In late 2021, Ohio, a US state with a population of approximately 11.8 million people, legalized sports betting. Fast forward to January 1, 2023, and the state officially launched its legal retail and online sports betting market, providing a wide array of options for bettors and sports fans alike. A year and a month later, the Ohio Casino Control Commission released data showing that the activity has far exceeded expectations.

Retail and mobile sports betting operators reported a betting handle of approximately $7.65 billion in 2023, nearly three times the initial expectations of $3.35 billion. The majority of this revenue came from online and mobile sports betting activities, with licensed online sports betting operators bringing in $913.8 million in revenue, compared to $23.1 million from the retail sector.

The total taxable revenue for retail and online sports betting in 2023 was a staggering $936.9 million, with licensed operators winning close to $750 million and the state receiving nearly $188 million in taxes.

The data also revealed that the first month of sports betting saw the strongest results for licensed mobile betting operators. In January 2023, these operators recorded $1.09 billion in betting handle, resulting in $207 million in taxable revenue. November 2023 marked the second-best results, with $841.1 million in betting handle and $66.8 million in taxable revenue. December 2023 saw the third-highest betting handle, with $809.7 million resulting in $84.4 million in taxable revenue.

While January 2023 started strong, a gradual decrease in total revenue was observed throughout the year, with the lowest revenue recorded in June at $32.8 million. However, starting from July, there was a gradual increase in revenue, with a minor fluctuation observed in November. Overall, the legal sports betting market in Ohio has outperformed expectations and has proven to be a significant revenue generator for the state.

By admin