It’s not been the best of years economically but the US gambling industry is going from strength to strength. Record figures are being reported and the amounts wagered can only increase further when Ohio and Massachusetts launch legal sports betting in January. It’s not just about making money though. Making betting legal helps protect customers.
2022 began with New York making mobile sports betting legal. Since then the state has gone sports betting crazy with some amazing revenue figures being recorded. When the NFL and NBA seasons are in full flow the amounts being gambled go through the roof, regularly getting through the $1bn mark.
That’s good news for the many gambling companies that have launched in New York. It’s also excellent news for the state finances due to the high amounts being received in gambling tax revenues. The fact that the tax rate is 51% contributes to the near $600m that the state has received this year.
With figures like that it’s no wonder that more US states are making sports betting legal. The US economy isn’t in the greatest of shape so any way to find sources of revenue are pursued.
The new year will see two more US states making sports betting legal. Ohio does that right from the first day of the year. They have received nearly 4,000 applications for licenses to operate in the state. All the big guns such as DraftKings, BetMGM, Caesars, bet365, and FanDuel will all be running sportsbooks in Ohio from January.
The potential for high wagering figures in Ohio are looking good. With the Cincinnati Bengals and Cleveland Browns plus major NHL and NBA teams, there’s plenty to be placing bets on. Tennis fans will be able to bet legally on the big tournaments that are staged in the state during August.
Making sports betting legal is such an important move. A recent American Gaming Association report has shown that there is still a massive amount of money being spent at illegal sites. Those sites do not pay tax and nor are they regulated.
Even before the launch in Ohio, we are seeing that regulatory bodies are going to be strict with the companies that have issued licenses to operate in the state. That’s being shown by the actions of the Ohio Casino Control Commission (OCCC).
They are concerned about Penn Interactive (who have been granted a license) allegedly breaking the rules regarding marketing to those who are aged under 22. November saw Barstool Media hold their Barstool College Football Show at the University of Toledo campus.
The OCCC stated that two violations took place that saw advertising on a college campus and also directly aiming to advertise for gambling at those who are not of a legal age to bet. If the charges are proven then fines of up to $250,000 could be imposed.
One part of the event discussed the upcoming launch of legal sports betting in Ohio. There was a call for people to register accounts but no mention of an age limit was made.
Massachusetts, which launch in-person sports betting in late January, have also had concerns over the Barstool College Football Show when it was staged in their state.
At least with sports betting being made legal, licensed companies have someone to answer to when regulations may be breached. Unlicensed companies can try to attract younger players without authorities clamping down on them.
