Online Gambling bill approved for Ohio
The online gambling industry in the US continues to go from strength to strength as more and more states have bills approved, with the most recent being Ohio.
News of this came as the state's governor, Mike DeWine signed House Bill 29 which will mean that the Ohio Casino Control Commission can begin the drafting of regulations and for online gambling and sports betting.
However, the drafting of such a bill could take months, even potentially lasting all of 2022 and even into 2023.
Despite this, there appears to be good news for the state long term, with early reports estimating that the local sports betting market alone could be worth well in excess of $3 billion after the first couple of years of going live.
In addition, all sports betting and casino venues in the state are planning to offer online gambling to visitors, allowing for them to have more options, particularly for in-play betting.
More states likely to follow
With New York residents eagerly awaiting their opportunity to take part following a mobile sports betting bill being passed recently, they should be granted the chance to do this just in time for the much anticipated Super Bowl; arguably the flagship event in the US sporting calendar.
There are early indicators that California is also looking to pass an online gambling bill in the near future, due to the significant amount of revenue that the state has at its fingertips, through taxing gambling companies.
Over the last 12 months we have seen many states pass online gambling bills, including Michigan in January which continues to break monthly records for revenue.
There appears also to be a pattern emerging with approval of states going from east to west. While New Jersey waa the first in 2018, since this has gone further west, with Pennsylvania, then Michigan and Illinois also passing bills recently.
Ohio is for all intents and purposes well within that pocket, between the Midwest and Atlantic seaboard, with state authorities clearly casting envious glances across their borders.
Depending on what operators seek to go live in Ohio, its neighbouring states have demonstrated that there is virtually unlimited potential in terms of revenue.
It is very clear that the demand is there and industry leaders such as DraftKings and FanDuel have proven this with the sheer amount of customers that they have across various states.
In addition, with UK and European brands also casting their net across the US market, via partnership agreements, there are clearly many industry experts who have identified the US as a major revenue opportunity.
One thing that Ohio will be keen to do is make sure that they do not rush things and that they can present a sensible draft of regulations to lawmakers, especially in regards to the safety of gamblers. Emphasis on responsible gambling is something that many US states have been keen to make sure so that residents are protected.
Written for onlinecasinogamesindia.in by Vihaan Agarwal - 12-01-2022