Page 5 - March-April-CBA-Report

Legal Sports Betting in Ohio
What You ow Ought to Kn
By Alan Abes and Sam Otis
After a long wait and much fanfare, legal sports betting
also offer college football, college and pro basketball, baseball, became effective in Ohio as of January 1, 2023.1 Ohio
soccer, horse racing, golf, and combat sports.
joined 36 other states and Washington, D.C. by autho-
Generally, betting in person is a straightforward transac- rizing some form of sports gaming. Ohio bettors may now place
tion, as long as the bettor understands the mechanics of placing wagers online or in-person at casinos, professional sports events,
a bet. Online betting might be more convenient or accessible but racetracks, and kiosks at bars and restaurants. In Hamilton
requires a different set of financial and privacy considerations. County alone, Hard Rock Casino, Paycor Stadium, Great Amer-
To use an online sports gaming app, bettors must provide their ican Ballpark, TQL Stadium, Belterra Park, and more than 50 bars
name, date of birth, and the last four digits of their social security and restaurants offer in-person sports wagering. Popular online
number. Bettors can, for the most part, deposit funds into their apps available in Ohio include FanDuel, DraftKings, Caesars
online accounts with debit cards, credit cards, online banking Sportsbook, Tipico, Bet365, and BetMGM.
transfers (including Venmo or direct ACH transfers), Apple Pay, The sports gaming landscape is complex. The Ohio Casino
and PayPal. Different apps may offer different funding options. Control Commission
Some forms of deposit (OCCC), an administrative
On January 1 and 2 alone, Ohio had over
will not also accept with- agency, has jurisdiction
drawals of a bettor’s over all persons partici-
11.3 million betting transactions, the most
winnings. Some credit pating in sports gaming,
cards will not fund online whether bettors or propri-
of any state. Cincinnati had 1.9 million
betting, whether linked to etors.2 Ohio law requires
a digital wallet like PayPal betting transactions, the most in Ohio.
the OCCC to implement
or directly.
appropriate regulations.3
Online bettors must This landscape, outlined below, will likely change as experience
decide whether they are comfortable using one form of deposit with legalized sports betting evolves.
and withdrawal or another. They should also consider whether they want a trail of wagering to appear on their bank or credit What Bettors Need to Know
card statements. Credit reporting agencies such as Experian Bettors must be at least 21 years old4 and physically present in
and TransUnion advise that gaming activity does not appear Ohio to place a bet, even online.5 Proprietors do not need to offer
on a consumer’s credit report or affect a consumer’s credit score the same odds or the same sports to bet. Not surprisingly, pro foot-
directly, but prospective lenders evaluating risk may still see such ball is by far the most popular sport to bet, but most proprietors
transactions on a consumer’s statements.
THE REPORT | March/April 2023 | CincyBar.org 5