Ohio Sports Gambling Revenue Projections & Market Analysis
With the launch of Ohio sports betting set for Jan. 1, 2023, there are many questions about what sports betting revenue might look like when legal sportsbooks finally arrive in the Buckeye State—lucky for you, we might have a little insight in that regard.
We’re here to help break down what sports bettors could expect once OH sports betting revenue becomes public. We’ll also compare the state’s potential sports betting revenue alongside states with similar populations and a similar number of major sports teams.
Without further ado, let’s take a further look into the business behind OH sports betting.
Ohio Sports Betting Revenue: Month-By-Month Data
Sports Betting Dime keeps track of the growth of legal sports wagering by tallying monthly financial reports provided by each state.
Here’s what each number represents:
- Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winning bets.
- State tax revenue displays taxes collected by the state and local jurisdictions.
- Hold percentage shows how much revenue sportsbooks kept as a function of the betting handle.
- State tax revenue displays taxes collected by the state and local jurisdictions.
The table below shows Ohio’s sports betting handle, gross revenue, hold rate, and state taxes collected each month since legalization.
| Month/Year | Total Handle | Revenue | Hold Percentage | State Tax Revenue |
|---|---|---|---|---|
| January 2023 | $1,113,251,403 | $208,921,342 | 18.8% | $20,892,134 |
We’re keeping this table updated with the latest financial figures from the Ohio Casino Control Commission.
OH Sports Betting Market Share
To get an idea of what the potential OH sports betting market might look like, we’ve compiled some key insights about the state to keep in mind.
State Population (2020 Census): 11,799,448
In-State Pro Teams: Cleveland Browns (NFL), Cincinnati Bengals (NFL), Cleveland Cavaliers (NBA), Cleveland Guardians (MLB), Cincinnati Reds (MLB), Columbus Blue Jackets (NHL)
Launch Date: Jan. 1, 2023
Regulator: The Ohio Casino Control Commission
Platforms: Online and retail (launch pending)
Tax Rate: 10% of gross gaming revenue
OH Sports Betting Revenue: State Comparison
With a population nearing the 12 million mark, Ohio is the seventh largest US state in terms of population. As such, it’s best to compare potential OH sports betting revenue with states that have similar populations and that already offer legal sports betting such as Illinois and Pennsylvania.
To get a better idea of what we could expect in the first month of retail and online sportsbooks entering Ohio state, we’re going to look at the first full month of sports betting revenue in Illinois and Pennsylvania.
NOTE: To give a more accurate assessment, we focused on the first months of sports betting revenue in these states when many major sports betting operators joined their fray with their full mobile app and website offerings.
| State (Month) | Total Betting Handle | Online Betting Handle | Retail Betting Handle | Total Revenue |
|---|---|---|---|---|
| Illinois (Sept. 2020) | $305,223,938 | $283,082,238 | $22,141,701 | $11,754,530 |
| Pennsylvania (Sept. 2020) | $462,787,392 | $414,100,359 | $48,687,033 | $6,269,883 |
Despite their populations being close, there’s a good possibility OH sports betting revenue could be even higher than Illinois and Pennsylvania once legal sports gambling comes to the state. Given the sheer number of teams to bet on in the Buckeye State, it’s possible that Ohio could reach a first month sports betting revenue number closer to New York state than to states like Illinois and Pennsylvania.
Of course, New York’s $1,686,263,898 total betting revenue for January 2022 will remain untouched, but it wouldn’t be surprising to see OH sports betting come up with over $500 million as a January 2023 estimate. Some predictions have also seen annual tax revenue in the state as high as the $50 million mark.
What Sports Will Drive OH Sports Betting Revenue?
Ohio is a state that loves its sports. They’re one of only a handful of US states that have multiple teams in both the NFL and MLB. That right there should at least give you an idea about how much Ohio sports fans love their in-state squads.
Here’s a quick rundown of the key major sports teams in Ohio to show you the sheer scope of sports wagering opportunity in the state:
| Pro Sports League | Ohio Teams to Bet |
|---|---|
| NFL | Cincinnati Bengals, Cleveland Browns |
| NBA | Cleveland Cavaliers |
| MLB | Cleveland Guardians, Cincinnati Reds |
| NHL | Columbus Blue Jackets |
| MLS | Columbus Crew |
Not too shabby, huh? And that’s not even including NCAA squads like the Ohio State Buckeyes, Bowling Green Falcons, or Toledo Rockets. With that in mind, it’s very likely that OH sports betting revenue will be largely driven by America’s two largest sports: football and basketball.
That means the Cincinnati Bengals and Cleveland Browns should get plenty of love from Ohio sports bettors. When you consider that Joe Burrow and the Bengals are coming off a Super Bowl appearance, that could drive excitement for football betting even higher.
Understandably, the Cleveland Cavaliers haven’t really been the same since LeBron James’ second championship stint with the team. That said, they are making strides in the right direction and should be a competitive group heading into the upcoming NBA season.
Ohio Online Sports Gambling Revenue: Sports Betting Operator Snapshot
The online sports betting scene in Ohio is going to be a crowded one. The Ohio Casino Control Commission has the ability to give out 25 “Type A” sports betting licenses that will allow for two online sports betting skins each. That could mean a maximum of 50 online sports betting sites and mobile betting apps.
| OH Sportsbook | Approved? |
|---|---|
| Barstool Sportsbook Ohio | Yes |
| BetMGM Ohio | Yes |
| Caesars Sportsbook Ohio | Yes |
| DraftKings Sportsbook Ohio | Yes |
| FanDuel Sportsbook Ohio | Yes |
| Bally Bet Ohio | Yes |
| PointsBet Ohio | Yes |
| SuperBook Sports Ohio | Yes |
| bet365 Ohio | Yes |
| Betfred Ohio | Yes |
As you can see, there’s going to plenty of competition on the OH sports betting scene once mobile sports apps and sports betting sites start setting up shop in the state. It’s also important to keep in mind that the majority of these sports betting operators will have an online and retail sportsbook set up in Ohio. That means we’ll see sports betting kiosks set up for gamblers at key arenas across the state. Check out these pre-reg offers with Ohio sports betting promos readily available.
The Bottom Line on OH Sports Betting Revenue
Equipped with a Jan. 1, 2023 start date for all things sports gaming in the state, Ohio will more than likely become one of the premier sports betting markets in the US. With so many major sports teams contained within the state, it’s also very possible that the state ends up being the sports betting revenue leader for the entire Midwest region alongside other key states such as Illinois, Michigan, and Indiana.
To see how Ohio will fare against other states, check out our sports betting revenue tracker for more information.
