Ohio launched legal sports betting almost a year ago, and wagering the state’s future on gambling has been a profitable bet so far.
According to the Columbus Dispatch, in the first month that sports gambling was legal in the state, bettors placed more than $1.1 billion in wagers. Of that $1.1 billion, sportsbooks profited $208.9 million.
This means that, in January alone, Ohio’s share was $20.89 million, as the state — at that time — had imposed a 10% tax on sports betting revenue. Ultimately, sports betting in 2023 has been good to the Buckeye State.
Now, with 2024 on the horizon, Ohioans have wagered about $6 billion in sports betting.
Ohio’s Unexpected Sports Betting Boom
The influx of cash into the state as a result of the tax revenue generated by sports betting revenue has been welcomed with open arms. However, legislators and others involved with getting betting off the ground in Ohio underestimated the amount of money that would be pouring into the state.
“I think when they were making those estimates — couple of things to keep in mind — we had no idea how many operators were going to choose to enter into this space,” Jessica Franks, Director of Communications for the Ohio Casino Control Commission said on a recent interview on WOSU Public Radio.
“When we launched, we had 16 online mobile operators launch on January 1. We had 13 in-person retail locations start. But we did not know at the time how many different operators were going to chose to enter the Ohio market.”
According to Franks, so far, Ohio has granted 22 licenses for online mobile operators and 23 licenses for in-person retailers. The maximum in Ohio is 25 for mobile and 40 for in-person retailers.
Very Green for Ohio in 2023
But the bucks didn’t stop in January with the success of sports betting in Ohio. Over the course of the entire year, estimates are that there have been approximately $6 billion in bets made on sports betting in the state. In July, the 10% tax on sports betting revenue was doubled to 20%, increasing the revenue the state could gain from its newest industry.
With about two weeks left before the calendar turns to 2024, Ohio has made $761,701,415 in revenue since its January launch of sports betting.
Ohio Teams to Bet On
When it comes to sports teams, Ohioans have a handful of teams on which they can place bets to get in on the action.
From the Ohio State Buckeyes to the NFL’s Bengals and Browns, the NBA’s Cavaliers to the MLB’s Guardians, there are a handful of in-state squads that naturally attract bettors to sprinkle some cash on their games.
2024 Ohio Sports Betting Forecast
Ohio expects to welcome more operators — both online and in retail — in the new year. So books, the state’s economy, and some lucky bettors will benefit as Ohio enters Year 2 as a legal sports gambling state.
When it comes to how this massive amount of cash will be allocated, an April 2023 article from Ohio’s 10tv.com stated that: 0.5% of license fee revenues will go to the Department of Veterans Services for supplies and maintenance at the Ohio Veterans Home in Georgetown and Sandusky, and 100% of gaming tax revenue and 99.5% of license fee revenues will be held in the sports gaming revenue fund.