Ohio Goes Past $10 Million Barrier Industry

Sports Betting Industry in Ohio Breaks $10 Billion Barrier

By Amelia Walker Senior Content Writer Updated: 19 June 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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Recently released data has revealed that the sports betting industry in Ohio has smashed the $10 billion barrier in terms of handle since sports betting was launched in the state. Officials said that this milestone is a reflection of the huge popularity of sports betting among fans in the state, and also shows the rapid growth of the industry in Ohio.

Data shows that the sportsbook operator leading the way in the state was FanDuel, which has become known for its exciting promotions, its user-friendly platform, and its wide range of sports betting options. This matches national trends, with FanDuel being the number one sportsbook nationwide.

DraftKings is the second most popular sportsbook in the state, while Bet365 is also said to have performed well, with a solid performance in April along with a high level of customer loyalty and a strong focus on providing excellent customer experience. Other operators that enjoyed success included Hard Rock, Fanatics Sportsbook, and Caesars Sportsbook.

Growth in Handle Despite Drop in Wagering Activity

According to reports, the state has experienced a month-on-month drop in terms of wagering activity. However, despite this, the sports betting handle among legal operators has experienced year-on-year growth.

Compared to April 2023, the handle for this April was 29 percent higher. Many believe that the success of the state’s sports betting industry is down to a combination of consumer demand and advancements in technology.

Sportswriter James Bisson wrote:

Ohio’s legal sports betting handle grew year-over-year by 29% from nearly $515.2 million in April 2023. It also declined as expected month-over-month, dropping 16.7% from an NCAA Basketball tournament-fueled period, producing $802.6 million in wagers in March.

The success of the sports betting industry in Ohio also means that state finances get to reap the rewards. Figures show that in April, the tax contributions from sportsbooks in the stage came to an impressive $14.8 million.

The funds that are raised by way of tax revenues are allocated toward a range of services and projects, and they have played a big part in helping to improve communities in the state. Data shows that tax revenues for the state have increased, reflecting the impact that sports betting has when it comes to tax contributions.

Sports betting in the state has been legal for 16 months, and since it was launched, the industry has gone from strength to strength. The popularity of sports betting, particularly online betting, has helped to ensure the success of Ohio’s sports betting industry.

Sports Betting Apps Were Major Contributors

It was further noted that the majority of the overall revenue in April was the result of people using sports betting apps. More and more people these days are turning to online betting, as it provides greater ease and convenience, as well as plenty of betting options.

According to the data, around 98.5 percent of the overall revenue in April came from sports betting apps, and this equated to $72.8 million of the revenue. The remaining revenue was the result of people betting at retail venues.