According to PlayOhio, a Catena Media-owned sports betting analysis platform, Ohio’s sports betting market is capable of generating approximately $12bn in gaming revenue.
PlayOhio feels that of the $12bn, the Buckeye state could generate a massive amount of $900m in yearly gaming revenue and $90m in state taxes once the region reaches maturity.
Once Governor Mike DeWine signs the bill that officially legalizes sports betting in Ohio, the Buckeye State will join 30 more US states and Washington DC that have already legalized and regulated sports betting in some form.
Once the market launches, which could be as late as January 2023, it is expected to be one of the nation’s most productive.
The Buckeye State has a population of 11.7 million residents and can be compared to Illinois and Pennsylvania’s sports betting markets which at present sit third and fourth-largest in the US.
Eric Ramsey, an analyst for the PlayUSA.com network which includes PlayOhio.com, commented that Ohio is a large state that has embraced an open model, which will make it immensely attractive to both national and local operators.
He went on to say that the common element among the largest markets in the US is that they all foster competition among many operators. He added that those markets are far more appealing to bettors, which in turn makes the industry a more reliable revenue producer for the state.
Ramsey also said that Ohio won’t have much opportunity to draw bettors from neighboring states, but it has enough local advantages to be a successful standalone market. He added that policymakers did not put any restrictions on collect sports betting.