Many people didn’t expect Ohio sports betting handle to reach more than $1 billion in a month. However, that’s the case for the state in January. According to gambling and sports news reports, Ohio has become a productive and competitive gambling market.
The $1.1 billion handle resulted in around $200 million in taxable revenue for sportsbooks. According to iGamingKo.com reports, the state will receive $21 million in taxes. Most of the wagers went to mobile sportsbooks like DraftKings and FanDuel.
The sports betting market in Ohio will take a couple of years before it matures. Sports betting Korea experts expect the state to earn around $845 million annually. However, that mark is a couple of years away.
Ohio Sports Betting Handle
Before analysts can do any serious digging, they require at least a year’s worth of data. Still, there is much to process after only one month’s data. Also, there is a lot we don’t know about the gambling culture in Ohio.
During January, Ohio gamblers wagered $1.1 billion, second only to New York’s almost $1.8 billion. Released data also shows that New Jersey ($1.08 billion), Nevada ($934 million), and Pennsylvania ($772 million) rounded out the top five.
Ohio, which had recently legalized betting and was experiencing pent-up demand and a surplus of betting credits, was already in a state where gambling was allowed. According to Grove, this is not a valid comparison. There was an increase in Ohio’s statistics because of all the “Bet $5, receive $200” promotions.
It isn’t easy to find even direct parallels to the first several months. For example, despite having a population of only 7.3 million compared to Ohio’s 11.8 million, the state recorded $291 million in wagers in the first month of legal sports betting in September 2021. However, Arizona only had two brick-and-mortar sportsbooks and eight betting apps at the time. In addition, 16 applications, 14 sportsbooks, and three firms with kiosks in bars and other locations were available on launch day in Ohio.
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