Ohio Gov. Mike DeWine signed House Bill 29 into law on Wednesday, legalizing sports betting throughout the state.
Bettors will be able to place wagers on professional, college and esports by Jan. 1, 2023, though legislators, sportsbooks and bettors have expressed interest in expediting the process.
“We want to get this up and running as soon as possible, but we’re building a whole new industry,” Sen. Kirk Schuring of Canton said. “We’re hoping it can be done sooner (than 2023).”
The bill allows for casinos, sports teams, stadiums, bars and restaurants to apply for gambling licenses, which will be regulated by the Ohio Casino Control Commission. Cell phone apps that offer sports betting will also be legal.
The Ohio Legislative Service Commission estimates that sports gambling will produce more than $3.35 billion in revenue per year by the end of the decade.
A 10 percent tax on net revenue will be implemented, with roughly 98 percent of that going toward funding public and private K-12 education and the remaining 2 percent will go toward problem gambling assistance.
Ohio becomes the 33rd state to legalize gambling, including Indiana, Michigan and Pennsylvania also allowing it locally.
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