Ohio’s Sports Betting Industry Thrives in July Despite Summer Slowdown

Ohio has seen an impressive surge in wagers, with bettors placing over $4 billion in bets so far in 2023. This surge has marked a historic milestone in Ohio’s journey since the legalization of sports betting on January 1 this year. 

July Sports Betting Handle Hits $332M, Setting the Stage for the NFL and NBA Season

July saw a total sports betting handle of just under $332 million, a slight decline from the previous month’s figure of $363 million. This slowdown in betting activity during the summer months is not uncommon, as sports enthusiasts eagerly await the upcoming NFL and NBA seasons, which traditionally boost wagering.

Despite the drop in betting activity, Ohio’s sports betting industry remained profitable, with companies reporting combined revenue of $37.2 million for July, compared to $32.6 million in June. This uptick in revenue can be attributed to the increased sports betting tax rate, which Ohio raised from 10% to 20% at the beginning of July. Under the new tax law, the state generated an impressive $61.4 million in revenue from sports betting.

Ohioans have been enthusiastic about mobile betting apps, with the vast majority of bets, over $4 billion, being placed through these platforms. Ohio bettors can now access popular sportsbooks like FanDuel, Barstool Sportsbook, Caesars, and DraftKings. DraftKings, in particular, took the top spot in July, reporting $116.1 million in bets, while FanDuel closely followed with $106.6 million.

Betting Lounges and Kiosks Contribute Millions to Ohio’s July Revenue

Besides mobile apps, Ohio also boasts 14 physical betting lounges that took in $11.5 million in bets and generated $1.2 million in revenue for July. Lottery kiosks, another betting avenue, reported $847,000 in wagers, resulting in $131,000 in revenue.

The success of Ohio’s sports betting industry is reflected in the broader gambling landscape as well. In 2023, Ohio’s casinos and racinos have collectively raked in $1.41 billion in gambling revenue, showing an increase compared to the same period last year.

In line with responsible gaming practices, Ohio has allocated 2% of sports betting revenue to the Problem Sports Gaming Fund. Ohio introduced its responsible gambling program called “Pause Before You Play” ahead of the sports betting market launch to address potential problem gambling issues, emphasizing the importance of responsible play. The state strives to combat problem gambling and its wider societal impact, with various helplines available for those in need of assistance.