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As Ohio prepares, legalized sports betting is growing

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CLEVELAND – The NCAA national championship game in football on Couples Monday and the start of the NFL playoffs next weekend along with the fact that 30 states now offer legalized sports betting, with New York state just rolling out mobile sports betting and January with the potential to have one Record breaking month.

“Absolutely, I think January will surely be ready for it, and New York made record numbers of cellphones over the weekend as everyone knows and that’s only half of the operators licensed in New York,” said Casey Clark, Senior Vice President of the American Gaming Association.

“You know New Yorkers have a lot of enthusiasm to get into the legal market, which you and I have talked about a lot, and I’m sure Ohioans have that opportunity, too,” he said.

Ohio and Florida and Nebraska are three states where sports betting is legal but not yet operational. Governor Mike DeWine signed the bill last month.

“I’ve been saying all along that I was going to sign a bill on sports betting,” DeWine told News 5. “I’m told by professionals and anyone who looks at it that it will take time to actually get it State is implemented by Ohio. It can take up to a year. “

The wording of Ohio law says that sports betting should be operational in the state no later than January 1, 2023, but could it be sooner? DeWine said the door is open.

“I have instructed our administration once everything is ready we should proceed with it, we don’t want to stop it, we want to obey what the law says and make this available to the people, but it will take time” time to working it all out before we really get going, “said DeWine.

One of the things that needs to be sorted out is taxes. Ohio set a sports betting tax rate of 10% after all bets are paid, and that’s in line with other states. What is not is that the tax rate is charged daily – not monthly like in other states.

“It’s unusual because, for the most part, these things happen month to month,” said Clark. “Some days are over, others are bad.”

For example, if a sports betting company makes $ 100,000 one day and loses $ 100,000 the next, it would balance out if things were billed monthly, but if done daily they would have to tax that $ 100,000 profit pay and receive no credit for the loss.

In addition, money placed on a game in multiple days would count as wagering for that day, not the day the game was played.

“And you can’t take off your advertising expenses on a daily basis, which is allowed on a daily basis, but if you’re already losing, then there’s nothing against it. So this is sure to be a difficult undertaking for operators, ”said Clark.

It is reminiscent of the tax battle in 2011 between the future casinos and then governor John Kasich, when Kasich wanted to raise the state CAT or trade tax on every single bet. It was a struggle that halted the construction of the casinos for a month. Kasich’s administration and the casinos eventually closed the deal that actually paved the way for VLTS or video lottery terminals on the state’s seven racetracks.

The governor told News 5 that everything is on the table.

“If there are things that need to be changed, the legislature and I will discuss it and you know we will look into the changes so we can see how it works,” DeWine said of the tax. “So I think it’s too early to judge any changes we should make.”

For his part, Clark agrees.

“I think this will all come together and be adjusted in 2022, and I’m excited to see Ohioans finally have access to the legal market,” said Clark.

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