Sports betting was legalized in Ohio on January 1, making it the 32nd state to allow live sports betting. The state is home to a wide range of professional sports teams and colleges, generating significant interest in sports betting. Taxable revenue from sports betting in Ohio since January totals $780 million, with $761 million coming from online betting and $18.9 million from retail betting. The fiscal note projected that sports gambling could generate as much as $24 million a year for the state.
Lawmakers increased tax withholdings from 10% to 20% in July, contributing to the $102 million in taxes accrued through October. The popularity of parlay bets, where individuals can wager on multiple factors in one or more games, has also helped boost revenue.
Ohio has both online and brick-and-mortar sports betting options, with around 20 online sportsbooks partnering with casinos and racinos in the state. Miami Valley Gaming’s sportsbook saw a successful debut in January and experienced its best month in October, fueled by the NFL, college football, baseball playoffs, and the NBA season.
While consumers have spent nearly $10.8 million at lottery kiosks offering sports betting, the majority of bets are made online due to its convenience. Despite efforts to increase sports betting traffic through kiosks, establishments like Fricker’s have seen limited interest in sports betting compared to other lottery games like Keno and Mega Millions. Overall, sports betting in Ohio has seen significant success since its legalization, driven by a combination of online and retail options.
Source
Photo credit www.daytondailynews.com