Ohio Sports Bet sees $12 billion in bets per year

Ohio’s sports betting market could produce up to $900 million in gaming revenue, $12 billion in bets, and $90 million in state taxes once the market matures, according to estimates from Play Ohio, which tracks Ohio’s regulated online gaming and sports betting market.

“Ohio is a big state that has embraced the open-ended model, which should make it very attractive to local operators nationwide,” said Eric Ramsey, an analyst with the PlayUSA.com network, which includes PlayOhio.com . “The common factor among the biggest markets in the U.S. is that they all encourage competition among many operators. They are even more attractive to bettors, which in turn makes the industry a more reliable revenue producer for the state of Ohio.”

When Gov. Mike DeWine signs a bill to officially legalize sports betting in Ohio, the state will join 30 U.S. states and Washington, D.C., which have legalized and regulated sports betting in some form. And when the Buckeye State launches as early as January 2023, it will become one of the largest markets in the U.S.

According to PlayOhio’s projections, Ohio online and retail operators will generate between $9 billion and $12 billion in bets annually, which will generate between $700 million and $900 million in total revenue each year. That could mean as much as $90 million in annual taxes for the state, given Ohio’s tax structure, which represents 10% of business taxable income. 파칭코

Ohio has a significant built-in advantage as a marketplace to help it reach its potential. First of all, sportsbooks will be able to bet on a wide range of professional and college sports as well as e-sports. And with 13 colleges with NCAA Division I athletics, including nine major professional franchises and eight with FCS football programs, all of the deep pool of local fan bases will help draw attention.

“From the way the bill is structured, Ohio will be one of the largest and most dynamic markets in the country,” said Matt Schoch, chief analyst at PlayOhio.com . “The state’s sports landscape and residents’ preference for land-based gambling, which has benefited sports books in neighboring states like Indiana, are also good signs for the future of sports betting in Ohio.”

By population, Ohio (11.7 million) is the most closely compared to Illinois (12.6 million) and Pennsylvania (12.8 million) among the existing sports betting markets, and is currently the third and fourth-largest sports betting market in the United States, respectively.

Pennsylvania, which has been making retail and online bets for more than two years, received $5.3 billion in bets in the first 11 months of 2021. This generated $415.3 million in total gaming revenue.

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