Sports betting is set to launch on January 1, 2023, but one has to wonder whether the operation will hurt neighboring states’ casinos. Ohio will be the first market to launch in 2023.
Will Ohio’s Launch Hurt Indiana’s Casino Business
Ohio’s projections show that the state will become a prominent market in the industry as they have the seventh-largest population in the nation. There are three states bordering Penn Entertainment’s Hollywood Lawrenceburg: Indiana, Kentucky, and Ohio.
Barstool’s gaming facility has been a top 10 brick-and-mortar location in the region due to its location. Unfortunately, Buckeye State will have retail and mobile sportsbooks in just a few days. PENN Entertainment’s Hollywood casino is a short drive from Cincinnati, and it took $12.3 million in wagers in November, which is more than 2.5 times Ameristar’s second-highest retail handle.
It will most likely take months to see a major difference. For example, New Jersey didn’t see a major difference in the first few months, but once the Empire State started breaking records, the Garden State’s monthly handles started going down. Before New York, mobile sports wagering launched, 20 percent of New Jersey’s handle came from bettors crossing state lines.
Other News Related to Ohio
The sportsbooks that extended partnerships with the professional football teams in the state are gearing up for huge opportunities. The Cincinnati Bengals and Cleveland Browns have huge fan bases, and the Bengals are in an excellent position to make another Super Bowl run.
Both teams will play at least two regular-season games in January, including Cincinnati’s Monday Night Football matchup against the Buffalo Bills. Both BallyBet and Betfred could see a boost in their numbers as a plethora of wagers will be placed before and during the game.
The baseball venues could benefit as well as the Cleveland Guardians (BetMGM & Fanatics) and Cincinnati Reds (Underdog Sports & BetMGM). The rumor that keeps circling is that the sportsbook brand will partner with the Cleveland Cavaliers as Fubo shut down its sports betting unit because of the losses the company accumulated for a long time.
Bettors will also be able to place wagers on Bowl Games and the Super Bowl in February. In addition, the March Madness Tournament will showcase whether the state has what it takes to become a key market in the industry.
DraftKings Receives a Major Fine Before Launch
DraftKings Sportsbook has been fined $350,000 by the Ohio Casino Control Commission for mailing
thousands of advertisements to people under 21. This isn’t the first time the sportsbook was hit with a fine, as the NJ Division of Gaming Enforcement fined the company $150,000 in 2019.
In July, the company received a $100,000 CAD fine for violating Ontario’s sports betting advertising laws. The Ohio Commission has been handing out many fines before launch due to various reasons.
