Sports betting is thriving in the Buckeye State, and the early revenue figures are impressive. Ohio launched online sports betting, retail sportsbooks and betting kiosks on Jan. 1, 2023. Right out of the gate, Ohio broke the U.S. all-time record for monthly sports betting volume in its first month, taking over $1.1 billion in bets in January.
As is the case for many states, the potential to increase gambling revenue — and thereby taxes — is the primary goal of the new market. Ohio initially implemented a 10% sports betting tax rate but doubled it to 20% at the start of July.
So far, Ohio sports betting has brought in:
Total Bets Placed: $7,659,394,315
Taxable Revenue: $936,942,255
Taxes for Ohio: $133,090,597
Below, you’ll find the latest revenue report highlights, Ohio sports betting figures to date, and projections for the rest of 2023.
December 2023 Ohio sports betting revenue highlights
Ohio sports betting handle came in at $829.9 million in December. The numbers make December the third-best month in the short history of Ohio sports betting, behind only November’s $864.2 million and the 10-figure launch in January 2023.
The release of December’s numbers marks Ohio’s first full year with legal sports betting. Over the course of 2023, Ohio bettors wagered more than $7.6 billion between the state’s retail and online options. As a result, the state collected $133.1 million in new tax revenue.
By handle, that makes Ohio the sixth largest market in the country. It’s only behind New York, New Jersey, Illinois, Nevada and Pennsylvania, solidifying the state as one of the most lucrative gaming markets available. If online casino legislation is in the pipeline in the next few legislative sessions, operators would swarm at the chance for a license.
Here are the most important things to know from the December Ohio sports betting revenue report:
- ESPN BET held its ground. The new Penn Entertainment-owned online sportsbook brand entered the market with a bang during November. Bettors wagered $70.8 million with the new online operator, making it the third-largest sportsbook right out of the gate. There were questions about whether it could hold those numbers because of its high promotional spending during November. But the operator improved and handled $72.9 million in wagers to close out the year.
- There was no change at the top as DraftKings and FanDuel continued to dominate the market. FanDuel regained its spot atop the handle leaderboard in November and didn’t relinquish it in December. FanDuel accepted $293.3 million in wagers, while DraftKings handled $275.8 million. They profited $37.4 million and $25.4 million, respectively. By revenue, the two online sports betting giants captured 73% of the market share in 2023.
- Despite the gaudy numbers, three sportsbooks actually posted losses in December. Superbook posted a loss of $674, Pointsbet was in the red $16,714 and Bally’s posted negative revenues totaling a whopping $149,645. Bally’s total loss was nearly equivalent to the amount of voided bets they had in December.
All-time online Ohio sports betting revenue
The below numbers are Ohio’s online sports betting figures to date. When you include retail, the total handle is more than $6.8 billion.
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Belterra Park | FanDuel | $2,720,263,138 | $392,409,785 | 14.4% | $44,899,746 |
| Hollywood Toledo | DraftKings | $2,509,401,573 | $278,065,372 | 11.1% | $38384,537 |
| MGM Northfield Park | BetMGM | $479,761,314 | $69,397,102 | 14.4% | $8,847,903 |
| Cleveland Guardians | bet365 | $450,961,702 | $60,282,347 | 13.3% | $7,763,720 |
| Scioto Downs | Caesars | $345,355,372 | $25,041,398 | 7.2% | $3,327,272 |
| Hollywood Columbus | ESPN Bet (Formerly Barstool) | $375,691,159 | $38,961,636 | 10.3% | $6,227,510 |
| Hard Rock Cincinnati | Hard Rock | $112,612,858 | $11,106,841 | 9.8% | $1,358,047 |
| Columbus Crew | Tipico | $80,033,167 | $8,468,200 | 10.5% | $1,042,724 |
| Hollywood Dayton | BetRivers | $45,016,698 | $2,432,209 | 5.4% | $329,888 |
| Jack Cleveland | betJACK | $34,481,681 | $3,833,341 | 11.1% | $517,334 |
| Hollywood Mahoning Valley | PointsBet | $38,736,493 | $4,502,638 | 11.6% | $496,774 |
| Cincinnati Bengals | Betfred | $25,119,590 | $1,823,621 | 7.2% | $239,145 |
| FC Cincinnati | SuperBook | $11,467,483 | $647,127 | 5.6% | $83,456 |
| Muirfield Village Golf Club | betPARX | $9,063,053 | $590,586 | 6.5% | $78,549 |
| Belterra Park | Betway | $9,343,213 | $969,143 | 10.3% | $132,382 |
| Hall of Fame Village | Betr | $6,608,370 | $535,786 | 8.1% | $67,924 |
| Miami Valley Gaming | MVGBet | $9,038,546 | $204,074 | 2.2% | $41,169 |
| Columbus Blue Jackets | Fanatics | $106,352,101 | $11,898,589 | 11.1% | $2,174,370 |
| Cleveland Browns | Bally's Interactive | $5,366,249 | -$144,581 | -2.6% | $21,908 |
| Geneva Sports | Prime Sports | $12,951,994 | $231,037 | 1.7% | $46,206 |
| TOTALS | $7,594,120,425 | $913,818,493 | 12.5% | $116,071,216 |
Where does Ohio sports betting tax revenue go?
