Sports Gambling Would Fund $54 Million Tennessee Child Care Program

A bill that would ultimately take $54 million worth of annual sports gambling taxes and spend it on child care scholarships passed a Senate committee despite the objection of two Republican lawmakers who believe funding child care is beyond the scope of government.

The bill would create a Promising Futures Account with Tennessee’s treasury and begin by giving up to $4,500 in scholarships for approved early childhood learning programs.

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Ohio Already Reaping Millions from Sports Gambling

Sports betting will open in Ohio on Jan. 1, and the state could realize revenues of more than $30 million from fees this year.

Nonrefundable application fees of $9.6 million have already been received according to a report from PlayOhio. Once an application is approved, the vendor must pay a license fee to begin taking bets, then pay an annual fee to continue the license. Licenses are good for five years, at which time the fee structure begins again.

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Report: Ohio’s Sports Betting Law a Model for the Nation

The sports betting areas inside the casinos are like trading floors.

An industry group that tracks sports betting laws and revenue from gaming across the nation called Ohio’s new sports gambling law the best in the country.

PlayOhio, part of the PlayUSA Network, believes the state’s patience and collaborative approach to produce its sports gaming law set the bar high for state’s still debating gaming options. The group’s opinions are outline in a new market analysis recently published.

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Ohio House Approves Bill Legalizing Sports Wagering

House lawmakers on Thursday passed a bill to legalize sports wagering in Ohio, a move that could generate millions in tax revenue for the state.

House Bill 194 levies a 10 percent tax on gross gaming revenue with proceeds to  benefit education in the Buckeye State. The measure could bring in $17.7 million in additional revenue for the state during the 2022 fiscal year and $23 million during the 2023 fiscal year, according to the Legislative Service Commission (LSC).

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