The sports activities betting business continues to thrive within the Buckeye State.
The Ohio On line casino Management Fee has reported an October sports activities betting deal with of over $901 million. That’s the most because the state noticed $1.1 billion in wagers throughout the business’s inaugural month. October’s large quantity led to over $81 million in taxable income.
Whereas the deal with was the second-highest Ohio has seen, the business’s income was down from $106.1 million the month earlier than. That confirmed extra bettors have been successful in October regardless of wagering greater than the earlier month.
The sturdy month was pushed by the NFL and faculty soccer seasons. October additionally featured the MLB playoffs and the beginning of the NHL and NBA seasons. Ohio has a number of groups in these leagues, main extra residents to position bets.
FanDuel led all sportsbooks with an October deal with of $307 million, with DraftKings shut behind at $297 million. Whereas bet365 completed in a distant third, its place atop the second-tier operators is a promising signal for the platform’s future.
Ohio Considers Reducing Tax Charge
Ohio raised its tax charge on sports activities betting operators from 10% to twenty% earlier this yr, resulting in some large tax income numbers. Nevertheless, an Ohio State Senator has proposed a invoice to decrease the speed again to 10%. If handed, it might make the state the primary market to cut back its charge since sports activities betting turned authorized.
Supporters of the invoice consider a decrease tax charge will assist the market over the long run. Whereas sportsbooks haven’t exited the market because the tax hike, operators have provided fewer promotions and watered-down odds. This might result in extra bettors stopping wagering or searching for offshore choices.
Whereas the invoice does have some assist, it would face an uphill battle within the legislature. It’ll successfully reduce the state’s tax income in half because the market grows.
