Ohio has seen significant success in its first year of legalized sports betting, with over $761 million in revenue generated so far in 2023. The state’s success is attributed to its numerous sports teams, both professional and college. Lawmakers recently doubled the tax on revenue from 10% to 20%, resulting in $99.5 million in taxes for the state. However, sports betting has not been without challenges, as concerns were raised about the emotional and mental toll on athletes. In response, Ohio passed a law in July allowing the Ohio Casino Control Commission to ban individuals who threaten or harm athletes from placing bets.
The city of Columbus is also seeing developments in the gambling industry, with an expansion of the Hollywood Casino area and the increasing number of sportsbooks available in the state. Experts predict that the industry will continue to grow in the coming year, with around 20 operators currently in Ohio and expectations for that number to increase. Most of the tax revenue generated from sports betting goes towards the state’s general revenue fund for schools, with a portion also allocated for those struggling with gambling addiction and a fund for veterans. Overall, Ohio’s sports betting industry has proven to be a lucrative source of revenue for the state, with continued growth expected in the future.
Source
Photo credit spectrumnews1.com