Sports Wagering Handle In Ohio Tops $4 Billion In 2023

Following the announcement that Ohio lawmakers officially passed a measure to legalize retail and online sports wagering in December 2021 and that both officially became legal on the first day of this year, the state has now exceeded $4 billion in total legal sports wagering handle in 2023, even though July 2023 wasn’t the greatest when it came to sports wagering, according to the Cleveland.com news.

Slowest month:

The Ohio Casino Control Commission and Ohio Lottery Commission unveiled data from July, which is usually a “slower summer month” when it comes to betting because the NBA and NFL seasons begin in the autumn, showing that total wagering revenue for the said month was under $332 million, dropping from $363 million in June. Although the sports wagering handle is down 8.6% from the June sports wagering handle, the taxes do not show that drop. The reason for this is that the state “doubled” the tax on sports wagering from 10% to 20% at the start of the mentioned month. Also, according to the latest tax law, Ohio was able to collect $61.4 million in tax profits. As for the firms, when they finished paying out winnings and voided bets, they had a combined income of $37.2 million, an increase from $32.6 million in June, regardless of the fall in wagering activity.

Furthermore, the aforementioned Lottery Commission disclosed its report in mid-August describing the gaming kiosks.

Most bets come from mobile apps:

During the first seven months of legalization, Ohio residents wagered “just under $4.2 billion” via mobile-wagering apps, physical sportsbooks and lottery kiosks. However, the bulk of the wagers, just more than $4 billion, were placed via mobile apps. On that note, specifically during July, the state’s 18 wagering apps collected $320 million in wagers, 14 brick-and-mortar wagering parlors brought in $11.5 million, and lottery kiosks brought in $847.000 in bets. In addition, for the first time since wagering officially became legal in Ohio, for the first time DraftKings was in first place as it generated $116.1 million in wagers, and FanDuel took second place as it generated $106.6 million in bets.

Sports betting income to be invested in the Problem Sports Gambling Fund:

Since Responsible Gaming Education Month officially kicked off in September, the Problem Gambling Network of Ohio (PGNO) which has made a major commitment to “protect players and expand the support service workforce,” has been recognized and chosen as a finalist in the Responsible Gaming category at the 2023 American Gambling Awards. Relatedly, plans are underway to invest 2% of Ohio’s sports wagering income into the Problem Sports Gambling Fund.

Furthermore, when speaking about its nomination, PGNO CEO Derek Longmeier, said: “We are committed to the gambling support service system, and it is truly rewarding to be recognized for our contributions in this space.”