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Ohioans have put down more than $1.75 billion on sports when wagering became legal at the beginning of the year, according to the monthly revenue report release by the Ohio Casino Control Commission.
March Madness will more than likely add hundreds of millions more to the tally. The taxable revenue pulled in for the state in more than $208 million.
The Ohio Lottery Commission reported revenue of $178,186 for restaurants bars and businesses, other than casinos or sportsbooks, for January and February.
Sports gaming revenue is taxed at 10%, per the Ohio Casino Control Commission website, meaning Ohio has only walked away so far with about $29 million.
“We had a pretty smooth and successful launch. From the commission’s perspective, we had 16 online mobile operators launch and 13 in-person retail locations launch, which was the largest simultaneous launch of sports gaming in the US and one of the largest expansions of gaming in Ohio’s history,” said Jessica Franks, the director of communications at the Ohio Casino Control Commission.
Consumer 10 asked the commission when sports gaming tax revenue goes to the veterans fund, the sports gaming education fund and the problem sports gaming fund.
“Those funds are appropriated by the members of the General Assembly,” Franks said. “And so we will have to wait and see from them, you know, what, how they choose to spend those funds.”
Here’s how it breaks down:
- 0.5% the Department of Veterans Services for supplies and maintenance at the Ohio veterans home in Georgetown and Sandusky.
- 100% of gaming tax revenue and 99.5% of license fee revenues will be held in the sports gaming revenue fund, also called R068.
- Money will first reimburse expenses with the tax refund fund and the sports gaming tax administration fund.
- 98% of the remainder will go to the sports gaming profits education fund, also known as 5YO0
- The remaining 2% of the sports gaming tax revenue is earmarked for the problem sports gaming fund.
The Ohio Office of Budget and Management told 10TV when money will be distributed from funds to organization will be determined when lawmakers come up with a 2024-2025 fiscal year budget. The new budget begins July 1.
The Ohio Casino Control Commission also updated Consumer 10 on how much money was earned in fines for the rollout of sportsbooks in the state. More than $1 million in violations have been settled between five sports books and the commission. All waived its rights for a hearing.
BetMGM and Caesars sportsbook were each fined $150,000 for advertising violations and gaming messaging laws. Penn Sports Interactive, which runs Barstool Sportsbook will pay $250,000 after it settled for advertising violations near an Ohio college or University campus and targeting those under 21.
DraftKings Sportsbook faces two cases, one involving advertising and the other targeting individuals under 21 years old. A settlement and agreement was approved by the commission. DraftKings will pay $500,000.
Monthly revenue reports are released at the end of each month by the Ohio Casino Control Commission.
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