Sports gambling will provide billions in Ohio tax revenue | Jake Wells

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Want to bet on the Browns, the Cavs, or the Guardians? It’s coming soon. When the clock strikes 12 a.m. on New Year’s eve, you’ll be able to legally participate on sports gaming in Ohio. The Ohio General Assembly passed House Bill 29, legalizing and regulating sports gaming in the state. Ohio will be the 32nd state where you can legally gamble on sports online. (source)

More than a dozen sports betting operators such as BetMGM, Caesars, FanDuel and more are scheduled to start taking wagers from Ohio residents. As long as you are ages 21 or older, you’ll be able to participate in online sports wagers 24/7.

The American Gaming Association reports that through September, sports betting nationwide generated $4.78 billion in revenue, a nearly 97% increase from 2021. (source)

The State Will See A Boost In Tax Revenue

The state of Ohio is charging a 10% betting tax on sports, which is close to some surrounding states as Michigan has an 8.4% tax rate; Indiana has a rate of 9.5% and West Virginia has a 10% rate. (source) How much revenue will be generated? Time will tell, but in Fiscal Year 2020, which ended Indiana sportsbooks produced about $7.4 million for Indiana coffers. (Source) Somewhere around 15-20 million could be a decent estimate for the state of Ohio, based on the population of Ohio being double that of Indiana.

What do you think about sports betting in Ohio?

Would you support it? Feel free to share your thoughts in the comments.

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