Ohio Sports Betting Bill Aims to Fund Education in the State
Posted: June 28, 2021
Updated: June 28, 2021
SB 176 aims to create a competitive sports betting business in the state
What the Ohio sports betting bill is about?
The new ruling will help to fund educational purposes in the state
In the past couple of years, we could see that more and more states of the US are up to some changes in their gambling industry. Most of them are onto expanding the wagering possibilities, as they realized its perks. And now it is the state of Ohio to do the same, with its sports betting bill, which has quite special aims. And what are these? Keep on reading to find out!
The fact they all the states in the US have their own legislation on gambling can be a little bit confusing for customers. Especially, that these laws are constantly changing – mostly because of technological improvements. But it is just how it is, so there is only one thing we can do: we can keep on scrolling through online gambling news sites in the US, trying to stay up-to-date. And we are here too, to give you the most interesting pieces of innovations. Just like now, with Ohio, as the state is all in to introduce its sports betting bill. A piece of legislation that is called to help to fund the education in the state!
The new sports betting bill in Ohio is quite complex, but it has one aim: to create a competitive sports betting business in the state. It is good for the state, good for the gamblers, and the online sports betting sites in the US too. Just think about it: the greatest operators, like Bovada, would probably be interested in getting into a field of interest like this! But what does exactly this bill mean? Lexology.com listed the three types of licenses it would create. Type A is for mobile betting. It says “The bill would provide for up to 25 types A licenses for online gaming businesses, including companies that have mobile apps. Significantly, this is not tied to a casino operator, but would be available to experienced operators.”
The Type B license concerns land-based betting places. “The bill would provide for up to 33 type B licenses for brick-and-mortar casinos, racinos, and in-person sportsbook businesses.” And Type C concerns kiosks. “The bill would provide up to 20 type C licenses for self-service terminals and kiosks that bars, restaurants, bowling alleys, and similar liquor permit holders can obtain.”
Ohio sports betting bill
We already know what the main goals of the SB 176 are. But how does this affect the state? And not just the gambling industry, but the whole scale? Well, this bill imposes a 10% tax on the net revenue from sports betting. (This comes from those who hold sports gaming licenses.) The bill also expresses that the state would transfer 98% (!) of these revenues to educational purposes. And this is not enough! The rest (2%) would go to a fund established to help out problem gamblers and gambling addicts. It is called the Problem Sports Gaming and Addiction Fund. The bill is in line with the Ohio Casino Control Commission. A body even anticipated that they will accept applications for sports betting from 2022. That meaning, online gambling sites, such as Bovada, have a little time to get ready – if they want to take part in the process.
Let us make some bets, Ohio!
So, now it looks like the Buckeye State is on the verge of a great future in sports betting. Of course, the Ohio House of Representatives and Governor Mike DeWine still have to give their approval of the bill. However, we can still look at the case with high hopes. This would be beneficial for many aspects of the country. As such, we can trust the leaders to see these positive sides. And once they do, all the residents can start to plan their first bets!