First month of Ohio sports betting tops $1B in wagers

A couple of weeks after FanDuel hyped a statewide “free wager” promotion, the sportsbook despatched a clarifying message to Ohio bettors.

• “‘Free Bets’ are actually known as ‘Bonus Bets’ … the one change is to the title.”

Why it issues: FanDuel has 495,088,333 causes to observe Ohio’s prohibition towards misleading playing promoting — that is the overall quantity of wagers it dealt with in our state’s first month of authorized sports activities betting.

• Ohio reported its first set of sports activities gaming income this week, which incorporates all bets made in particular person and through digital apps.
• The large sum illustrates why competing distributors are attempting laborious to lock up clients with an countless flurry of promotions, and why Ohio regulators are equally laborious at work monitoring sportsbooks for unlawful advertising practices.

By the numbers: On-line books dealt with $1.09 billion in wagers in January, paying out $864 million in participant winnings, per Ohio On line casino Management Fee knowledge.

• Sportsbooks inside casinos, racinos and arenas mixed to deal with $23 million in wagers and paid out $19.5 million in winnings.

Zoom in: The Jan. 1 launch included kiosks positioned in a whole lot of eating places, bars and different small companies throughout the state.

• These 772 host areas mixed to deal with $850,000 in bets, paying out $722,000 in winnings.
• These kiosks have restricted betting choices, cap wagers at $700 per particular person per week and are regulated by the state lottery fee.

All instructed, Ohio introduced in simply over $20.9 million in wagering tax income in January, almost all of which works towards Okay-12 training.

• Gov. Mike DeWine is already proposing to double the tax charge of sportsbooks’ income to twenty%.

Context: These figures exceed some trade analysts’ expectations, regardless of some sportsbooks — just like the one at Hollywood On line casino Columbus — not being absolutely open but in January.

The underside line: February’s totals, which embody the majority of Tremendous Bowl bets, could also be even increased.

• And there may be nonetheless March Insanity, the MLB season, NBA playoffs and Buckeyes soccer but to return.

In the meantime, two Ohioans particularly are making their very own main sports activities wager.