Ohio Sees $7.7 Billion in Wagers Placed in First Year of Legalized Sports Betting — CasinoGamesPro.com

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

Ohio Legalized Sports Betting Ohio 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 overlaying the interval from January by December of the earlier 12 months. It contains each on-line and retail sports activities gaming suppliers working inside Ohio.

In line 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 when it comes to 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 value of complete gross receipts, distributed between the web sector ($319,581,933) and the land-based one ($11,501,586).

General, throughout 2023, on-line and cellular sports activities wagering seemed to be sports activities betting followers’ favored kind of providers, with $7.4 Billion value 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 have 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 line with the calculations revealed 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 have been met and exceeded through 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 by “the quickest launch we’ve seen in any state”.

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

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

Author: Donald Price