According to the report Washington Times the Senate's proposal would allow 40 sports betting licenses. These licenses would be divided into online and retail sports betting.
Half would go to state casinos and Racino to partner with companies such as DraftKings or FanDuel to offer online sports betting, while the other 20 Licenses would be awarded to operators operating stationary locations. At this point, it wouldn't make sense for states to legalize retail sports betting without online options as the vast majority of sports betting revenue comes from online bookmakers.
The legislation would emulate others like Arizona, which allows professional franchisees to run sports betting in their stadiums. It will also allow small businesses such as bars and restaurants to obtain a license as well.
Licenses would be good for a three-year period and would cost $ 1 million, making most small businesses go before trying to get one and leave it mostly to the large companies. The Ohio Casino Audit Commission would oversee the market and operators would be taxed at 10% of net revenues.
Most of Ohio's neighboring states have already legalized online sports betting, and when Governor Mike DeWine said it was inevitable his state would also legalize it, he in part argued that the money was leaving Buckeye and headed elsewhere.
Pennsylvania, Michigan, Indiana, and West Virginia all have regulated markets. Only Kentucky doesn't have one, but its Governor Andy Beshear has also been a high-profile advocate for developing gambling in his state.
The act will also allow the Ohio Lottery to run $ 20 betting pools that would be run slightly differently than traditional bookmakers. Lost tickets will finance payouts to winners.