The online gambling industry is shifting and expanding at an immense rate in the US. Most recently, the Buckeye State has approved a bill that will legalize sports betting. It’s another clear indication that the US online sports betting industry continues to take root across the country.
It has been a long time coming in retrospect. Over the last three years, the Ohio General Assembly has oohed and aahed at the possibility of passing a bill that meets all regulatory requirements. However, there have been plenty of hurdles along the way with several missteps and delays having transpired. On Wednesday, all has finally been put to bed – in a final twist of events that will see legal online sports betting enter the Ohio market by the end of 2022.
Sports bill awaits final approval
The latest bill has been voted in by the House of Representatives and the Ohio Senate. After votes were tallied, it was clear that bipartisan support for the bill was in effect. Now, the bill must be approved by the Governor of Ohio, Mike DeWine. He has three months in which to assess the bill and sign-off so that the next step can be taken. You wouldn’t be blamed if you met this final step in a long and arduous process with certain scepticism. But, the governor clearly stated some months back that such a bill was inevitable and that support for online sports betting was on the up-and-up. But, this doesn’t imply that everyone is onboard. The grey areas that surround betting in the state have been cause for certain people to raise questions surrounding the constitutionality of it all.
What does sports betting entail in Ohio?
Currently, the constitution only allows gambling to take place within four land-based casinos that currently have the legal framework and operational aspects in check. The new bill is set to expand sports betting to a number of other locations as well as via mobile devices. In order to include restaurants and bars, stadiums, and online platforms will require an actual change to the current Ohio constitution. Without such an amendment taking place, the entire expansion outwards will be unconstitutional at best. Thus, there are still certain avenues that need addressing and legal aspects reworking before House Bill 29 comes into fruition.
Benefits of legal sports betting in Ohio
The fiscal stream from legal sports betting has provided other states in the US with an influx in revenue. It’s clear that offshore betting sites must be eradicated where possible. A legal and regulated market for sports betting has proven rewarding for the public and private sector alike. For instance, the Garden State – a major player in online sports betting – has seen a turnover of over $1 billion in October and November. Ohio plans on implementing a tax of 10% on revenue stemming from gambling activities. The tax revenue accumulated from future gambling activities will be redirected to educational programs as well as veteran programs. A welcome relief for social programs that may be scraping the bottom of the barrel otherwise.
At PlayersBest.com, we continue to keep our ears to ground as the US gambling industry continuously ebbs and flows. Although the Ohio sports betting bill might take another 12 months to get off the ground, it’s an exciting new chapter in the Buckeye State. We’ll be sure to keep you posted as soon as new developments come to the fore. Stay in the loop with all our latest news right here!
