In July 2024, Ohio’s sports betting industry saw impressive growth, with revenue hitting $55.1 million, marking a 7.1% increase compared to the same month last year and a 6.9% rise from June 2024. This growth trend illustrates the state’s flourishing betting market and the increasing popularity of both online and retail sports betting.
Online Sports Betting
Online sports betting continues to dominate Ohio’s betting landscape, generating a substantial $53.5 million in revenue for July. This figure represents the vast shift towards digital platforms for wagering, reflecting a broader national trend in the sports betting industry.
Retail Sports Betting
In contrast, retail sports betting locations brought in $1.5 million in July. While this figure is significantly lower than online betting, it still contributes to the overall revenue and showcases the ongoing relevance of in-person betting experiences for many enthusiasts.
Overall Sports Betting Handle
The total sports betting handle—essentially the total amount wagered—reached $477.5 million for the month. This strong handle indicates robust consumer interest and engagement in various sporting events, affirming Ohio’s status as a competitive market for sports betting.
Tax Revenue Collection
The state’s tax revenue from sports betting for July amounted to $11.1 million. This revenue is vital for Ohio, providing funds that can be allocated to various public services, including education and infrastructure projects.
Year-to-Date Performance
Looking at the first seven months of 2024, January remains the standout month, with an impressive revenue total of $113.1 million. This peak underscores the impact of the NFL playoffs and the Super Bowl on betting activities, traditionally one of the busiest periods in the sports betting calendar.
Addressing Responsible Gambling
In light of the increasing revenue and participation in sports betting, the Ohio for Responsible Gambling (ORG) has initiated a campaign called More Than A Bet. This campaign aims to combat athlete harassment linked to gambling activities.
Goals of the More Than A Bet Campaign
The initiative serves as an online resource designed not only for athletes and coaches but also for counselors, campus life leaders, and the general public. It focuses on educating individuals about the consequences of gambling-related harassment and fostering a responsible gambling culture.
Ohio’s sports betting market is experiencing substantial growth, with revenue figures reflecting a vibrant and expanding industry. As online betting continues to gain ground, the state is also taking proactive measures to address responsible gambling practices. The balance of promoting a thriving betting environment while ensuring the well-being of participants remains crucial for the future of sports betting in Ohio.