Even though more bets were placed, the sportsbooks that handle sports betting made less money, earning $899.4 million in 2024, down 4% from $936.5 million in 2023, according to Ohio Casino Control Commission statistics and BetOhio.com, which covers the sports-betting industry.

“In all honesty, it’s a win for the state ... just because you’ve got that money going back into the hands of local residents,” said Steve Bittenbender, an analyst and writer with BetOhio.com. “Most people, when they win a big bet or have a nice little run, they’ll go out to eat or, they’ll splurge on something. It’s not going to be money that they’ll keep under their mattress. It’ll be money that they recirculate into the local economy.”

Tax revenue generated by sports betting for 2024 totaled $180.8 million, up 35.7% over the nearly $133.3 million generated in 2023. Of that number, 98% is used to fund Ohio public education and 2% is set aside for problems sports gambling services.

Sports betting in Ohio started Jan. 1, 2023 making the state the 32nd one to allow live sports betting. There are now 38 states, plus Washington, D.C., engaging in sports betting, according to the American Gaming Association.

Missouri is set to be the 39th late this year, Bittenbender said.

Sports betting’s strongest month in Ohio thus far in terms of revenue generated was $208 million in January 2023.

“You had sports books offering almost $320 million in promotional wagering waivers,” he said. “Obviously, that was people who were getting sign up bonuses and first-deposit matches. There were a lot of other incentives, so sports books spent a lot of money that month to get the first movers and they recouped quite a bit of that.”

No month since then has exceeded the topped $116.9 million in revenue generated in November 2024. The second highest month, January 2024, which was filled with NFL playoff games, the College Football Playoff National Championship and Super Bowl betting, came close to that amount, with $113.7 million in revenue.

About 98.2 of revenue accrued in Ohio via sports gambling was via authorized web- or app-based sports gambling vendors with the remaining 1.8% of revenue coming via wagers at brick-and-mortar sportsbooks or gaming kiosks.

At Hollywood Gaming at Dayton Raceway, revenue from sports betting revenue increased from just over $1.48 million in 2023 to nearly $1.6 million in 2024, according to Ohio Casino Control Commission data.

Hollywood Gaming in 2023 opened Barstool Sportsbook, a restaurant with a full-service bar and several large-screen televisions, including one with an LED display of 58,752 square inches, roughly 46 times larger than a 65-inch TV screen.

The racino’s best month for sports betting in 2024 was January, with $459,438 earned, according to Ohio Casino Control Commission data. Kelley said the racino’s new partnership with nationally recognized brand ESPN is “a great relationship that we’re happy to have.”

Based on total betting handle — the amount of money wagered by people using online devices, such as desktops, laptops or mobile phones — Ohio jumped up from 6th place in 2023 to 4th place, outpaced by New York, Illinois, and New Jersey, according to Jo Ann Thomas, spokeswoman for BetOhio.com.

It is now followed by Pennsylvania and Nevada. However, “North Carolina legalized betting in 2024, and with a similar population to Ohio, it’ll be interesting to see where North Carolina lands at the end of this current year, once it has its first full calendar year,” Thomas told this news outlet.

Sports bets also can be made through kiosks at bars, restaurants, bowling alleys, grocery stores and other establishments.

Thomas said Ohio’s sports betting handle likely increased in 2024 due to factors like the Ohio State Buckeyes season, meaning bettors wagered more money overall. However, revenue — what the state and sportsbooks actually make — is heavily influenced by the sportsbooks’ “hold,” which is their profit margin, she said.

“Generous promotional offers can attract bettors, boosting the handle, but they also eat into the hold, leading to lower revenue for both the books and the state,” Thomas said.

Normally, lower revenue means lower taxes, she said. However, Ohio introduced a wrinkle in by increasing the tax percentage on sports bets from 10% to 20% for operators for 2024.

“(That) explains the seeming contradiction,” Thomas said. “Even with potentially lower revenue due to promotions impacting hold, the state collected more in taxes because of the higher tax rate. Once the tax rate stabilizes, revenue and tax collections should generally move more in tandem.”

Last month, Ohio Gov. Mike DeWine proposed doubling the tax on sports betting operators from 20% to 40% and putting the revenues from the increase into a designated state fund for when major and minor league sports franchises ask the state to spend millions of dollars to upgrade their facilities.

Under the proposal, an appointed commission would allocate those funds.

“Funding stadiums is a concern for some lawmakers,” Bittenbender said. “They don’t want to see any public money go to it ... (but) I do see where the governor is going with this. If people are betting on sports, then some of that money that is being bet on (sports) should go toward stadiums.”

By Eric Schwartzberg