Ohio to accept gift cards as a legitimate source of funding for sports betting

The Ohio Casino Control Commission has determined that gift cards are now an acceptable source of funding for sports gaming accounts in the state. These can be used for sports betting apps and in-person lounges, and may be available for purchase soon. 

According to a statement released by the regulator, these gift cards - which are subject to Chapter 3775 of the Revised Code and the rules adopted thereunder - must be reviewed before they can be sold or advertised. 

Commission spokesperson Jessica Franks said there have been no submissions for gift cards approvals yet. Several companies had approached the commission about the use of the cards before sports betting launched, according to Franks. Those conversations led to the new rules that were issued Monday. 

Last month, a report released by the state's regulator showed Ohio sportsbooks brought in more than $82 million in February from the $638 million in wagers placed across the state. During the second month of legalized sports gambling, sportsbooks paid out $552 million in winnings to bettors.

The vast majority of wagers were made through mobile sports betting apps, as was the case in January. Ohio’s retail betting locations, like casinos or sportsbooks inside stadiums and ballparks, account for just $17 million of the $638 million wagered in February, according to the numbers from the Commission.

Overall, February’s betting numbers were down in comparison to January, when Ohioans wagered more than $1.1 billion on sports betting. The bets resulted in $208.9 million in revenue for sportsbooks across the Buckeye State that month, and overall, Ohioans scored more than $883.6 million in winnings.