Ohio State Senator Kirk Schuring has introduced a bill to expand sports betting in the state. The bill proposes the availability of 40 licenses for sports betting, with an initial fee of $1 million and $500,000 fees in the second and third years. Half of these licenses will be reserved for existing casinos and establishments that can legally accept bets in Ohio, while the other half will be for sportsbooks that plan to establish physical locations in the state.
In relation to this bill, two executives from the Esports Entertainment Group (EEG) testified before the Ohio Senate. They discussed the company’s recent partnership with the Cleveland Cavaliers and its plans to build Helix Centers in Ohio to promote esports and introduce their Vie esports betting platform in the state. EEG aims to use Ohio as a model for innovation and investment in esports that other states can follow.
The bill in Ohio is significant as it allows license holders to form unlimited online sportsbook partnerships. This will create more competition and provide consumers with a wider range of options for online sports betting. However, it is worth noting that the bill prohibits wagering on events involving participants under the age of 18, which may have implications for the esports industry.
The bill still has several stages to go through before it is implemented. It needs to pass the subcommittee, full Senate, and full state house before being signed by Governor Mike DeWine. Even after signing, it is unlikely to take effect until 2022, as the infrastructure and licensing process takes time. The regulation of the sports betting industry in Ohio, particularly the oversight authority and uncapped partnerships, will be heavily debated. Ohio’s decisions on these matters may serve as a template for future legislation in other states.
Overall, the progress of this bill in Ohio and its success will have a significant impact on the growth of esports and sports gambling throughout the United States. Many are watching closely as Ohio’s unique ideas and EEG’s involvement could shape the future of the industry.
