Ohio is the latest state in the country to approve legislation to legalize and provide some regulation of daily fantasy sports sites. The move comes as the U.S. Supreme Court ponders whether or not to stop banning traditional sports betting nationwide.
Gov. John Kasich signed House Bill 132 into law on Friday. His signature brings the number of states with some form of DFS regulation on the books to nearly 20.
Most people would expect there to be a significant gap between the revenues generated by New Jersey’s regulated online gambling sites and daily fantasy sports (DFS) sites. After all, DFS has ties to all major sports leagues, is advertised non-stop on ESPN, is available in 40+ states and is PayPal-friendly. Meanwhile, NJ’s online casino and poker sites have been beset by poor payment. Others (with a lot of patience) play season-long fantasy sports. Only Daily Fantasy Sports (DFS) delivers the kind of in-the-moment thrill you’ll get from poker. Coupled with the fact that DFS currently enjoys the kind of legal status online poker doesn’t, it isn’t hard to see why DFS has positively exploded in popularity. For Americans who love online poker, one of the greatest hypocrisies in existence right now is daily fantasy sports (DFS). It’s unclear whether or not DFS is truly legal, but there’s no denying that it is “allowed” in 45 of 50 U.S.
The bill was widely supported in the Buckeye State, passing the Senate by a 25-4 vote.
Online Fantasy Sports Gambling
Under the new law, the Ohio Casino Control Commission will be in charge of oversight on the games, which have similarities to traditional sports betting.
Daily Fantasy Sports Sites
According to the Dayton Daily News, the legislation was supported by the Cleveland Indians and Cincinnati Reds. Major League Baseball has a financial interest in the space. An estimated 1.9 million Ohioans play some kind of fantasy sports each year.
The growth of the DFS industry has slowed, with the recent projections anticipating a nearly $5 billion market in 2020. That’s down from an earlier $8 million projection.
Online Fantasy Sports Betting Sites
Earlier this year, a proposed merger of DraftKings and FanDuel, which control as much as 90 percent of the market, was called off after federal regulators indicated they’d block the deal.