Ohio Sees $7.7 Billion in Wagers Positioned in First 12 months of Legalized Sports activities Betting — CasinoGamesPro.com

Ohio Legalized Sports Betting Ohio just lately marked its first anniversary of legalized sports activities betting, with greater than $7.7 Billion in wagers positioned in 2023. The Ohio On line casino Management Fee has launched an in depth report on the sports activities gaming income within the state protecting the interval from January via December of the earlier yr. It contains each on-line and retail sports activities gaming suppliers working inside Ohio.

In accordance with the report’s figures, essentially the most substantial quantity of wagering was reached on the very outset of the trade, in January 2023, when complete gross receipts amounted to $1,113,510,923, with $1,090,524,732 from on-line sports activities betting and $22,986,191 from retail sports activities betting.

November 2023 ranked second by way of complete gross receipts, with $864,220,822 reported by interactive and retail companies. On-line operators as soon as once more outpaced their retail counterparts, with $841,117,069 in gross receipts, representing 97% of the entire.

July 2023 noticed the bottom quantity of wagering, with $331,083,519 price of complete gross receipts, distributed between the net sector ($319,581,933) and the land-based one ($11,501,586).

General, throughout 2023, on-line and cellular sports activities wagering gave the impression to be sports activities betting followers’ favored kind of companies, with $7.4 Billion price of bets positioned remotely, or 97% of the entire betting quantity.

Of all licensed on-line operators, those who accounted for the biggest portion of bets had been FanDuel with 43% and DraftKings with 30%.

Relating to taxes, the state subjected sports activities betting operators to a tax charge of 10% from January to June and 20% from July to December. The annual taxes generated from sports activities wagering in Ohio amounted to $187,388,451, whereas companies reported a complete of $750,000,000 in income.

Income Figures Surpassed Expectations within the First Months of Legalized Sports activities Wagering in Ohio

Revenue Figures Surpassed Expectations in the First Months of Legalized Sports Wagering in Ohio The reported income figures far surpassed specialists’ estimations for the sports activities betting trade when its legalization was initially mentioned. In accordance with the calculations printed by the Ohio Legislative Service Fee, the sports activities gaming market was estimated “to be roughly $3.35 billion, after a number of years of operation”. Because the report figures point out, these expectations had been met and exceeded throughout the first half of 2023.

David Forman, Vice President on the American Gaming Affiliation commented on the income figures, highlighting the truth that moreover New York, Ohio went via “the quickest launch we’ve seen in any state”.

Mr. Forman additionally mentioned that nationwide, sports activities betting is anticipated to generate between $10 or $11 Billion for operators, whereas proceeds from on line casino gaming had been estimated between $100 and $110 Billion.

So far as Ohio’s 4 on line casino operators are involved, they reached a brand new report excessive in 2023, with greater than $1 Billion in complete income.

Author: Benjamin Jenkins