7 Things You Should Know About Sports Betting in Ohio

7 Things You Should Know About Sports Betting in Ohio

7 Things You Should Know About Sports Betting in Ohio

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The new year is here, and it’s a good one. Why? Because after being illegal for as long as living memory, sports betting in Ohio is no longer against the law.

Sports betting is the best of both worlds. You get to enjoy your favorite teams and capitalize on their successes. But as thousands flock to place bets in Ohio, many are realizing it’s not as easy as it appears in the movies.

Whether you’re new to this, or just need a refresher, we’re here to help. Keep reading for seven important things you should know when betting in Ohio.

  1. Sports Betting in Ohio Is Only Legal With Licensed Sportsbooks

Hold onto your pocketbooks, folks. Although sports betting is legal, there are a few qualifiers to add here. You cannot just place a bet anywhere without legal ramifications.

Most importantly, you should only place a bet with a licensed sportsbook. At the moment of writing, there are only twelve legal sportsbooks in the entire state. 

Choosing a legal sportsbook isn’t just about staying out of prison. These licensed sportsbooks have to adhere to strict regulations. These regulations exist to protect you from a sportsbook that does anything naughty.

  1. Do Some Line Shopping First

Following off the previous point, you shouldn’t just bet with the first sportsbook you find. You may discover that there’s another that gives more favorable betting odds for your particular wager.

Sportsbooks all have their own proprietary data and algorithms. Although they do want to stay competitive by offering the same odds as others, their end goal is to draw customers to their doorstep. Line shopping might give you the chance to find a one-of-a-kind deal.

In addition to this, some sportsbooks only provide limited service. There are sportsbooks that operate online only, and sportsbooks that will operate physical kiosks.

Double and triple-check that your chosen sportsbook is legitimate and is not impersonating another. Look for those credentials before you put down any wagers.

You can find more on Dimers.com about some of the best books in Ohio.

  1. Know Where to Place Your Bets

Most sportsbooks offer hybrid options for their customers. You can bet in person at a sporting event, online, or in a kiosk.

Now that betting is legal, so are the kiosks that service them. Most of these kiosks won’t be up and running for some time. However, later into the year, you may begin to see them pop up at restaurants, bars, and even grocery stores. 

Make sure never to give your money directly to someone who is not an official employee. To protect yourself, use established payment methods and pay locations.

  1. You Can Bet on Collegiate Sports, Too

You read that right. Betting on college basketball or football is legal in addition to professional sports. Count your lucky stars, since in many states it’s illegal to bet on in-state colleges. 

Betting in these institutions is the same as anywhere else. Only bet with licensed sportsbooks, and only bet at official kiosks or online websites.

However, you cannot bet on any sports. High school games are still prohibited, as they always have been. Bloodsports and cock fighting are highly illegal, so avoid these disreputable practices.

  1. You Need to Be the Legal Age

Betting, like drinking and smoking, has an age limit. Anyone under the age of 21 cannot cast a bet or wager. This is in keeping with the law against underage gambling already established in Ohio.

Further, do not abet a minor in these practices. Do not cast a bet or wager in another person’s name if this person is underage.

  1. Know Which Types of Wagers Are Legal

Ohio has restricted what wagers you can and cannot make. You’re in luck since this is a pretty broad list. Here are just a few of the wagers you can cast in 2023:

  • Points spread
  • Over/under
  • Moneyline
  • Player propositions
  • Live (in-game/micro)
  • Parlays

There are also minimums for casting bets. You need to bet at least 10 cents to get in on the running. 

There are maximums to keep your eye on. Consider this a good thing, since these maximums are intended to protect you from throwing away everything on a bet.

  1. Be Aware that You Have to Pay Taxes on Any Earnings

Tax law takes a cut of just about any windfall you can make. Bet winnings, just like investments, are taxable income. The IRS will get alerted about your winnings and you will have to report them, even if you don’t make money or owe anything.

It’s a good idea to keep a record of all wagers and their related earnings. You will need this information to give the IRS an accurate report when tax season comes in April of next year. Be honest and accurate, or you may get audited by the IRS.

If you earn a lot, it’s a good idea to set some money aside to pay your taxes. It’s a common mistake among freelancers and others to spend all of their money when they get it. Then tax season rolls around and they owe the IRS more than they have.

Start Betting in Ohio Today

Sports betting in Ohio is legal, so now is your chance to make it big on your favorite sports. However, you won’t be given carte blanche to cast bets and wagers whenever or however you want. Only licensed sportsbooks can legally accept wagers, and there are other factors to consider such as a limitation on age.

Follow our blog for more sports topics.

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