Sports gaming numbers dip in May; fall rebound expected
(The Center Square) – While sports slow in the summer months, so does the amount of money Ohioans are betting.
According to figures released recently by the Ohio Casino Control Commission, total sports betting handle and mobile sports betting numbers in May were down nearly 10% year over year, but taxable revenue rose 4.4%.
Industry experts expect the slower trend to continue until football season returns in the fall.
“For June, we are predicting a continued decline in handle size as Ohioans have fewer betting options,” BetOhio analyst Chris Boan said. “This decline will continue dropping in the coming months and is not expected to pick up significantly until football season kicks off in the fall.”
In May, gamblers placed $612.7 million in total bets, a drop of 9.1% from April. At the same time, mobile betting handle fell 9.4% to $595.2 million.
However, total May revenue finished at $67.3 million, a jump of more than 4% from April.
“The overall amount bet on sports was down 9.1% in May, however, Ohio scraped up a 4.4% increase in revenue during the month of May,” Boan said. “This financial win for the Buckeye State proves promising for future months.”
The state’s betting tax bill in May was $13.5 million, which is taxed at a 20% rate.
The bulk of Ohio’s sports betting continues to come from mobile sports apps, which have formed partnerships with many of the state’s professional sports teams, including the Cleveland Cavaliers, Cincinnati Bengals, Columbus Blue Jackets, Columbus Crew and Muirfield Village Golf Club, home of the PGA Tour’s Memorial Tournament.
May’s decline follows a rebound in March due to the March Madness college basketball tournaments. The total handle in March reached $809.3 million, a 20% jump from February.
