PlayOhio: Sports betting can reach $12bn annually

Analysts also suggest sports betting could bring in around $90m in state taxes per year.

Ohio sports betting is set to generate upwards of $12bn annually according to PlayOhio, a Catena Media-owned sports betting analysis platform. 

Of this $12bn, PlayOhio believes the Buckeye State could be set for a mouth-watering $900m in yearly gaming revenue and $90m in state taxes once the region reaches maturity.

Ohio is currently well on the path to legalizing sports betting, with Govoner Mike DeWine set to sign the official sports betting bill in the coming months. However, sportsbooks may take some time to launch, with January 2023 one proposed date. When the activity does launch, Ohio will undoubtedly become one of the nation’s largest markets, with a population of 11.7 million.

Ohio’s tax structure is sure to play a role in this impressive growth. Operators currently offer the state 10% of all revenue earned, providing the platform for the state to become one of the country’s highest gaming tax contributors.

“Ohio is a large state that has embraced an open model, which will make it immensely attractive to both national and local operators,” posited Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayOhio.com.

“The common element among the largest markets in the US is that they all foster competition among many operators. Those markets are far more appealing to bettors, which in turn makes the industry a more reliable revenue producer for the state.”

Specifically, PlayOhio argues that due to pre-existing advantages, such as the state having nine major professional franchises and 13 collegiate teams, Ohio is set up to perform on par with, or better than, regions with similar populations. 

“Ohio won’t have much opportunity to draw bettors from neighboring states, but it has enough local advantages to be a successful standalone market,” Ramsey added.

“The state is already home to an unusually high number of pro and college teams, and policymakers did not put any significant restrictions on college sports betting. That combination will make Ohio a particularly robust local market.”

While it remains to be seen whether Ohio will live up to these lofty projections, if the region is successful in growing its sports betting market the US will have itself another major player in the gaming industry.

Henry Moore

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