Here are the six companies that want to open retail sportsbooks in Southwest Ohio

WEST CHESTER, Ohio – With less than four months to the launch of sports betting in Ohio, leading online and retail sports betting operators have now been identified through a licensing process hosted by the Ohio Casino Control Board.

In southwestern Ohio, this means:

  • The Cincinnati Reds will partner with Underdog Sports Wagering LLC for online betting and Bet MGM LLC for retail sportsbook, possibly in the Banks Riverfont district.
  • FC Cincinnati will partner with SuperBook for a retail sportsbook at or near TQL Stadium. It has also applied for an online betting license which designates SuperBook as its service provider.
  • Downtown Hard Rock Casino has identified its digital sportsbook as the operator of its online and retail sportsbooks.
  • Belterra Park Racino in Anderson Township and Miami Valley Gaming in Monroe are both planning retail and online sportsbooks, but neither has identified an operating partner in state records.
  • The Cincinnati Bengals have chosen UK-based Betfred to operate an online bookmaker. But he has yet to apply for a sports book retail license.

All of this leaves many unanswered questions about this segment of Ohio’s new sports betting industry. Will the Cincinnati Bengals add a physical sports betting location as planned by stadium planners? Will anyone claim the two available licenses that may still be issued in Warren and Clermont counties? And how much money will these new betting houses make?

“Like any business, I think we’re going to have to grow it,” said Tyler Wogenstahl, managing member of Lori’s Roadhouse LLC.

Batch Tan

Tyler Wogenstahl, co-owner of Lori’s Roadhouse, sees potential in West Chester’s growing population.

The West Chester Country Music Hall has applied for the only sports book retail license available in Butler County. He plans to hire up to 75 new staff to run the business and invest in new TV screens, betting terminals, cash desks and a ticker screen that wraps around his massive bar. .

Wogenstahl would not disclose how much he planned to invest or predict how much revenue the company would generate. But he doesn’t mind his retail sportsbook being surrounded by five rival locations within a 40-minute drive of Lori’s Roadhouse. The list of competitors includes Lawrenceburg’s Hollywood Casino’s Barstool Sports Book, which already generates more than $1 million in monthly revenue from sports betting.

“Ohio is going to have to grow its sports betting business,” he said. “If we do that and we do it well and provide good hospitality to the people of Butler County, I think we’ll do well.”

Ohio is launching one of the nation’s most ambitious gaming expansions with its sports betting framework that offers three types of licenses that will allow more than a thousand betting locations to open simultaneously on January 1, 2023.

So far, 22 companies have applied for licenses to offer computer and mobile betting, while more than 1,000 bars and restaurants have applied to host up to two sports betting kiosks. Jointly regulated by the Ohio Lottery Commission and the Casino Control Commission, the kiosks offer limited betting options but allow bar owners to obtain a license for $1,000. In contrast, online licenses can cost up to $2.5 million, while sports betting licensees will pay up to $120,000.

All three types of licensees are required to partner with a service provider who manages the betting side of the business, setting odds, offering promotions and paying winners.

In most states, online operators dominate the industry – claiming over 90% of the total handle, or dollar amount of all wagers 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 its launch. But industry analysts have said Ohio could reach two to four times that total, depending on the variety of options that will be available here.

What this means for individual operators is far from clear at this point.

“We really don’t know what the competitive landscape will look like here,” said Dr. Kamal Morar, co-founder of Wright Bet Ventures, a Dayton-based company that has partnered with Elys Game Technology to research betting opportunities. sportsmen. in Ohio.

Morar is a radiologist from Dayton who thought about pursuing a sports book retail license with Elsa’s Sports Grill in Kettering. But he said “the potential cost of not qualifying them was just too high,” so he’s working with the company to develop a kiosk betting solution that “will convert the average Ohio sports bar into something that looks and feels like a mini-Vegas sports book.”

Elys Technology, a Nasdaq-listed company based in Toronto, is one of seven companies seeking an owner’s license to operate sports betting kiosks in Ohio. These kiosks will surround Wogenstahl’s planned sports book at West Chester, but he doubts he will have to compete with them.

“We’re in the hospitality business,” Wogenstahl said. “I think sports betting is going to be a great convenience for our guests here, but we already have a strong business.”

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