Ohio’s sports betting market is capable of generating about $900 million in gambling revenue, $12 billion in betting and $90 million in state taxes once it matures, according to data released by PlayOhio, the property. of Catena Media.
Once the bill that legalizes sports betting in the state is signed by Gov. Mike DeWine, Ohio will join 30 other states in the US and Washington DC that have already legalized and regulated sports betting in some way. The expectation of the local government is that the market is launched by January 2023.
Projections for Ohio’s Sports Betting Industry
According to PlayOhio’s projections, at maturity (which would likely come in the third year of the segment), the state’s online and retail market would generate between US$9 billion and US$12 billion in annual bets, which would produce between US$700 million and $900 million in gross gambling revenue per year.
With the state assuming 10% of an operator’s taxable income, Ohio can collect up to $90 million in taxes each year. In terms of population, the US state has 11.7 million residents and compares well with the Illinois and Pennsylvania sports betting markets, which currently rank third and fourth largest in the country, respectively.
Ohio also has a wide range of professional and collegiate sports, nine major professional franchises, and 13 colleges with athletics in the top division of the NCAA (National College Athletics Association), including eight institutions of higher learning with football programs, as well as a large pool. from local fans.
PlayOhio considers all of the items presented thus far as “built-in perks” that will help the state achieve its sports betting potential.
