Ohio sportsbooks had a successful month in January, with revenue totaling $113.2 million. Online wagering accounted for the majority of the $810 million handle, with top players DraftKings and FanDuel leading the way. These two sportsbooks generated 78% of the state’s online betting revenue. Other online sportsbooks like Bet365, ESPN Bet, and BetMGM also saw significant activity.
In terms of tax revenue, Ohio has earned nearly $210 million from sports betting, with 98% going towards education and 2% towards problem gambling. The state’s regulations on promotional credits have contributed to its high revenue, with sportsbooks unable to deduct all promotional expenditures. However, this will change in the future, with a gradual increase in deductible promotional credits starting in 2027.
Ohio sportsbooks also gave away $40 million in promotional credits in January, with FanDuel and DraftKings leading the way. These promotional credits are often used for higher-risk bets, such as parlays. While February’s revenue may see a decrease with the end of the football season, March is expected to bring an increase with the NCAA Basketball Tournament.
Overall, sports betting has been a boon for the State of Ohio, providing significant revenue and opportunities for bettors to enjoy a variety of gambling options. For more sports news, odds analysis, and updates, visit Point Spreads Sports Magazine.
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