Ohio Achieves Over $3 Billion In Sports Betting Wagers Since Its Introduction

Sports betting has been legal in the state of Ohio since the first day of this year and residents have wasted no time placing wagers.

As of January 1, 2023, over $3 billion worth of bets have been placed, with the Ohio Casino Control Commission collecting almost $50 million in revenue.

Sports betting is being legalized all across America as folks from states which have typically considered gambling a criminal offense now softening their views. Betting companies are now among the most profitable around and you can’t get through a few commercials without seeing at least one ad from a sportsbook nowadays.

Ohio is now among states where sports gambling is now perfectly legal and persons who live there took full advantage when bookmakers rolled their services out in January.

A variety of sportsbooks are now available therein and, while most of the major leagues in the United States have completed their seasons, odds have already dropped ahead of upcoming campaigns, so one would do well not to get behind the latest odds and predictions with this Ohio DraftKings Promo Code.

The betting market has slowed down a bit since the first month of promotional wagers, however. Ohio residents bet a collective $1.1 billion back then, also flooding the markets with Super Bowl-related bets in February while March Madness also prompted rife punting as well.

Things tailed off in April, with betting going down 30 percent as there were not as many major sporting events. According to the OCCC, residents bet $520 million after wagering $737 million the month before. A total of $63 million in revenue was collected.

Still, Ohio sportsbooks showed strong numbers since the legalization of sports betting and the state accounted for over 97 percent of all the bets placed in the month of March.

The bets placed in the opening month saw sportsbooks collect $208.9 million in revenue while the state made around $20.89 million in tax to start things off given the 10 percent requirement placed on betting companies.

Meanwhile, Ohioans pocketed over $883.6 million in winnings while taking advantage of the $320 million sportsbooks gave away as part of promotional credits. Betting companies typically offer signup bonuses and other perks to persons opening new accounts, which was the case for everyone signing up for an online profile post-January 1.

The aforementioned DraftKings Ohio is still offering freebies via a promo code guaranteeing $200 in free bets as a welcome gift to new users looking to bet on Major League Baseball games this season.

A bet of just $5 will qualify any new user who did not claim the early signup promo for $200 in free bets. This is just one of many bonuses punters can expect from DraftKings in the state of Ohio.

“Legal sports betting strong start in Ohio is a direct reflection of residents moving away from predatory offshore sites and bookies for the protections of regulated sportsbooks,” senior vice president at the American Gaming Association, Casey Clarke, noted. “Because of the state’s regulatory framework, legal operators can offer a competitive product that appeals to consumers and has already brought in more than $20 million in taxes and $39.4 million in licensing fees to the state.”

Online wagers made up the bulk of the betting in January, with the commission reporting that $1.09 billion was spent on betting across sites and apps. Retail locations brought in around $23 million as folks made stops at casinos and betting houses around the state as well.

The city of Columbus accounted for $49 million in online sports bets and retail wagers at Hollywood Casino’s Barstool Sportsbook. Scotio Downs drew $33 million in online bets and in-person activity via Caesar’s Sportsbook.

Betting kiosks, which are overseen by the Ohio Lottery Commission, brought in $850,336, which made the commission $116,040 in revenue, $87,664 of which went back to owners.

Last year was a record year for sportsbooks across the United States, according to the American Gambling Association, as Americans placed $93. 2 billion in bets, with bookmakers raking in $7.5 billion in revenue.

It is expected that Ohio markets will bring in $24 million in taxes by mid-2024. Two percent of tax revenue collected by the commission will go toward fighting gambling addiction.