Ohio State is set to diversify its online sports wagering offering. This is after the Buckeye state introduced a provision in the online sports betting bill to allow esports gambling. Senator Kirk Schuring is behind the bill.
Senator Kirk Schuring sponsored a bill to enhance sports wagering in the state. The state is set to issue 40 licenses at a cost of $1 million each as the fee for the first year of operation. Another fee of $500,000 will apply for years two and three.
Half of these licenses will go to casinos and other legal establishments already in Ohio. The remaining half will fall for sportsbooks looking to set up physical establishments in the state after gambling laws sail through. This will allow them to reap the full benefits of the new online sports wagering gambling laws in Ohio.
The chief financial officer at Esports Entertainment Group testified showing support for the bill in Ohio. Dan Marks said the company is already in partnership with the Cleveland Cavaliers. Jeff Cohen the vice president of strategy at the company also testified seconding Mr. Mark’s statement.
The duo was also on record talking about EEG’s plans of building Helix Centers in Ohio to boost esports. This is in addition to introducing their Vie.bet esports wagering platform.
Grant Johnson also joined the gravy train showing support for the introduction of esports in the Buckeye state. The EEG CEO said Ohio can be an example to other states in terms of esports betting. It doesn’t come as a surprise for EEG considering the company is big on this sport. And that their priority is on growing esports as well as professional video gaming.
The Ohio bill comes as the first to allow licensees to have unlimited online sportsbook partnerships. This will then blow the market wide open for online sports wagering in the state while creating more competition.
As expected, the bill restricts esports wagering to persons aged 18 and above. But then the industry leans toward the younger demographic although esports don’t hire minors. It’s one of the factors to focus on despite it not having a substantial effect on the overall betting space.
The bill’s implementation is still quite a long way out. Testimonies from EEG are yet to pass the Subcommittee on Gaming. Then it will have to go through the full state and senate house before Governor Mike DeWine signs it into law. Even after signing it into law, the earliest the law will take effect is 2022.
Sports wagering regulation is also set to present the biggest challenge. The same bone of contention derailed the bill last year. But as it stands, the regulator is the Ohio Casino Control Commission. This authority will oversee sportsbooks but not lotteries. Another area of contention is the unlimited partnerships set for multiple debates.