It has been revealed that in the first year of the state accepting wagers, the sports betting market in Ohio raked in almost $1 billion in tax revenue. This monumental figure came following a year of excitement, with the markets opening up in January 2023. By November 2023, more than $848 million in tax revenue had been secured by the state, marking a hugely successful first year of wagering.
It was around two years ago that the legislation for the legalisation of sports gambling was put forward. This saw Ohio follow in the footsteps of neighbouring states, taking advantage of a wagering boom across the United States. It’s expected that sports betting will become a multi-billion-dollar business in Ohio in the coming years. With things being kicked off to such a great start, it’s easy to see those expectations being delivered upon.
Huge Growth
There was a huge buzz generated within Ohio by bettors when the markets went live in January 2023. Hundreds of thousands of bettors rushed to download applications and make accounts on the top betting sites in the state, and a positive fervour was generated around the new markets. In a statement, Kevin Brogan, the Director of Marketing at Hollywood Gaming, an operator in the state, said:
‘Sports betting has been a welcome addition to our property, which now offers VLT (video lottery terminal) gaming, horse racing, Ohio Lottery games, dining and live entertainment providing yet another option for guests in the Mahoning Valley to take in when visiting us.’
He spoke about what drove the rapid expansion and growth of sports betting in Ohio:
‘There was certainly a lot of excitement in the first few months with football playoffs, the opening of our full-scale sportsbook and restaurant Super Bowl weekend and then March Madness. This excitement has continued throughout the year. In addition, with sports wagering, we really have taken the opportunity to enhance not just our food and beverage offerings but also our restaurant hours of operations with late night pay-per-view events and mid-morning, international sports viewing.’
As 2024 unfolds, more record figures are expected to be reported across the United States and its respective betting markets. Ohio could very easily become a frontrunner in those stakes – time will tell.
