Ohio sportsbooks generate $864m in state’s monthly sports betting report

Updated:2024-03-30 09:24    Views:124

According to the Ohio Casino Control Commission's monthly report, the state's sportsbooks generated a handle of $864.2m, marking the second-highest amount wagered for the second consecutive month.

November handle surged by 15.8% from October, demonstrating growth in Ohio's 11-month sports betting history.

A variety of sporting events including NFL, college football, MLB, NBA, college basketball and NHL drove the increased betting activity among Ohioans.

However, despite the heightened betting action, sportsbooks faced a challenging month as gross revenue dropped by 15% to $68.2m. The win rate declined to 7.9%, the lowest in Ohio's history, indicating that bettors gained an advantage over sportsbooks. 

Promotional credits, notably from ESPN Bet — Penn Entertainment's newly launched platform — increased by 52% from October, with $29m distributed after its launch on 14 November.

Ohio's average win rate for 2023 remains above 12% in a maturing market. However, November marked the end of back-to-back months with revenue exceeding $80m.

Despite the decline in profits,Online Casino Games Ohio sportsbooks have amassed nearly $850m in taxable revenue for the year, contributing $13.6m in tax revenue for November and reaching a total of almost $120m in 2023.

Noteworthy newcomers in Ohio's sports betting landscape include ESPN Bet, securing the third-highest amount wagered at $70.8m with a 16.9% hold before promotions. 

FanDuel led online wagering with a handle of $293.2m, followed closely by DraftKings with $275.8m. BetMGM and Caesars also made considerable contributions to Ohio's betting landscape.

In the retail sector, Hollywood Columbus maintained its momentum, surpassing $4m in wagers for the second consecutive month. Other brick-and-mortar sportsbooks, such as Hollywood Gaming at Dayton Raceway, Hollywood Toledo and MGM Park Northfield, also generated seven-figure handles in November, demonstrating sustained retail interest in sports betting across Ohio.

This significant rise in handle amid revenue fluctuations mirrors trends seen in other states, including Pennsylvania, where despite a record sports wagering handle of $934.1m in November, the revenue faced a 1.7% decrease.

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