Sports betting revenue figures in Ohio jump in June up 46% year-to-year

Ohio sports betting revenue figures took a big jump year over year. Figures released Wednesday by the Casino Control Commission saw $529 million in wagers, which was up 46% over last June's $362 million.

Online continues to be king in the state, with 97.4% wagered electronically with only 2.5% wagered at the state's brick-and-mortar sports books. Of the online outlets, FanDuel and DraftKings accounted for 66% of the bets wagered. On the brick-and-mortar side, MGM Northfield Park led the way.

In all, there was $51.2 million in taxable revenue after all bets were paid. The figures are the first released since the Report of the Study Commission on the Future of Gaming in Ohio, where the state's doubling of the tax on those winnings from 10 to 20% was one of the things addressed, with some lawmakers calling the tax hike premature as the industry was just starting.

"You have operators which are companies that made a commitment to Ohio only to find out later the cost of business was going up, potentially substantially for them," said Geoff Zochodne, an industry analyst with Covers.com. "So there's what a bit of concern there on springing a surprise like that on companies that made a commitment to the state."

The commission also looked at the state's decision to ban prop bets on college athletes following high-profile online attacks against athletes targeted by losing betters. A trio of legislators argued it be rescinded, saying it looked to solve the problem without addressing the issue.

"And that's something we've heard a bit with this debate kicked up by the NCAA is a question over is this a sports betting problem or is it more of a social media problem," Zochodne said. "We have seen states subsequently follow Ohio's example and prohibit those props."

The individual recommendations in the report, though, are just that. Any actual changes would have to come from the legislature.

"Legalizing sports betting and regulating it, you don't just do it and that's the end of it. It's this living thing that you have to kind of constantly tend to and meet these concerns from time to time," he said.

The biggest challenge facing the legislature in the coming year is whether or not to proceed with iGaming and, if so, how that would be structured.