In September, Ohio witnessed a substantial surge in its sports betting activity, with a handle totaling an impressive $690 million, according to data released by the Ohio Lottery Commission. This marked a remarkable 55% increase compared to August when the handle was $380 million. Additionally, the state’s sports betting revenue demonstrated significant growth, reaching $81.6 million, representing a 100% increase from the previous month.
Impressive Month for Ohio Sports Betting:
September emerged as a pivotal month for Ohio’s sports betting industry, with the third-highest handle on record, trailing only behind the launch month in January and the figures from March.
Tax Revenues on the Rise:
The state collected a total of $16.4 million in taxes from the sports betting revenue, signifying a substantial financial boost for Ohio. The surge in tax revenue highlights the potential economic benefits that sports betting can bring to the state.
Optimistic Market Outlook:
Industry experts, such as PlayOhio managing editor Steve Schult, express optimism about the future of Ohio’s sports betting market. The addition of NHL and NBA games to the betting slate in October is expected to further boost the market. The ability to sustain and even surpass these impressive figures will determine the full potential of Ohio’s sports betting market.
In addition to sports betting, the article also mentions the performance of Ohio’s casinos and racinos in September, which recorded a combined gambling revenue of $191.9 million. Although it represents a 1.7% increase compared to the same month last year, it slightly declined by 1.5% compared to the previous month.
Ohio’s sports betting market demonstrated remarkable growth in September, with a substantial increase in both the handle and revenue. The state’s ability to maintain and build upon this positive momentum, especially with the addition of more sports to the betting slate, will be pivotal in shaping the future of Ohio’s sports betting industry. Moreover, the state’s casinos and racinos continue to contribute to the region’s gambling industry, highlighting the diverse and dynamic nature of Ohio’s gaming landscape.