West Chester, Ohio – With less than four months to go until Ohio sports betting launches in Ohio, the major operators of online sportsbooks and retail have been identified in a licensing process organized by the Ohio Casino Control Commission.
This means in southwest Ohio:
- The Cincinnati Reds will partner with Underdog Sports Wagering LLC for online betting and Bet MGM LLC for a retail sportsbook, possibly in the Banks Riverfront area.
- FC Cincinnati will partner with SuperBook for a retail sportsbook on or near TQL Stadium. It also applied for an online betting license called SuperBook after its service provider.
- The downtown hard rock casino identified its digital sportsbook as the operator of online and retail sportsbooks.
- Belterra Park Racino in Anderson Township and Miami Valley Gaming in Monroe plan to retail and online sportsbooks, but neither has identified an operating partner at state records.
- The Cincinnati Bengals has chosen UK-based Betfred as its online sportsbook operator. But it has not yet applied for a sports book retail license.
All this leaves many unanswered questions about this part of the new Ohio sports betting industry. Will the Cincinnati Bengals add a physical sports betting site, As envisioned by the stadium planners? Will anyone claim the two available licenses that can still be issued in Warren and Clermont counties? And how much money will these new betting parlors earn?
“Like any business, I think we’re going to have to grow it,” said Tyler Wogenstal, managing director at Lori’s Roadhouse LLC.
The West Chester country music site has applied for the only retail sports book license available in Butler County. It plans to hire up to 75 new employees to run the business and invest in new television screens, betting stations, teller windows and the ribbon bar that wraps around its huge bar.
Wogenstahl did not reveal how much he plans to invest or predict how much revenue the company will generate. But he’s not worried that his retail sportsbook will be surrounded by five competing sites within a 40-minute drive of Lowry Roadhouse. The list of contenders includes the Barstool Sports Book at Hollywood Casino in Lawrenceburg, which already generates more than $1 million in monthly revenue from sports betting.
“Ohio is going to have to grow the sports betting business,” he said. “If we do that and do it well and provide good hospitality to people all over Butler County, I think we will do well.”
Ohio launches One of the most ambitious gambling expansions in the country With a sports betting framework that provides three types of licenses that will allow more than a thousand betting sites to open simultaneously on January 1, 2023.
To date, 22 companies have applied for licenses to offer betting via computers and mobile phones, while more than 1,000 bars and restaurants have applied to host up to two sports betting booths. These booths are jointly regulated by the Ohio Lottery Commission and the Casino Control Commission, and offer limited betting options but allow bar owners to get a $1,000 license. By contrast, online licenses can cost up to $2.5 million, while sportsbook licensing holders pay up to $120,000.
All three license holders are required to partner with a service provider who manages the betting side of the business, sets odds, offers promotions, and pays out winners.
In most states, online operators dominate the industry – claiming over 90% of the total handle, or dollar amount, for all bets made. Ohio estimates it will generate $243 million in annual tax revenue out of a total of $3.35 billion within a few years of launch. But industry analysts said Ohio could be up to two to four times that total, depending on the variety of options that will be available here.
What that means for individual operators is far from clear at this point.
“We don’t really know what the competitive landscape will look like here,” said Dr. Kamal Marar, co-founder of Wright Bet Ventures, a Dayton-based company that has partnered with Elys Game Technology to pursue sports betting opportunities. in Ohio.
Morar is a radiologist from Dayton who has considered acquiring a sports book retail license with Elsa’s Sports Grill in Kettering. But he said the “potential cost of not qualifying was too high,” so he’s working with the company to develop a kiosk betting solution that would “turn a regular Ohio sports bar into something that looks like a little Vegas sports book.”
Elys Technology, a Nasdaq-traded company based in Toronto, is one of seven companies seeking an ownership license to operate sports betting booths in Ohio. These stalls will surround Wogenstahl’s planned West Chester sportsbook, but he doubts he’ll have to compete with them.
“We’re in the hospitality business,” Wugenstal said. “I think sports betting will be a great convenience for our guests here. But we already have a solid business.”