Ohio Sports Betting Update – Start Date set for Jan 1st 2023

The state casino control commission of Ohio announced on June 1 that legal sports betting would start in Ohio on January 1, 2023. The state will tax the net betting revenue in the state at a rate of 10%, which will help the tax coffers in the Buckeye state. However, by not starting legalized betting until January, the state’s tax coffers will miss out on a fall sports season that includes NFL and NCAA football, the MLB postseason, the start of the NHL and NBA seasons and the most watched sporting spectacle in the world, the FIFA World Cup.

Legalized betting was signed into law this past December and authorities have said that some of the online betting sites are likely up and ready but the state wants to start all betting at the same time. Residents of Ohio will be able to bet via apps on their mobile devices, at kiosks located in sports arenas, inside casinos, at restaurants and bars. As many as 25 OH sportsbooks online will be available from the start and with all the locations scattered around the state in the above mentioned locations, sports bettors will have plenty of choices on where and how to bet. 

New sports bettors in Ohio must become familiar with the different forms of sports betting and the array of different bets that can be placed on games played now, in the future and live. The most common bets that sports bettors will have in Ohio will be the moneyline, spread and over/under for points, runs or goals. 

The moneyline gives higher odds to the underdog as the risk is higher the underdog will not win. For example, if Dallas is the favorite to beat Miami, the Cowboys may receive a -125 moneyline, while Miami as the underdog might be +145. If you take Dallas on a $100 bet and the Cowboys win, you would receive your $100 plus an additional $80. If you like the underdog and take Miami and the Dolphins upset the Cowboys, you receive your $100 plus an additional $145. 

The spread bet levels the playing field. The favorites will always give up points, runs or goals. For example, if the Boston Celtics are favored over the Golden State Warriors in a close game, Boston might be -3, which means if you bet on Boston, the Celtics would have to win by four points or more or you lose. If you take Golden State at +3, you win if Golden State loses by 2 points or less or wins outright. 

The over/under total is the total number of points, runs or goals the two teams will accumulate in the game, and you decide if the two teams will score more or less than that total. For example, the over/under total for the Colorado Avalanche and Edmonton Oilers might be 6.5 goals. If you like the over, the two teams must combine to score seven goals or more for you to win.

Sports bettors in Ohio will have the opportunity to wager on many other types of bets including props bets, future bets and live bets during games. The green flag will drop on January 1, 2023 in Ohio for sports betting so be ready to place your first bets on New Year’s Day.