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Ohio Sports Bet Could See $12 Billion Betting Every Year

Ohio’s sports betting market could generate as much as $900 million in gaming revenue, $12 billion in betting and $90 million in state taxes once the market matures, according to estimates by PlayOhio, which tracks the state-regulated online gaming and sports betting markets.

Eric Ramsey, an analyst with the PlayUSA.com network, which includes PlayOhio.com , said, “Ohio is a big state that has adopted an open-ended model. What the biggest markets in the U.S. have in common is that they all foster competition among many operators. The markets are much more attractive to people who make money, and that makes the industry a more reliable producer of revenue for the state.” 온라인경마

If Gov. Mike DeWine signs legislation to formally legalize Ohio’s anticipated sports betting, the state will join Washington, D.C., along with 30 other U.S. states that have legalized and regulated sports betting in some form. And the Buckeye State will be one of the largest markets in the country if it makes the rollout, which could be delayed until January 2023.

According to PlayOhio’s forecast, Ohio’s online and retail businesses will generate $9 billion to $12 billion in bets each year in the third year of the market, generating $700 million to $900 million in total revenue each year. Due to Ohio’s tax structure, which represents 10 percent of the business’s taxable income, this could mean as much as $90 million in taxes for the state each year.

Ohio has several built-in advantages that will help it reach its potential as a marketplace. To begin with, sportsbooks will be able to place a variety of bets, not just on e-sports, but also on professional and college sports as a whole. And with 13 colleges that run NCAA Division I athletics, including nine major professional franchises and eight colleges that run FCS football programs, all of the rich pools of local fan bases will help attract attention.

“The way this bill was structured would make Ohio 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’ affinity for land-based gambling, which benefited sportsbooks in neighboring states like Indiana, also bodes well for the future of sports betting in Ohio.”

By population, Ohio (11.7 million) is the closest in size to Illinois (12.6 million) and Pennsylvania (12.8 million), which are currently the third and fourth largest in the United States.

After more than two years of retail and online betting, Pennsylvania received $5.3 billion in bets in the first 11 months of 2021. That resulted in $415.3 million in total gaming revenue.

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