Sport Betting by the Numbers

By: Jackie Reau, Publisher

More than $6 billion dollars will be wagered today on Super Bowl Sunday. Sadly, you won’t be able to make a bet on the Big Game in an Ohio Sports Book nor will you be able to make one of the 1,000 prop bets available. In case you were wondering, my favorite prop bet today is the octopus or when the same player scores a touchdown and subsequently scores the 2-point conversion.

Ohio law makers are lagging behind the other 21 U.S. states who have launched sports betting since it was legalized in May of 2018. Neighboring states are cashing in on sports betting with Indiana, which launched in September 2019, taking a $2 billion handle since day one. Michigan which began rolling out sports betting in March of 2020 saw $130 million in wagers—during a Pandemic.

I am bullish on legalized sports betting in Ohio for a number of reasons. The tax revenue will help Gov. DeWine’s cash-strapped budget with a new monthly revenue stream. Hopping on my black jack stool for a minute, I think that the sports events tourism industry deserves a piece of the revenue pie for facility development and grants to lure sporting events to the state. No other state is recognizing this industry with a revenue carve out and it would be a huge opportunity for the entire state to coalesce with cash to go after new major sporting events to host.

Additionally, legalized sports betting enhances the fan experience, and may well drive ticket sales if fans can place in-game bets at the sports stadium. I would love to see a betting window inside the new FC Cincinnati stadium.

Cities can also embrace betting milestones (read: Super Bowl, March Madness, etc.) and create a series of new events to put heads in hotel beds, fill seats at restaurants and create new revenue streams.

The 21 U.S. states including Washington, D.C., who have enacted legalized sports betting are reaping the revenue benefits. For example, Rhode Island and New Hampshire have realized wagers totaling more than $774 million combined since their launches in 2018 and 2019, respectively. For perspective, Rhode Island has a population of just over one million and Ohio has 11 million residents.

To the law makers of Ohio, please move the legalization of sports betting to the top of the state’s legislative agenda with a carve out for the sports events tourism industry to further advance the industry in our state. 

PS: I am taking the points on today’s game (56).