LAS VEGAS, 22 December 2021 / PRNewswire / – from Ohio the sports betting market is capable of producing as much as $ 900 million in gaming revenue, $ 12 billion in paris, and $ 90 million according to estimates from PlayOhio, which tracks the state’s regulated online gaming and sports betting market.
“Ohio is a large state that has adopted an open model, which will make it extremely attractive to national and local operators, ”said Eric ramsey, analyst for the PlayUSA.com network, which includes PlayOhio.com. “The common thread among the largest markets in the United States is that they all favor competition among many operators. These markets are much more attractive to punters, making the industry a more reliable income producer. for the state. “
When the govt. Mike DeWine signs the bill to officially legalize sports betting in Ohio, which is planned, the state will join 30 other US states and Washington DC, who legalized and regulated sports betting in one form or another. And when the Buckeye State launches, which could be as late as January 2023, it will be one of the largest markets in the country.
At maturity, which could occur as early as the third year of the market, Ohio online and retail operators will generate between $ 9 billion and $ 12 billion in betting every year, which would produce between $ 700 million and $ 900 million in gross revenue each year, according to PlayOhio projections. With from Ohio tax structure, which represents 10% of the taxable income of an operator, this can represent up to $ 90 million in taxes for the state each year.
Ohio has important intrinsic advantages as a market that will help it reach its potential. On the one hand, sports betting will be able to take bets on a wide range of professional and college sports, as well as e-sports. And with nine major professional franchises and 13 NCAA Division I athletic colleges, eight of which have FCS football programs, a large pool of local fans will all help generate interest.
“The way the bill was structured, Ohio one of the largest and fastest growing markets in the United States, ”said Matt schoch, Senior Analyst at PlayOhio.com. “The state’s sporting landscape and residents’ affinity for land-based gambling, which has benefited sports betting in neighboring states such as Indiana, also bodes well for the future of sports betting in Ohio. “
By population, Ohio (11.7 million inhabitants) compares most in size among established sports betting markets with Illinois (12.6 million inhabitants) and Pennsylvania (12.8 million people), currently the third and fourth largest sports betting markets in the United States, respectively.
Pennsylvania, who has been practicing retail and online betting for over two years, took $ 5.3 billion in betting during the first 11 months of 2021. This produced $ 415.3 million in gross gaming revenue. In Illinois, which was launched in july 2020, sports betting generated $ 397.0 million in gross gaming revenue on $ 5.2 billion in betting in the first 10 months of the year.
Ohio is almost entirely surrounded by states that have already legalized sports betting in one form or another, primarily limiting out-of-state gambling to residents of Northern Kentucky. And in addition to being a frequent host of NCAA Men’s Basketball Tournament games, Ohio is without a significant sports tourism industry. These two factors will make the market predominantly locally dependent.
“Ohio won’t have many opportunities to attract punters from neighboring states, but it has enough local advantages to be a thriving autonomous market, “Ramsey said.” The state is already home to an unusually high number of teams. professional and academic, and policymakers have done so not to impose significant restrictions on college sports betting. This combination will Ohio a particularly robust local market. “
For real-time updates on regulated sports betting in Ohio, visit www.playohio.com/news/sports-betting-live-updates/.
About the PlayUSA.com network:
The PlayUSA.com network and its state-focused branches are a major source of information, analysis and research related to the regulated online gaming market in the United States.