Ohio Sports Betting Reaches a Record-Breaking $4 Billion in Bets, DraftKings Takes the Lead in July's Total
In Ohio, legalized sports betting went live this year, resulting in over $4 billion worth of bets placed so far. Despite July being a traditionally quieter month for sports wagering, the state still saw $331.5 million in bets. This number is 8.6% lower than the previous month, June.
The reason for the decrease in revenue can be attributed to a recent change in tax laws. Initially set at 10%, tax rates on sports wagering in Ohio doubled to 20% in July. This resulted in the state bringing in $61.4 million in taxes for that particular month.
Having said that, the state's 18 mobile sports betting apps accounted for $320 million in wagers, with physical betting lounges bringing in $11.5 million and lottery kiosks accumulating $847,000 worth of bets.
For the first time since 2023, DraftKings emerged as the number one sports betting app in Ohio, amassing $116.1 million, while FanDuel held the second spot with $106.6 million in bets.
The Ohio gambling industry has been performing well overall, with casinos and racinos bringing in a total of $1.41 billion in revenue the year since sports betting was legalized. This is an increase from the $1.38 billion seen during the same period last year. Note that these figures do not account for taxes or fees.
As for casinos, 11 of them generated a combined $203.5 million in July, but this is a 2% decrease compared to the same period last year.
Similar trends were observed in racinos, with combined revenue at $117.5 million in July, down slightly from the $118.7 million during the same period in 2022.
With September being designated as Responsible Gaming Education Month, it's relevant to mention the Problem Gambling Network of Ohio (PGNO), which has been shortlisted as a finalist in the 2023 American Gambling Awards for the Responsible Gaming category. The PGNO is dedicated to providing support for those affected by gambling.
Going forward, it will be interesting to see if their progressive measures will continue to garner recognition and support.
However, one thing is for certain - the betting market in Ohio, as well as the gambling industry at large, remains a force to be reckoned with.
Note: The PGNO has made significant strides in protective measures for players, along with expanding the support service workforce.
The final winners in the 11 award categories will be announced later in September.
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