Sportsbook operators in Ohio reported a handle of $1.11 billion in January, the first full month of betting in the state, nearly all of which was wagered online. The sportsbooks posted a revenue of $208.9 million in their first month, with the state taking in $20.9 million in taxes. Those figures don’t include $320 million in promotional credits operators offered that month, as Ohio doesn’t include such promotions in its tax calculations.
Betting’s popularity has fallen as the novelty has waned in recent months. For April, the most recent month available, Sportsbooks reported taxable revenues of $63.7 million on a handle of $520 million, according to the Ohio Casino Control Commission.
Ohio allocates 98% of its sports betting tax revenues to a Sports Gaming Profits Education Fund, with the remaining 2% directed to addressing problem gambling. The education funds are meant to be evenly split between K-12 education and extracurricular activities, and sports programs, but there is confusion over how the money will be spent, according to the local News report
Betting’s popularity has fallen as the novelty has waned in recent months. For April, the most recent month available, Sportsbooks reported taxable revenues of $63.7 million on a handle of $520 million, according to the Ohio Casino Control Commission.
Ohio allocates 98% of its sports betting tax revenues to a Sports Gaming Profits Education Fund, with the remaining 2% directed to addressing problem gambling. The education funds are meant to be evenly split between K-12 education and extracurricular activities, and sports programs, but there is confusion over how the money will be spent, according to the local News report
