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The Ohio Sports Betting Market Makes Several Strides as Numerous Operators Get Approved

As the universal start date of January 1, 2023, is just less than two months away, regulators in Ohio continue to roll out license approvals. There are still more licenses that need to be handed out for both mobile and retail entities.

What Sportsbooks Received the Green Light?

Undoubtedly, the Buckeye State will be one of the biggest sports wagering markets in the industry, as many operators extended partnerships with numerous professional franchises. During Wednesday’s Casino Control Commission meeting, five mobile, six retail, and three bookmakers that will pursue both received the green light.

There were five companies conditionally approved for five-year mobile management services provider licenses by the commission: BetMGM, BetRivers, DraftKings, Hard Rock Sportsbook, and Tipico. BetMGM, Hard Rock, Tipico, and BetRivers were also given retail licenses as the launch date approaches.

The Commission has approved a group of sportsbooks that include Barstool, FanDuel, PointsBet, Caesars, Betfred, bet365, SuperBook, BetMGM, DraftKings, Hard Rock, Tipico, and BetRivers. Fubo will not be in Ohio as the bookmaker will shut down its sports gambling unit due to financial reasons and will no longer pursue a partnership with the Cleveland Cavaliers.

Four sports betting suppliers also received their licenses during the meeting. These companies include Internet Sports International, SBTech Malta, Stadium Technology Group, and Xpoint Services.

StatHero lost its fantasy license in the Buckeye State as it will not reapply for a license after three years of operation. On the other hand, Sportshub will step up to fill the void.

Ohio is one of the states that look to include local businesses in the growing sports betting industry. Although 1,412 businesses were pre-approved by The Ohio Lottery through last Friday, more than 500 businesses still have to apply.

Hard Rock Sportsbook Sees This As a Major Opportunity

Some of the small sportsbooks have struggled to gain market access and market share in the competitive sports betting industry. Despite the economic turmoil, Hard Rock wants to take advantage of the opportunity.

Hard Rock was awarded an online and retail license for Hard Rock Cincinnati. The company has been busy in 2022 as it launched its platform in four jurisdictions, which include Arizona, Virginia, Indiana, and Tennessee.

As one may remember, the Seminole Tribe quietly launched the app without any sort of marketing or social media posts in Florida. The operation didn’t last long as a federal judge deemed the launch to be illegal.

The decision is still under appeal as the Tribe refuses to give up. However, Hard Rock believes the company will grow in 2023 as it looks to gain more market access in the industry.

The Market is Patiently Waiting for the New Year

The Commission is far from done, as the regulators need to approve licenses. All the potential bettors can do is cross state lines or await the universal launch date.

The operators that received these approved licenses will also have to wait. Bettors will be able to place wagers on Bowl Games, the Super Bowl, and March Madness during the first quarter of 2023.

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