Ohio's Sports Betting Market in 2024, after introduced last year

Ohio is one of the latest states to pass legislation allowing for sports betting within its borders. As such, a list of Ohio betting sites that are legal has been made available as a guide for bettors when sports betting is launched in January, 2023. 

Here are some tips on how to prepare for Ohio's sports betting market: 
1. Research the Market. Before diving into any kind of investment, it’s always a good idea to do your research and gain an understanding of the markets you’re looking at. This means learning about Ohio’s current laws and regulations surrounding sports betting, as well as researching potential operators and their offerings. 
2. Create a Budget. Having a detailed budget will help ensure you don't overspend or make poor decisions when investing in Ohio's sports betting market. Take some time to consider what kind of capital you have available and create a plan for how much money you're willing to dedicate toward this endeavor. 
3. Identify Potential Partners. If you're looking to invest in Ohio's sports betting market, it may be beneficial to identify potential partners who can provide insight into this industry or assist with managing operations once things are up and running.

How Ohio's Sports Betting going after a year launch

The Ohio sports betting market, launched in January 2023, has been a success story. In its first year, it raked in over $7.6 billion in wagers, placing it among the top five states for handle in the US. Mobile apps dominated the market, accounting for nearly 75% of all bets. FanDuel and DraftKings emerged as the clear leaders, capturing almost 70% of the online handle.

However, the market has seen some fluctuations. There was a slight dip in revenue in February 2024 compared to the previous year, possibly due to a lack of major sporting events. Additionally, a ban on college player prop bets impacted March revenue. Overall, though, Ohio's sports betting market shows promise for continued growth and significant tax revenue for the state.

The Benefits and Challenges of Sports Betting in Ohio

There are many benefits to sports betting, such as the potential for large payouts and the excitement of watching your favorite teams compete. However, there are also some challenges that come along with sports betting in Ohio. The biggest challenge is understanding the rules and regulations that govern sports betting in Ohio. It’s important to understand these rules before placing any bets so you know you’re following them correctly. It’s important to be aware of any taxes or fees associated with sports betting in Ohio so you can plan accordingly. It’s also important to remember that sports betting is a form of gambling and should be treated as such – meaning you should only bet what you can afford to lose.

What types of sports betting will be available in Ohio?

Ohio is expected to offer a wide variety of sports betting options, including traditional fixed-odds wagers, parlays, in-play betting, and more. Ohioans will be able to place bets on professional and collegiate sporting events taking place within the state as well as those occurring outside. The Ohio Lottery Commission will oversee all sports betting operations in the state. Sportsbooks may also offer prop bets on individual players or teams, futures bets on championships or other major events, and point spread wagers. Additionally, bettors can expect to find a variety of special promotions such as free bets and bonus offers from online sportsbooks operating in Ohio.

Will online and mobile platforms be available for sports betting in Ohio?

Yes, online and mobile platforms will be available for sports betting in Ohio. The state has recently passed a law that allows for the legalization of sports betting, both online and through mobile apps. This means that Ohioans can now place bets on their favorite teams from the comfort of their or while on the go. To ensure safety and security, all online and mobile platforms must be licensed by the Ohio Casino Control Commission before they can offer sports betting services to customers. Additionally, all operators must adhere to strict regulations set forth by the commission in order to protect consumers from fraud and other illegal activities.

To prepare for the start of Ohio's sports betting market in 2023, make sure you are familiar with the regulations, laws, and other requirements that will be necessary to place a bet. Additionally, research which sportsbook operators will be available in Ohio so you can choose the one that best fits your needs.