Ohio marks a successful first year of legalized sports betting with over $761 million in revenue

Ohio is concluding its first year of legalized sports betting with over $761 million in revenue generated so far in 2023. In July, the state chose to double the tax on betting revenue, raising the rates from 10% to 20%, resulting in a total of $99,453,727 in taxes collected.

The success of sports betting in Ohio can be attributed to the presence of numerous prominent professional and university sports teams in the state. The revenue exceeded the initial expectations of the legislative commission, which estimated about $31 million in taxes from sports betting.

However, the first year of sports betting in Ohio was marked by challenges and controversies. The men's basketball coach of the Dayton Flyers, Anthony Grant, highlighted the emotional and mental impact of sports betting on players.

“When we have people that make it about themselves and attack kids because of their own agenda, it sickens me,” Grant said during a January press conference.

In response, Governor Mike DeWine signed a pioneering law in the U.S. in July to protect athletes. The new legislation allows the Ohio Casino Control Commission to ban individuals from placing bets if they threaten an athlete.

Additionally, Columbus announced the expansion of the Hollywood Casino area, aiming to transform the region into a tourist destination. The number of sportsbooks in the state is constantly increasing.

With about 20 operators currently in Ohio, this number is expected to grow by the end of next year. Most of the taxes collected are allocated to the general revenue fund for schools, while 2% are reserved to assist people struggling with gambling addiction and 0.5% of license fees are allocated to a veterans' fund.