The law won’t go into effect until June 28, and they still have a long way to go, but should Ohio bookmaking companies be concerned about their future revenue once betting goes live?
Basketball and Horse Racing Kings in Kentucky
Kentucky residents can legally bet on their favorite teams at legendary venues like Churchill Downs. They won’t have to travel into Indiana and Ohio to get a bet down on the Kentucky Wildcats or the Cincinnati Bengals.
The ability for Kentuckians to wager legally on sports will hurt the Ohio sportsbooks in the same way legalized Ohio has pulled from some of the Indiana sportsbooks’ revenue.
Kentucky Residents Big Business in Ohio
Cincinnati is the top sports betting city in Ohio due in no small part to Kentucky residents crossing the Ohio border to place bets on the Cincinnati Bengals.
GeoComply, a location tracking company tasked with ensuring bettors are within the Buckeye State when making bets, recorded 2040 unique accounts from Kentucky residents crossing the border 7,700 times in January.
Kentucky legalizing sports betting will certainly hurt the Ohio numbers in the short term. Still, the Buckeye State could see a boost once Bluegrass State bettors run out of the free promotions the bookies will offer Kentuckians and begin chasing bonuses from Ohio sports betting companies.