After January 2022, sports betting will officially be legal in the state of Ohio. College athletes can be paid for the use of their names, faces, and pictures of themselves. The bill will allow for 53 more licenses to be given for those who want to bet on professional and college sports. 25 of the licenses will be given to casinos and racetracks who could partner with companies that would make betting online available. 33 licenses will be given to these actually standing buildings.
The Ohio Professional Sports Coalition is “grateful” for the creation of a bill that makes it legal for people to bet on games. The bill also legalized betting on Ohio University football as well as basketball games. The University Council of Ohio does not approve of this and the CEO argues that the council will have to monitor players and if they give outside information to people who are betting.
Betting will also be allowed in bars and nightclubs that sell alcohol. Restrictions will apply, such as point spreads (wagering on the outcome of the event where the win is based on the accuracy of the wager) and $200 limits. A projected $17 million in tax revenue could be earned in 2022 and $23 the next year. The bill directs that 98% of the tax will be given to education.
College athletes could be paid for book signings or a deal with a business. They would have to give their university 15 days notice before entering into endorsement deals. 16 states have allowed for college athletes to enter into deals and it became law in Alabama, Florida, Georgia, Mississippi and New Mexico.
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