increase overall betting revenue.
Ohio is also home to several professional sports teams, including the Cleveland Browns, Cincinnati Bengals, Cleveland Cavaliers, and Cincinnati Reds. These teams are expected to partner with casinos and sportsbooks to offer betting opportunities to their fans.
(With inputs from msn)
When did sports betting become legal in Ohio?
Sports betting became legal in Ohio in June 2021.
What is the tax rate on sports betting in Ohio?
The tax rate on sports betting in Ohio is 10%.
Can I bet on e-sports in Ohio?
Yes, Ohio has legalized e-sports betting.
Which professional sports teams are in Ohio?
Ohio is home to several professional sports teams, including the Cleveland Browns, Cincinnati Bengals, Cleveland Cavaliers, and Cincinnati Reds.
Will Ohio see an increase in sports betting during March Madness?
Yes, Ohio is expected to see an increase in sports betting during March Madness.