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Since Ohio legalized sports betting on January 1, 2023, the state has seen a phenomenal increase in wagers, with more than $4 billion in wagers put by ardent gamblers. This accomplishment represents an important turning point in Ohio’s sports betting history.
The overall amount wagered on sports during the month of July was close to $332 million, a modest decrease from the $363 million wagered during the same period last year. As sports enthusiasts excitedly anticipate the next NFL and NBA seasons, which often stoke wagering fever, a summertime dip in betting activity is normal.
The Ohio sports betting sector remained profitable despite the decline in wagering activity. The total revenue reported by the companies increased from $32.6 million in June to $37.2 million in July. The decision by Ohio to boost the sports betting tax rate from 10% to 20% at the beginning of July is responsible for the rise in income. The state received a hefty $61.4 million in income from sports betting under this new tax system.
With almost $4 billion in wagers being placed on these platforms, Ohioans have eagerly adopted mobile betting applications. Ohio gamblers may now access well-known sportsbooks like FanDuel, Barstool Sportsbook, Caesars, and DraftKings. With reported bets reaching $116.1 million in July, DraftKings took the top place, closely followed by FanDuel with $106.6 million.
Along with having mobile applications, Ohio also has 14 physical betting lounges that took bets totaling $11.5 million, bringing in $1.2 million in income for July. Another betting option, lottery kiosks, recorded $847,000 in wagers, bringing in $131,000 in income.
A larger gambling landscape includes Ohio’s thriving sports betting business. Ohio’s casinos and racinos generated $1.41 billion in gaming revenue in 2023, a rise over the same period in the previous year.
Ohio has allotted 2% of sports betting earnings to the Problem Sports Gaming Fund in accordance with responsible gaming principles. Before the sports betting market opened in Ohio, the state’s responsible gambling initiative, “Pause Before You Play,” was introduced to address any possible problem gambling concerns while promoting responsible gaming. The state continues to be dedicated to fighting problem gambling and its effects on society, and it provides a number of helplines for people in need of support.