Deal Reached on Sports Betting Legislation in Ohio
December 3, 2021
A deal has been reached on sports betting legislation; as of yesterday we understand that all House/Senate leaders have signed off. It is expected that the Governor will sign any bill he receives.
The bill is still being drafted over this weekend, but based on our conversations with lawmakers here are some key components of the compromise bill:
- 25 Master licenses all of which are eligible for 2 skins (so up to 50 online sports books)
- Skin 1: Five-year license costing $3m; renewal at $3m
- Skin 2: Five-year license costing up to $10m(!); renewal at $3m; must demonstrate economic viability to the state
- Two application processes for 1st skins and 2nd skins, however, it will be permitted for all 1st and 2nd skins to launch simultaneously
- 10% tax rate
Based on our conversations with Ohio regulators, we expect at least 6-8 months until the market could launch.
The legislation is expected to be voted out of the Conference Committee next week and then proceed immediately to the House/Senate floors for votes.
Key Dates
- December 8 – Bill voted out of committee and also by the House/Senate
- Q3 2022 – Expected timeframe for market launch