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Catena Media: Ohio sportsbooks could generate wagers of up to $12bn annually

Ohio’s sports betting market is capable of generating around $900m in gaming revenue, $12bn in wagers and $90m in state taxes once it matures, according to data released by Catena Media-owned PlayOhio.

Once the bill that officially legalises sports betting in the Buckeye State is signed by Governor Mike DeWine, Ohio will join 30 other US states and Washington DC that have already legalised and regulated sports betting in some form.

Additionally, once the market launches, which could be as late as January 2023, it is expected to be one of the nation’s most prolific.

According to PlayOhio projections, at maturity (which would probably come in the market’s third year), the state’s online and retail market would generate between $9bn and $12bn in bets annually, which would produce between $700m and $900m in gross gaming revenue yearly.

With Ohio’s tax structure taking 10% of an operator’s taxable revenue, Ohio could gather as much as $90m in taxes for the state every year.

In terms of population, the Buckeye State has 11.7 million residents and can be closely compared to Illinois’ and Pennsylvania’s sports betting markets, which currently sit third and fourth-largest in the US, respectively.

Ohio also has a wide range of professional and collegiate sports, nine major professional franchises and 13 colleges with NCAA Division One athletics, including eight with FCS football programs, as well as a deep pool of local fanbases.

PlayOhio considers all of the above to be “built-in advantages” that will help the state reach its sports betting potential.

sOURCE : /www.gamblinginsider.com

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