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The sports betting industry continues to thrive in the Buckeye State.
The Ohio Casino Control Commission has reported an October sports betting handle of over $901 million. That is the most since the state saw $1.1 billion in wagers during the industry’s inaugural month. October’s massive number led to over $81 million in taxable revenue.
While the handle was the second-highest Ohio has seen, the industry’s revenue was down from $106.1 million the month before. That showed more bettors were winning in October despite wagering more than the previous month.
The strong month was driven by the NFL and college football seasons. October also featured the MLB playoffs and the start of the NHL and NBA seasons. Ohio has several teams in those leagues, leading more residents to place bets.
FanDuel led all sportsbooks with an October handle of $307 million, with DraftKings close behind at $297 million. While bet365 finished in a distant third, its place atop the second-tier operators is a promising sign for the platform’s future.
Ohio Considers Lowering Tax Rate
Ohio raised its tax rate on sports betting operators from 10% to 20% earlier this year, leading to some massive tax revenue numbers. However, an Ohio State Senator has proposed a bill to lower the rate back to 10%. If passed, it would make the state the first market to reduce its rate since sports betting became legal.
Supporters of the bill believe a lower tax rate will help the market over the long term. While sportsbooks haven’t exited the market since the tax hike, operators have offered fewer promotions and watered-down odds. This could lead to more bettors stopping wagering or looking for offshore options.
While the bill does have some support, it will face an uphill battle in the legislature. It will effectively cut the state’s tax revenue in half as the market grows.
