Ohio Sees $7.7 Billion in Wagers Placed in First Year of Legalized Sports Betting — CasinoGamesPro.com

Ohio Sees $7.7 Billion in Wagers Placed in First Year of Legalized Sports Betting — CasinoGamesPro.com

Ohio Legalized Sports Betting Ohio recently marked its first anniversary of legalized sports betting, with more than $7.7 Billion in wagers placed in 2023. The Ohio Casino Control Commission has released a detailed report on the sports gaming revenue in the state covering the period from January through December of the previous year. It includes both online and retail sports gaming providers operating within Ohio.

According to the report’s figures, the most substantial amount of wagering was reached at the very outset of the industry, in January 2023, when total gross receipts amounted to $1,113,510,923, with $1,090,524,732 from online sports betting and $22,986,191 from retail sports betting.

November 2023 ranked second in terms of total gross receipts, with $864,220,822 reported by interactive and retail businesses. Online operators once again outpaced their retail counterparts, with $841,117,069 in gross receipts, representing 97% of the total.

July 2023 saw the lowest amount of wagering, with $331,083,519 worth of total gross receipts, distributed between the online sector ($319,581,933) and the land-based one ($11,501,586).

Overall, during 2023, online and mobile sports wagering appeared to be sports betting fans’ favored type of services, with $7.4 Billion worth of bets placed remotely, or 97% of the total betting volume.

Of all licensed online operators, the ones who accounted for the largest portion of bets were FanDuel with 43% and DraftKings with 30%.

Regarding taxes, the state subjected sports betting operators to a tax rate of 10% from January to June and 20% from July to December. The annual taxes generated from sports wagering in Ohio amounted to $187,388,451, while businesses reported a total of $750,000,000 in revenue.

Revenue Figures Surpassed Expectations in the First Months of Legalized Sports Wagering in Ohio

Revenue Figures Surpassed Expectations in the First Months of Legalized Sports Wagering in Ohio The reported revenue figures far surpassed experts’ estimations for the sports betting industry when its legalization was initially discussed. According to the calculations published by the Ohio Legislative Service Commission, the sports gaming market was estimated “to be approximately $3.35 billion, after several years of operation”. As the report figures indicate, these expectations were met and exceeded during the first half of 2023.

David Forman, Vice President at the American Gaming Association commented on the revenue figures, highlighting the fact that besides New York, Ohio went through “the fastest launch we’ve seen in any state”.

Mr. Forman also said that nationwide, sports betting is expected to generate between $10 or $11 Billion for operators, whereas proceeds from casino gaming were estimated between $100 and $110 Billion.

As far as Ohio’s four casino operators are concerned, they reached a new record high in 2023, with more than $1 Billion in total revenue.

Author: Edward Adams