Top 5 Reasons Ohio Sports Betting Market Will Be Among Largest in US

As of January 1, 2023, online sports betting will be live in Ohio. There are high expectations that Ohio will become one of the largest betting markets in the country.

11 out of 16 operators will be live January 1, 2023. BetMGM Ohio, Caesars Sportsbook Ohio and PointsBet are the top brands. PlayUP, Parx, Underdog Sports, Fantatics, BetRivers, Unibet and Bally’s are still working towards their launch efforts.

Analysts have high hopes that Ohio bettors will take full advantage of legal sports betting i in 2023. Projections range between $9 and $12 billion USD in potential bets placed for the year taxable at 10%. With 12 million residents in Ohio, the numbers projected are conservative and could be easily exceeded.

Ohio created three types of betting licenses depending on the venue. Type A covers online betting only. Types B covers casino in-person betting and betting at sports venues and type C covers betting kiosks in bars and restaurants. The state legislature was creative when legalizing betting. It created different licenses for each venue and allowed different opportunities to capitalize on sports betting in different settings.

Ohio legislators took a conservative approach to sports betting and set the tax rate at 10%. Football and basketball will take 68% of all bets in the state. NHL and MLB will cover the rest of the months. Sportsbooks will be able to deduct promotional costs from the total taxation number in 2027.

Kentucky sports betting is not legal yet. Ohio will launch legal sports gambling on January 1st. The state expects to see an uptick in tourism during March Madness.