Ohio could lose as much as $130 million a week if it continues to hold to a Jan. 1 launch date for legalized sports betting and miss the majority of the NFL season, an industry-leading group said.
PlayOhio, part of the PlayUSA Network, estimates the state’s handle could reach between $8-10 billion over the first 12 months and almost $1 billion in gross gaming revenue. It also estimates, partly because of the state’s two NFL teams, gambling operations could bring in as much as $130 million per week in NFL-specific betting volume.
The group said that could mean an estimated loss of $7 million and $700,000 in taxes per week if the state holds to its year-long timeline from Republican Gov. Mike DeWine signing legalized sports betting into law and the first wagers.
“If Ohio does wait until the new year to launch, the opportunity cost will be substantial. In sports betting, there is no substitute for the NFL season,” said Eric Ramsey, data analyst for PlayUSA. “But considering the strength of Ohio’s overall regulatory framework for sports betting so far, the cost of being so deliberate may prove one worth paying.”
PlayUSA has called Ohio’s sports gaming law one of the best in the country, despite one of the longest spans from becoming law to launch among the other 32 states and the District of Columbia that have moved into legal sports betting in some form or another.
The law creates three types of gaming licenses that last for five years and goes into effect Jan. 1. The Ohio Casino Control Commission will oversee the program, and the Ohio Lottery Commission also will play a role.
The licenses include those for mobile apps, brick-and-mortar stores and kiosks at certain lottery retail agents, which includes businesses that hold a specific liquor permit.
The state plans to issue at least 25 mobile betting licenses and 40 brick-and-mortar licenses for places such as casinos and pro sports venues. An unlimited number of licenses for kiosks at places such as bars, restaurants and other places with liquor sales will be available.
The state also plans a 10% tax.
This article was originally posted on Missing NFL bets could be costly for Ohio sports gaming