Ohio Sports Betting Soars Past $6 Billion as Football Leads
December 13, 2024 Marija D
Since the legalization of sports betting in Ohio nearly two years ago, the industry has seen remarkable growth. In 2024 alone, residents have placed bets exceeding $6 billion. Experts predict even greater participation as significant events, such as the College Football Playoff, draw near.
Dr. Kevin Willardsen, Associate Professor of Economics at Wright State University, explains the appeal: “Gambling is fun, especially gambling on sporting events. It combines two things that people enjoy. They enjoy watching sporting events and betting with their friends.”
In October 2024, bettors in gamblers.
College Football Playoff Set to Boost Betting
With the expanded 12-team College Football Playoff starting on December 20, experts anticipate a surge in wagering activity. Bettors are expected to take advantage of new opportunities to make smaller bets on various outcomes.
“Especially as we add opportunities for people to place smaller valued bets on more outcomes. Similar to the March Madness bracket, you can place small amounts of money on outcomes or payoffs that are very unlikely to happen,” Willardsen explains.
The increased betting options contribute to the excitement, but the nature of sports betting remains the same. Willardsen highlights that it is a zero-sum activity, where every win and loss balances out in economic .
While individual wins and losses cancel out, the state of Ohio emerges as the ultimate winner in the sports gambling landscape. Tax revenue from wagers significantly benefits the state, with over $730 million collected in 2024 alone.
“The only entity that actually benefits from having any type of gambling take place would be the state because they get to tax each gamble. The house always wins, and in this case, the house is the state,” Willardsen notes.
As betting platforms roll out deals, odds, and point spreads for the College Football Playoff games, Ohio’s sports gambling industry shows no signs of slowing down.
Source:
„Ohio sports gambling soars with over $6 billion in bets, ahead of college football playoff“, myfox28columbus.com, December 9, 2024.
Wow, $6 billion in bets already this year in Ohio? That’s incredible! I had no idea the state benefits so much from sports betting taxes—$730 million is a huge number. The new College Football Playoff format sounds like it’s going to bring in even more. Go Buckeyes!