The vast majority – 98% – of Ohio sports betting tax revenue goes to the sports gaming profits education fund, which is called 5YO0. The other 2% goes towards the sports gaming responsible gambling fund.
Specifically, funds from 5YOo will be distributed to specific organizations when lawmakers come up with the 2024-2025 fiscal budget.
Future Ohio revenue projections
PlayOhio projections have bettors legally wagering between $9 billion and $12 billion per year after an initial acquisition period of 12-18 months. The ramp-up to Ohio’s initial state of maturity was expected to happen more quickly than in some other states given the open licensing structure and the long lead time to launch.
This proved to be true, with Ohio racing out to a record $1.1 billion in January betting volume and around $3 billion over its first three months. PlayOhio now projects that Ohio sports betting could generate $10 billion in bets in 2023. That amount would put Ohio among the biggest markets in the U.S., even at such an early stage.
2023 U.S. online sports betting handle
| Rank | State | Handle |
|---|---|---|
| 1 | New York | $19.2 Billion |
| 2 | New Jersey | $11.9 Billion |
| 3 | Illinois | $11.7 Billion |
| 4 | Nevada | $8.3 Billion |
| 5 | Pennsylvania | $7.7 Billion |
| 6 | Ohio | $7.6 Billion |
In Ohio’s first year with legal sports betting, it was the sixth-largest market in the country. That fell just outside of where PlayOhio predicted it to be at the outset of the year.
However, most large markets saw a bump in revenue during the second year. Thus, it’s very possible Ohio could jump Pennsylvania, Nevada or both in 2024.
Most popular sports to bet on in Ohio
Ohio does not include sport-specific data in its revenue reports. However, based on what we know about other US markets, we can speculate about which sports are most popular to bet on in OH.
On a per-game basis, football is the king of U.S. sports betting. A full season of NFL and college football action typically accounts for around one-third of the money people bet on sports in comparable markets, and there’s little reason to expect different in Ohio. If anything, the popularity of the Cleveland Browns and Cincinnati Bengals may even increase that percentage.
Projections indicate that the NBA and NCAA basketball accounts for another third of betting action, with March Madness representing the largest sports betting event of the year. Based on other states, college basketball should account for 15% or 20% of the total betting in Ohio. Be sure to keep an eye out for Ohio sportsbook promos close to the time any sporting season starts, it’s one of the best times for vendors to attract new customers.
Even with two MLB teams that call the state home, baseball betting should settle into a distant third place in Ohio. Hockey betting will make up another few percentage points of the total, followed by things like golf, tennis and motorsports.
Ohio responsible gambling resources
• The Play Responsibly Campaign by the Ohio Lottery Commission Providing a wealth of links for treatment services, educational facts on problem gambling, and indicators of gambling issues. Also, it directs users to the Ohio Voluntary Exclusion Program, facilitating self-ban from gambling facilities for various durations. The registration for self-exclusion is conveniently available online.
• The Problem Gambling Network of Ohio (PGNO) An affiliate of the National Council on Problem Gambling, PGNO is a nonprofit advocating for responsible gambling and offering treatment services. They also host informational webinars and skill-enhancing seminars for professionals in the field of problem gambling treatment services.