LegalSports Betting Industry News

Ohio’s Sports Betting Could Rule Them All

After years of fighting, and thanks to Governor Mike DeWine’s expediting HB 29, Ohio will legalize sports betting as soon as 2023 arrives. With the entry into force of legal online gambling in the Buckeye State on January 1, 2023, it is expected that this will become the largest gambling market in the country, thus displacing what until now had been a winning horse, New Jersey.

2023 To Be A Good Year For The U.S. Sports Betting Market

The number of new bettors and bets made in the U.S. has not stopped increasing in recent years. With the legalization of sports betting, more and more states have opened license applications for online bookmakers.

Currently, more than 30 states already allow physical or online gambling. Furthermore, according to a report by The American Gaming Association, more than $50 billion in bets were registered in 2021. This means that one in five Americans placed a sports bet last year.

It’s expected that the figure for 2022 will far exceed last year’s once all the figures are in. Of course, a huge part of that was the success of the 2022 FIFA World Cup in Qatar, which became the second-largest sports betting event of the year (behind the NFL Super Bowl).

Undoubtedly, the U.S. looks to be an even more promising market than Europe in the near future. This will come through more legalized states, a growing percentage of bettors, and great interest in sports and sporting events.

What’s Coming For Ohio

There are already more than 20 bookmakers that have applied for a license and have been approved in Ohio. Some of them have already begun to open registration applications. This figure is only surpassed by Colorado, which is the state with the most available operators.

Among all the licenses granted, the best bookmakers in Ohio stand out. Big brands such as DraftKings, FanDuel, Caesars Sportsbooks, and Pointsbet are ready to start operating on January 1, 2023. 

Also, the most internationally known bookmaker in the world, Bet365, has received a license in the state. If Bet365 has wanted to enter Ohio, it will be for a reason, since this sportsbook was only available in two states of the country so far.

A Passion For Sports

Adding to Ohio’s strength is the cocktail of the great list of sportsbooks. More than 12 million people are fans and interested in sports, and seven popular university and professional sports teams are in the state. This creates an explosive combination that places Ohio at the center of the U.S. gambling market.

With the physical casinos already legalized previously, the upward trend of new bettors could begin to be noticed. It is estimated that the 11 establishments in the state added benefits of $188.6 million in September of this year.

Also, Ohio has two teams in the NFL (Cincinnati Bengals, Cleveland Browns), two in the MLB (Cincinnati Reds, Cleveland Guardians), and one in the NHL (Columbus Blue Jackets), and the NBA (Cleveland Cavaliers). This is in addition to the myriad of teams in college leagues. With all this, it is estimated that thanks to the legalization of sports betting, the state will generate approximately $30 million in tax revenue by 2024.

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