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Ohio sports betting update: Tipico no longer in operation but May sees increase in bets


In May, Ohio’s sports betting industry saw a significant increase in bets, totaling $613 million compared to $448 million in the same month the previous year. Overall, Ohioans placed $3.6 billion in bets through May, with most of the bets placed via betting apps, amounting to $595 million. In-person betting lounges and kiosks also saw some action, with $16 million and $1 million in bets respectively.

Sports betting operators in Ohio collected $67 million in revenue after paying out winnings and settling voided wagers, a significant increase from the previous year. The state will receive about $12 million in taxes from May’s betting revenue, as sports gambling is taxed at 20%.

However, competition in Ohio’s sports betting industry is shifting, as Tipico announced the sale of its U.S. sportsbook and online casino to LeoVegas. This move led to Tipico winding down its U.S. operations, with plans to settle bets before fully closing.

Although Tipico was a popular betting app in Ohio, with $33 million in bets from January to May 2024, it was overshadowed by larger operators like FanDuel, which received close to $1.2 billion in bets during the same period. Operators like PointsBet, which previously shut down, still have obligations to pay winning wagers, even after ceasing operations.

Overall, Ohio’s sports betting industry is thriving, but with changes in competition and regulations, operators and bettors alike must stay informed. For those needing assistance with gambling problems, helplines like the Ohio Problem Gambling Helpline and the National Council on Program Gambling Helpline are available.

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Photo credit www.cleveland.com

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