Ohio Sportsbooks Report $746.29 Million In Wagering Handle For October
The Ohio Casino Control Commission has released the sports betting handle and revenue report for October. Ohio sportsbooks saw a boom in activity for October compared to September but recorded an overall dip in revenue month over month. The October Ohio sports betting report still shows a strong local market, even with the slight dip in sportsbook revenue.
Ohio Sportsbook Report Breakdown
For October, sportsbooks reported $746,298,634 in wagers, a 7.4% increase compared to the $690,378,913 wagered in September. Ohio was yet again dominated by mobile sportsbooks that saw $724,149,541 of the total wagers for October; 97% of the total market.
After $38,661,960 was deducted for promotions, operators saw $80,577,223 in taxable revenue. This is a slight decrease month over month from the $81,767,838 in taxable revenue in September. The state collected $16,115,444 in taxes for October.
Ohio has seen a steady stream of taxable revenue from local sportsbooks since the market launched in January. Despite the slight dip in October, the recent report reflects the fifth largest revenue month since launch. Ohio sportsbooks have proven in their first year to be a major fiscal asset to the Buckeye State.
Ohio Sports Betting Revenue Examined
Through October, sportsbooks have reported $779,768,671 in taxable revenue. Since Ohio taxes sportsbooks at a 20% rate, this means the state has added $155,953,734 to its coffers this year. Prior to the market launch, Ohio financial experts anticipated $24 million in tax revenue by mid-July 2024. This was based on an early draft where sportsbooks would be taxed at a 10% rate.
Even with the increased tax rate of 20%, sportsbooks have already shattered all pre-launch projections. Ohio’s betting market has ballooned into one of the five biggest sports betting markets for 2023. Additionally, the market has shown no signs of slowing down with the NFL season still underway. Ohio has proven to be a major success in the sports betting industry.