Ohio Gambling Commission To Oversee Daily Fantasy SportsState Becomes Latest With DFS Regulation |
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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.
The bill was widely supported in the Buckeye State, passing the Senate by a 25-4 vote.
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.
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.
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.
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