Many in the industry have wondered how states would perform should sports betting be legal in their region. Studies upon studies, and intensive research are done by legislators and operators. They want to know if sports betting would be profitable, and by how much. And Ohio sportsbooks are definitely exceeding expectations when it comes to this, as Ohio sportsbooks take in over a billion dollars in wagers in its first month of operations.
Sportsbooks in the Buckeye state- both retail and online- have a total handle of $1.1 billion in January. This is the maiden month for sports betting in the state. Consistent with other states, players prefer to use sports betting software and place wagers online, as they took in the majority of the wagers. In fact, retail sportsbooks only have $23 million in handle.Home to teams like the Bengals, the Reds, the Cavaliers, and the Browns, its not surprising that there would be such high interest in sports wagering.
Ohio Sportsbooks Enjoy Handle in First Month of Operations
Looking at the numbers, around $883.7 million was paid out to players for winning wagers, with $20.7 million of void wagers. This gives sportsbooks around $208.9 million in taxable revenue, and an amazing hold percentage of 18.8%. Sportsbooks have $20.9 million in taxes that they will forward to the state, which is a 10% tax on revenue.
When you open a sportsbook through a bookie pay per head service, you will be able to save on operating costs and help you fund marketing costs to boost player registration. In Ohio, sportsbooks spent around $320 million in promotional credits and free bets. While the amount seems steep, it does end with a billion-dollar handle. With a healthy betting population and customer base, your sportsbook can definitely earn a lot. Especially if you use the right sportsbook software and enticing promotions. Ohio’s numbers, if anything, are a great inspiration for those who want to get into the industry.