The Ohio Casino Control Commission has proposed changes to sports betting licenses that could benefit companies with unused licenses.
An amendment aims to address unused licenses while acknowledging market complexities, such as limited physical sportsbook licenses in certain counties and economic factors affecting industry dynamics. The rule in Ohio is “use it or lose it.” Licenses that are unused for 12 straight months face revocation. The proposed amendment would grant the Commission’s executive director discretion on revocation decisions, potentially allowing license holders to retain unused licenses. Under the proposed change, a company could go the entire duration of the license period without taking a bet, typically five years, and still keep its license.
Several entities, including the Cleveland Cavaliers, JACK Thistledown Racino and Hall of Fame Village, haven’t fully utilized their licenses since legalization, despite 16 months passing. Challenges persist, such as partner shutdowns and the search for suitable collaborators for physical sportsbooks.
“As the economic appeal for new entrants lessens, their willingness to invest in sports betting or prioritize sports betting lessens as well,” Chris Grove, partner emeritus for Eilers & Krejcik Gaming, told Cleveland.com.
