Ohio maturity may result in an annual wager of $12 billion

Ohio maturity may result in an annual wager of $12 billion

PlayOhio, online and retail operators in Ohio, expect the gaming sector to produce between $9 billion and $12 billion in wages yearly once completely mature. 

PlayOhio set for bludgeoning growth in 2022

Predicted to occur in the market’s third year, this estimate would also generate between $700 million and $900 million in gross revenue annually, as PlayOhio also noted that the state’s sports betting market has the potential to generate up to $900 million in gaming revenue, $12 billion in wagers, and $90 million in state taxes once it matures.

Ohio (11.7 million citizens) is the smallest established sports betting market in comparison to Illinois (12.6 million residents) and Pennsylvania (12.8 million residents), which are currently the third and fourth-largest sports betting markets in the United States, respectively.

Pennsylvania has had retail and online betting for almost two years and has collected $5.3 billion in wagers through the first 11 months of 2021. This resulted in $415.3 million in gross gaming revenue. Sportsbooks in Illinois, which opened in July 2020, have produced $397 million in total gaming income and $5.2 billion in wagers through the first ten months of the year.

Quotes from the Press Release

When Governor Mike DeWine approves the law legalizing sports betting in Ohio, which PlayOhio reports is “anticipated,” the state will join 30 other US states and Washington, DC, that have legalized and regulated sports betting in some manner. In addition, when the Buckeye State debuts, which might occur as late as January 2023, it is expected to be “one of the largest marketplaces in the country.”

“Ohio is a major state that has embraced an open approach, making it extremely appealing to both national and local operators,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayOhio.com.

“What the greatest marketplaces in the United States have in common is that they all stimulate competition among several businesses. These markets are significantly more tempting to bettors, which results in a more consistent revenue stream for the state.”

“The bill as written will transform Ohio into one of the largest and most dynamic marketplaces in the United States,” claimed Matt Schoch, chief analyst at PlayOhio.com. “The state’s sports landscape and residents’ preference for land-based gambling, which has benefited sportsbooks in adjacent states like Indiana, also promise well for the future of sports betting in Ohio.”

“While Ohio will face limited competition from adjacent states, it possesses sufficient local advantages to be a successful independent market,” Ramsey added. “The state already has an extremely high concentration of professional and collegiate teams, and legislators have imposed no meaningful limitations on college sports betting. This combination will result in a very robust local market in Ohio.”

About the PlayUSA.com Network:

The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.