WynnBET Announces Entry into Ohio Betting Market

Ohio hasn’t enacted sports betting yet, but the industry is positive that 2021 could be the year for legalization. There are powerful sports betting providers that have already announced that they intend to operate in Ohio, such as DraftKings, FanDuel, and Penn National (Barstool Sportsbook).

On Jan. 21, WynnBET declared that it will be joining the Ohio betting market once sports betting is legalized.

WynnBET Background

WynnBET is a joint casino app and sportsbook created by Wynn Resorts. The company announced on Thursday of this week that it had secured access in the Ohio market once sports betting is legalized.

The regulatory and approval process still needs to be completed, but it appears that WynnBET will be available when the form of gambling launches in the state.

WynnBET is accessible in three states. The company has secured access in an additional five states, including Ohio.

Ohio was the eighth state where WynnBET was granted accessibility. However, it could still be an extended period before the Ohio legislature approves a sports betting bill and WynnBET begins profiting.

WynnBET has also applied for licenses in Tennessee and Virginia. Tennessee already offers widespread mobile sports betting. Virginia mobile sports betting went live on Jan. 21.

WynnBET’s Competition in Ohio

WynnBET will most likely join DraftKings, FanDuel, Barstool Sportsbook, and BetMGM in Ohio. DraftKings and FanDuel are expected to garner the most traction in the state.

Daily Fantasy Sports have helped these two conglomerates gain sports betting popularity all over the nation. Ohio has the potential to be a massive sports betting market, so sportsbooks are looking to be granted access to the state prior to a bill being passed.

In September, Unibet announced that it was granted market access to Ohio. Kindred Group, which runs Unibet, formed a partnership with Penn National. Unibet will be able to pursue licensing through Hollywood Casino because of this agreement.

Even though books have already announced that they will be operating in Ohio, the government still has to pass a bill.

Failed Legislative Effort in 2020

Industry experts believed that 2020 was going to be the year that Ohio legalized sports betting. Unfortunately, this didn’t happen, and sports betting is still illegal.

Ohio had some issues with its sports betting legislation in 2020. There were disagreements between legislators from both parties about what sports betting should look like in the state.

An amended bill was proposed at the end of the 2020 legislative session that looked promising.
The bill granted 11 casinos and racetracks the ability to offer mobile and retail betting in the state.

The Ohio Casino Control Commission was granted the power to regulate sports betting throughout the state.

Ninety-eight percent of the tax revenue from sports betting was allotted to the state’s education system under the proposal.

Betting providers would’ve been charged $200,000 every three years to renew their licenses. This bill stalled, though, and it didn’t reach the House floor.

Ohio’s 2021 legislative session runs until Dec. 31, so the government will have time to get a deal done. The COVID-19 pandemic should help accelerate the legislative process for Ohio to start receiving tax revenue from sports betting.