Despite a slowdown in July, Ohioans have raced past the $4 billion mark in sports betting for 2023, marking a significant milestone for the burgeoning industry. With the advent of legalized sports gambling at the start of the year, Ohio has witnessed a surge in betting, primarily through mobile betting apps, which accounted for over $4 billion of the total bets placed. Data compiled by the Ohio Casino Control and Ohio Lottery commissions reveal a slight dip in the betting volume in July, falling from $363 million in June to just under $332 million.
While the summer months typically see a lull in betting activity, the revenue figures tell a different story. Despite the decrease in betting volume, companies saw an increase in combined revenue, from $32.6 million in June to $37.2 million in July. The majority of the revenue, a whopping $564 million, was generated through betting apps, contributing significantly to the $61.4 million in tax revenue for Ohio. As the NFL and NBA seasons gear up for a fall start, the betting industry is poised for a rebound.
Ohioans Bet over $4 Billion on Sports Gambling in 2023
Despite a slight slowdown in the summer, sports betting in Ohio has seen a significant upturn in 2023, exceeding $4 billion in total. The figures reveal a shift in betting preferences, with the lion’s share of bets being placed through mobile apps.
Summer Slowdown, Yet Revenue Rises
According to the Ohio Casino Control and the Ohio Lottery commissions, July saw a decrease in betting activity with Ohioans placing just shy of $332 million bets, a drop from June’s $363 million. Interestingly, despite the dip in betting, the companies reported a rise in revenue in July, amounting to $37.2 million, up from June’s $32.6 million.
Betting Habits and Trends
The summer slowdown is not an anomaly; betting tends to decelerate during this period and picks up again in the fall, aligning with the commencement of the NFL and NBA seasons. Since the legalization of sports gambling in Ohio on Jan. 1, Ohioans have placed nearly $4.2 billion in bets in the first seven months of 2023.
A noteworthy trend that has emerged is the preference for mobile betting. Of the total bets placed, over $4 billion has been made through betting apps, demonstrating the popularity of this medium. In contrast, physical sportsbooks and lottery kiosks have seen less activity.
Revenue and Tax Implication
After payouts, the combined revenue for companies stands at $577 million, with betting apps contributing a staggering $564 million. This surge in sports gambling has been beneficial for the state as well, generating $61.4 million in tax revenue. July alone saw the state’s 18 betting apps take in $320 million in bets, translating to $35.9 million in revenue.
The figures clearly indicate the dominance of mobile betting in the sports gambling landscape in Ohio. The convenience and accessibility of mobile apps have evidently resonated with bettors, making it the preferred choice for placing bets. Despite the summer slowdown, the rise in revenue suggests that sports gambling in Ohio is thriving. The significant tax revenue generated from this sector is a bonus for the state, reinforcing the potential economic benefits of legalized sports betting. However, it is crucial to promote responsible gambling practices to prevent potential gambling-related issues among the population.