Ohio’s First Year of Legal Betting Sees Nearly $8 Billion in Wagers

The State of Ohio Surpasses Expectations in Sports Betting Revenue in 2023

Ohio, a state with a population of approximately 11.8 million people, legalized sports betting towards the end of 2021. Fast-forward to January 1, 2023, and the state officially launched its legal retail and online sports betting market, offering a plethora of options for bettors and sports enthusiasts. Just over a year after the launch, the Ohio Casino Control Commission has released data showing that the activity has far exceeded initial expectations.

In 2023, the total betting handle reported by both retail and mobile sports betting operators reached an impressive $7.65 billion, nearly three times the amount initially anticipated. Lawmakers had initially projected the sports betting sector in Ohio to reach around $3.35 billion after several years of operation, making the actual results particularly impressive.

The Commission’s report further reveals that the majority of the revenue came from online and mobile sports betting activities. Licensed online sports betting operators generated a total revenue of $913.8 million in 2023, while the retail sector only managed to bring in $23.1 million in revenue.

The total taxable revenue for both retail and online sports betting activities in 2023 was a staggering $936.9 million. This means that licensed gambling operators walked away with close to $750 million, while the state collected nearly $188 million in taxes.

Analyzing the monthly data, it is clear that the first month of sports betting was the strongest 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 followed as the second-best month in terms of betting handle, with $841.1 million in betting handle and $66.8 million in taxable revenue. December rounded out the top three months, with a total mobile betting handle of $809.7 million and $84.4 million in taxable revenue.

Despite the impressive overall numbers, there was a gradual decrease in total revenue starting from January 2023. The lowest revenue for the year was recorded in June, totaling $32.8 million. However, there was a gradual increase in revenue from July onwards, with a minor fluctuation observed in November.

Overall, the state of Ohio has seen unprecedented success in its sports betting market, surpassing all expectations and paving the way for a thriving industry in the years to come.