Ohio Sports Betting Yields $61.4M Tax Revenue Despite Summer Slump

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On the stroke of New Year’s Day, the state of Ohio exhilaratingly ushered sports betting into legal sanctity. The ensuing months witnessed Ohioan bettors avidly placing wagers exceeding $4 billion.

The Ohio Casino Control and Ohio Lottery Commissions recently scrutinized data from July, traditionally viewed as a lethargic period for wagering. The results mirrored these anticipations, as wagers culminated to a figure marginally below $332 million. This figure represents the year’s most sluggish month for sports wagering thus far.

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There was a notable downward trajectory in the sports betting handle, which plummeted by 8.6% compared to June’s sports betting figures. But this dwindling does not echo in the tax revenue, attributable to Ohio’s doubling of its sports gating tax from 10% to 20% at the dawn of July.

Under the new taxation paradigm, the state raked in a spectacular $61.4 million in revenue. July’s betting activity showcased 18 betting apps accumulating $320 million in bets. Meanwhile, 14 physical betting lounges and lottery kiosks drew in $11.5 million and $847,000 in wagers, respectively.

DraftKings usurped the lead for the first time since Ohio’s legalization of sports betting, handling bets amounting to $116.1 million. A close second, FanDuel handled $106.6 million worth of wagers.

2023 has been lucrative for casinos and racinos in Ohio, with gambling revenues totaling a staggering $1.41 billion, an increase from the preceding year’s $1.38 billion during the same period. Alarmingly though, these figures disregard the revenues steamed from seven months of legalized sports gambling.

The state’s 11 casinos jointly generated a combined $203.5 million in July, albeit a 2% decrease when juxtaposed with the same month of the previous year. A contributing $86 million came from the state’s four casinos offering slot machines and table games, a slight dip from last year’s $88.7 million. The state’s seven racinos accounted for an impressive $117.5 million.

The legalization of sports betting in Ohio gave birth to the Problem Sports Gaming Fund, to which 2% of sports betting revenue is funneled. As September ushers in Responsible Gaming Education Month, the Problem Gambling Network of Ohio (PGNO) is gaining traction and national recognition for its stalwart advocate and rule-making efforts.

The PGNO is a commendable finalist in the 2023 American Gambling Awards for the Responsible Gaming category. PGNO executive director, Derek Longmeier, expressed gratitude for the acknowledgement of their significant contributions within the gambling support service sphere. The winners across 11 categories will be announced later in September.