Since sports gambling became legal in Ohio almost two years ago, Ohioans have placed over $6 billion in bets in 2024. With the upcoming College Football Playoff, experts predict that even more people will want to join in on the action. Dr. Kevin Willardsen, an Associate Professor of Economics at Wright State University, explains that sports gambling is enjoyable because it combines two things that people love: watching sports and betting with friends.
In October alone, an estimated $900 million was wagered on sports bets in Ohio, the highest monthly total since January 2023. Around one-third of sports bets in 2024 were placed on football games, with a significant portion on college football. With the new 12-team college football playoff approaching, experts anticipate an increase in betting activity.
Willardsen emphasizes that sports betting is a zero-sum industry, where each bet results in a winner and a loser. However, the state benefits the most from the sports gambling industry, as they receive tax revenue from every bet placed. In 2024, Ohio received over $730 million in sports bet tax revenue.
As the College Football Playoffs draw near, betting websites are already offering deals, odds, and point spreads for the games. Both betting organizations and the state of Ohio urge individuals to bet responsibly and to pause before participating in the excitement. The playoffs are set to begin on Friday, December 20th, and experts suggest that the state will continue to benefit from the revenue generated by sports gambling.
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