This month, Ohio’s lifetime sports betting handle hit the $10 billion mark, making it the fastest US betting market to reach that figure. It is clear that sports betting is hugely popular with Ohio residents and has been quickly gaining traction over the past few years.
The state of Ohio fully legalized sports betting and online casino offerings in 2018, bringing a world of exciting opportunities for residents all over Ross County. Online bookmakers and casinos like Cloudbet could now provide a huge array of slot games, live table games, and sports wagering opportunities to the everyday folk in Ohio.
The full legalization of sports betting operations in Ohio has brought many benefits. For one, companies that were previously operating illegally can now be regulated and charged tax. The tax claimed from sports betting businesses has been invested back into local communities like Ross County, with local councils getting their budgets boosted.
Additionally, everyday citizens can benefit from a wider choice of sportsbook providers. Instead of being restricted to a few brick-and-mortar betting places, we now have a larger range of accessible online providers at our fingertips, making for easier and more rewarding betting. Companies can compete to offer the best odds, meaning we can decide who we place our wagers with and compare sites to find the best deals and highest-paying betting markets.
“Use it or Lose it”: Local Government Cracks Down
In April 2024, Ohio-based regulators proposed a “use it or lose it” rule that would see sports betting companies have their licenses revoked if they do not provide sports wagering for more than a year. While the announcement has been a year in the making, it was only recently announced officially. Companies that had not launched last year were given an extended deadline of June 30th, 2024, to start offering sports betting services.
The amendment proposed by the Ohio Casino Control Commission (OCCC) would extend beyond online casinos and betting companies to kiosks and retailers to improve consistency across the board. This means that companies would be better regulated and would actually need to provide services to everyday residents.
There are currently only three Type-A license holders (these are the outright sports betting companies) that are affected by these proposals. However, these changes are still expected to take months to come into force.