In the first year that sports betting was allowed in Ohio, wagering by Ohioans totaled $7.65 billion. Ohio legalized sports betting in 2021, and the legislation took effect on January 1, 2023, at exactly midnight. According to the Ohio Casino Control Commission, taxes on sports betting totaled more than $936 million, with the remaining funds coming from payouts. It should come as no surprise that January had the highest number of bets, with over $1.11 billion wagered. With around $864 million in wagers, November had the second-highest amount, while July had the lowest amount, $331 million. The summer witnessed a decline in bets, while the fall saw an increase in wagers, peaking in September with $690 million wagered.
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Not many people anticipated that Ohio operators would record a 12 percent hold over the first 12 months of wagering, particularly given the size of the market and the potential for one poor month to significantly lower that percentage. Of the nine states with at least $5 billion in handling, it has by far the biggest hold, with Virginia coming in a distant second at 10%.
Although Buckeye State’s betting apps didn’t surpass $100 million in a second month after their record $209 million haul in January, they did break $80 million six times and posted a 10 percent or greater hold in all but two months—June (9 percent) and November (7.8 percent).
FanDuel outperformed the general public most months, ending with an 11 percent hold or better in all but November and a 14.4 percent win rate for the year. In terms of handling and revenue, DraftKings came in second place after FanDuel and reported an 11.1 percent hold for 2023.
Bet365 demonstrated that it was resilient. Thanks to a scorching first quarter, the England-based book ended the year at 13.4 percent after holding gains of 8 percent or more for the entire 12 months. Despite spending over 30% more on promotions than it did on actual sales, Bet365 appears to have cemented its place among the top five choices for Ohio bettors.
Ohio revenue from last year went to different places, but the General Revenue Fund for schools receives the majority of tax money from Ohio sports betting while problem gambling prevention efforts receive 2% of the revenue, and a veteran’s fund receives 0.50 percent of licensing fees. Sports betting in Ohio was formerly subject to a 10% tax rate, but in the state budget, lawmakers increased it to 12%. The increase was included in Gov. Mike DeWine’s version of the budget, who made little effort to disguise his disgust for the aggressive sports gambling advertising. The Senate replaced it after the House removed it.
A total of 10,637 calls were made to Ohio’s Problem Gambling Helpline in 2023, a significant increase above the 6,835 calls the helpline received in 2022. Michael Buzzelli, associate director of Problem Gambling Network of Ohio, said in a statement, “While we knew calls would increase and anticipated this due to the increases seen in other states already operating sports betting, such a dramatic increase was surprising and lets us know there is a lot of work still to be done for responsible gambling advocates statewide.” The OCCC launched enrollment for the Time Out Ohio Program, which allows persons to self-exclude from casinos, racinos, and sports gaming, prior to sports betting being legalized in Ohio. The self-imposed prohibition may last for a year, five years, or even forever.
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