Ohio and Arkansas are making significant strides in their sports betting industries, with potential rule changes and new opportunities shaping the landscape.
The Ohio Casino Control Commission (OCCC) is mulling a pivotal shift in its licensing rules. This could significantly impact Ohio’s flourishing sports betting sector. The proposed amendment would empower the OCCC’s executive director to extend the one-year launch deadline for licensees, evaluated individually.
This potential shift is a response to the hurdles faced by local and retail entities. They struggle to transition from concept to launch within the existing 12-month timeframe. Phantom Fireworks, a Type B operator licensed solely for brick-and-mortar operations, finds the current deadline constraining. Despite lacking a definitive location for its sportsbook, the company is advancing, albeit at a slower pace due to administrative issues.
The OCCC’s contemplation of this rule change highlights its dedication to nurturing a robust and competitive sports betting market in Ohio. The state regulator kick-started legal sports betting on 1 January 2022, setting a deadline for licensees to go live by 31 December 2022. This deadline was later extended by six months, and a second extension is currently under consideration.
Several other Type B licensees, including the Pro Football Hall of Fame, Muirfield Village Golf Club, the SPIRE Institute, and Lori’s Roadhouse, are yet to start wagering operations. Phantom Fireworks, owner of the United State Hockey League Youngstown Phantoms, is also tackling administrative obstacles as it gears towards launch.
In a recent interview with the Business Journal Daily, Michael Podolsky, deputy general counsel for Phantom Fireworks, disclosed that the company is teaming up with consultants to finalize financial projections. He expressed confidence about the company’s progress but conceded that meeting the current deadline would be unattainable without an extension.
Meanwhile, in Arkansas, the Racing Commission has initiated a 30-day application window for a fourth casino license. The window, opening on 13 May, is specifically for those keen on establishing a casino in Pope County. The commission has arranged a meeting for 12 June to close the application window.
This development follows the state’s sanction of legal sports betting in November 2018, which also approved casinos at two existing racetracks – Oak Lawn and Southlawn – and two future casinos in Jefferson and Pope counties. The Saracen Casino, situated in Jefferson County, is one of the beneficiaries of this legislation.
These regulatory developments in Ohio and Arkansas underscore the dynamic and evolving landscape of the US sports betting and casino industries. As regulators and operators steer these changes, the focus remains on creating a balanced and sustainable market that benefits all stakeholders.
