Ohio doubles sports betting tax
Governor Mike DeWine has signed the state budget bill.
US.- DeWine has signed Ohio’s fiscal year 2024-25 budget bill with an increase in the state’s sports betting tax from 10 to 20 per cent. DeWine proposed the rise in his budget proposal early in the year.
The new tax is expected to generate an additional $100m in revenue, mostly for the Sports Gaming Profits Education Fund. As mandated by the original law, 2 per cent of the increase in tax revenue will be directed to the Problem Sports Gaming Fund.
The Ohio Casino Control Commission (OCCC) launched both online sports betting and retail sports wagering on January 1, 2023. The state currently has 18 sportsbooks.
Sports betting in May
Ohio‘s combined retail and online sports betting handle was $447.5m in May, down 14.4 per cent from the $520.6m registered in April. Ohio’s 18 online sportsbooks accounted for 97 per cent of the market with $430.7m in bets while retail sportsbooks reported $15.6m.
Ohio took in $5.78m in taxes. The state has cleared $51m in tax receipts since launch on January 1. Revenue has surpassed $500m.
