Maybe they should change it to O-H new high O.
The Buckeye State set a new standard for wagering milestones when it hit $10 billion faster than any other state in the Post-PASPA era.
The state of Ohio surpassed Arizona’s record, achieving the milestone in just 20 months after hitting the benchmark last April. Additionally, Ohio became the 12th state to reach $10 billion in sports betting handle (overall), marking the first such achievement since Tennessee last October.
Here’s a look at the new top five states in the $10 Billion Club:
Ironically, the total handle for the first four months of 2024 was $2.97 billion, which is a 1.6% decrease year-over-year. And what’s astonishing is that nearly 98% of the total handle came from sports betting apps.
April Was a Big Month in Ohio for Sports Betting
Ohio’s April (2024) sports betting revenue surged to nearly $74 million, representing a 15.8% month-on-month increase. This substantial growth outpaced March’s reported revenue of $63.8 million. Year-to-date, Ohio’s sports betting revenue reached $317.1 million.
Online betting contributed $72.8 million, accounting for 98.5% of the total revenue, while retail betting was responsible for $1.1 million.
Ohio Governor Mike DeWine’s decision to increase the sports betting tax rate from 10% to 20% last year appears to have been a good one. The state collected $14.8 million in tax revenue, lifting the year-to-date total to almost $64 million. That is nearly $19 million ahead of last year’s pace through four months.
Ohio Casinos and Racinos See April Revenue Dip
Ohio’s 11 casinos and racinos generated a little more than $200 million in gambling revenue for April, a slight decrease from the $204.6 million reported in April 2023. This figure represents the net income retained by the gambling establishments after payouts, but before accounting for state taxes and fees.
The state’s casinos and racinos set a record in 2023, reporting a combined $2.38 billion of revenue, up from $2.33 billion in 2022. That broke the yearly revenue record for the 10th time in 11 years. These figures do not include sports betting.
Ohio Sports Betting Operators May Face New Requirements
Ohio’s betting numbers may get even stronger soon. We’re still waiting to find out if sportsbooks with stagnant licenses will be forced to get off the bench.
The Ohio Casino Control Commission is reevaluating its approach to sports betting licenses. Operators who haven’t utilized their licenses may soon be required to participate. The proposed amendment would apply to licensees who have either been inactive for over a year or have never launched their betting services. Most of these inactive licenses are associated with professional sports properties.
We’ll continue to monitor the situation and wait to see what other records Ohio could potentially set.
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