How is sports betting doing in Ohio? Very, very well, thank you very much.
Sports betting in the state has only been legal since 1 January of this year, as Ohio joined numerous other states in recognizing that people wager on sports matches regardless of its legality, and with legalization, it can become a huge revenue stream for the state. Like most of the states that have been legalizing sports betting recently, Ohio did so after the supreme court struck down the federal ban on sports betting.
And the proof, as they say, is in the pudding.
A Billion in a Month
Over the month of January alone, the state of Ohio reported that over $1.1 billion had already been wagered on various sports events, bringing in a revenue of $208.9 million.
In particular, according to the Ohio Casino Control Commission, the vast majority of these bets were placed online with the 16 online sportsbooks and betting sites that immediately sprung up the minute sports gambling was legalized in the state. Of the $208.9 million in overall revenue, $205 million came just from these 16 online providers.
Along with these online outlets, Ohio’s 14 in-person bookies reported an additional $3.2 million in overall revenue. Along with this number, Ohio’s four casinos also brought in a further $86 million in overall gaming revenues for the month.
What the Future Holds
Admittedly, after this record-breaking debut, things calmed down a bit with February “only” showing revenue of $82.8 million, but the overall outlook is still extremely strong. That $83 million is actually the sort of revenue that most states usually bring in just from sports betting alone and the fact that the first month was so high only indicates just how large an appetite Ohions clearly have for sports betting.
So, no, not every month will see the sort of insane numbers in revenue that January brought, but by every conceivable metric, sports betting is only getting started in Ohio and will only get bigger as it goes along.