(The Center Square) – Ohio in February compared to January took in more than 60% less in taxes on the backs of sports gamblers who wagered nearly 20% less.
Industry experts, however, believe the fall is typical.
Ohio gamblers bet $672 million in February, $140 million less than in January, and the state took in $13.4 million in taxes. In January, Ohio reaped more than $22 million in taxes.
It was the lowest tax output since November.
“The typical ebbs and flows of the American sports betting calendar reared their ugly head for Ohio sports betting operators in February, with a 17.2% drop in total handle and a 41.4% decline in revenue during the month,” said Christopher Boan, a BetOhio analyst.
Despite the fall from January, February’s numbers were up 5.1% from a year ago, the second month of legal betting in the state.
Boan expects March numbers to rebound with the beginning of the NCAA men’s and women’s basketball tournaments, the return of baseball and continued wagering on professional soccer and hockey.
“Looking forward, BetOhio is looking at March to be a bounce-back month for Ohio due to an expected uptick in month-over-month handle related to the NCAA’s March Madness tournament,” Boan said.
In terms of market share, FanDuel Sportsbook ($222.1 million), DraftKings Sportsbook ($221.2 million), Bet365 ($44.6 million), BetMGM ($42.6 million) and ESPN BET ($40.9 million) were the top entities in February, according to BetOhio.
