Ohio looks to cash in on Super Bowl betting
Expect many Ohio sports fans to obsess about spreads during the Super Bowl, and we're not talking about the trays of food in front of them.
What's happening: Ohio is expected to take in nearly $83 million in Super Bowl bets, fifth-highest among the 33 states where sports betting is legal, according to PlayOhio.
- Ohio ranks behind Nevada, New York, New Jersey and Illinois, and just ahead of Pennsylvania.
Why it matters: Major Ohio cities are banking on the potential tax revenue from sports betting.
- Cleveland City Council estimates legalized sports wagering could generate $65 million in annual revenue to be put toward improving the city's infrastructure.
Catch up fast: Sports betting became legal in Ohio on Jan. 1, with 16 sportsbooks now live in the state.
By the numbers: In January, more than 160 million instances of someone logging on to an online sportsbook in Ohio were identified by GeoComply, which tracks the location where an app is opened.
- More than 31 million such instances were in Cleveland, second only to Cincinnati's 38 million.
Meanwhile, the Ohio Casino Control Commission is expected to release the first official sports-betting revenue figures at the end of February.
Zoom out: More than 50 million U.S. adults are expected to wager $16 billion on Super Bowl LVII, per the American Gaming Association. Both figures are roughly double last year's record tally.
What they're saying: Eric Ramsey, market analyst for Catena Media, which owns PlayOhio, tells Axios that the amount of money being wagered in Ohio has been impressive.
- "To be right there with Pennsylvania, which launched in 2018, and Illinois, which launched in 2019, is amazing," Ramsey says, "especially less than 45 days in."
The bottom line: The Super Bowl is just the beginning for Ohio sports-betting activity, which could generate nearly $9 billion in bets in 2023.
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