Legal sports betting is on its way to Ohio and is estimated to bring millions of dollars in revenue to the state.
Governor Mike DeWine signed House Bill 29 Wednesday, legalizing sports betting in Ohio.
With HB 29 signed, people will be able to place bets at casinos, racinos, inside professional sports stadiums and anywhere with a liquor license. Additionally, people will also be able to place bets online.
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News Center 7′s John Bedell looked into the new tax revenue stream the bill creates for the state, as well as the potential revenue coming to Ohio.
According to the Ohio Legislative Service Commission estimate published last week, Ohio’s sports gambling market is expected to be $3.35 billion after “several years of operation.”
The report estimated the fiscal impact of legal sports betting in the state. It said a 10 percent tax on net revenue from sports betting could bring in $7 million during the first half of 2023 and a total of $24 million in the first full fiscal year.
98 percent of that money will go toward public and private K-12 education. The remaining two percent will go toward problem gambling assistance.
The report also estimated $10 million in license fee revenues that will come from casinos, racinos, sports teams and bars and restaurants that want to offer sports betting. A half percent of those application fees for licenses from the state will go to the Ohio Department of Veteran Services.
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In a one-on-one interview with Bedell last week, DeWine explained why he looked forward to signing HB 29.
“I think that sports betting is occurring already in Ohio. People are walking around with apps. They’re going off shore,” DeWine said. “So it’s time to bring in Ohio, to regulate it and get a little more money for schools.”
There is not a definitive date for when Ohio’s legal sports betting program will be up and running, but HB 29 says it has to be set up no later than Jan. 1, 2023.