Ohio online sports betting laws

The slow but steady process of legalizing Ohio sports betting is hoped to be completed by the end of 2021. The Ohio legislature failed to move either of two sports betting bills that were introduced earlier in 2021 before they adjourned for summer break. However, House Speaker Bob Cupp has promised that it'll be a "top priority" this fall when the state legislature returns to action.

Ohio state governor Mike DeWine has already said that he expects his state to legalize sports betting some time in 2021. It’s not just the lawmakers who are keen to push ahead. Many of the top-level Ohio pro sports teams are also eager to see legal sports betting take place in the state.

Teams like the Cincinnati Bengals and the Columbus Blue Jackets have made it clear the introduction of sports betting could be good for their finances. Most of Ohio’s neighboring states now have legal sports betting. A submission from a group of professional teams said market access for them was “vitally important” to their ability to compete at the top. Indeed, the teams want some way of having access to the sports betting market, possibly through a dedicated mobile app. If and when Ohio sports betting becomes reality, it will be regulated by the Ohio Casino Control Commission .

The two proposals on deck to legalize sports wagering in Ohio are Senate Bill 176, which passed the Senate with a 30-2 vote on June 16, and House Bill 29, to which the Senate had added some last-minute sports betting changes.

If one of the bills to legalize Ohio sports betting does pass this year, it is likely that retail sportsbooks would be allowed to operate at the state’s four existing casinos. There could also be sports betting facilities at the state’s seven “racinos”, gaming outlets at racetracks in Ohio. However, it should be noted that SB 176, as currently drafted, would give preference to professional sports organizations when deciding which applicants to awards licenses to.

The proposals under consideration also include the authorization of Ohio online sports betting, with statewide digital coverage. Moreover, it’s likely there will be remote registration, so that bettors don’t have to attend a retail facility such as a casino in person to sign up for an Ohio online betting account. One clause that has yet to be finalized is a decision on betting on college sports. Ohio has a huge number of schools with Division 1 NCAA programs, but the Inter-University Council of Ohio has come out strongly against betting on college sports.

Yes, the IRS has always maintained that winnings from any form of gambling represent taxable income. That means it’s important you keep a record of your winnings – and your losses – if and when Ohio sports betting is legalized.

Casinos already take a healthy chunk out of your winnings if they exceed a certain benchmark. Sportsbooks will probably do the same when the time comes; the threshold has yet to be decided but in many other states with legalized sports betting it’s $600. If you keep careful records and report your wins and losses faithfully, you may be able to offset any taxes on your winnings by deducting your losses.