Ohio Sports Betting Industry Experiences Predictable NFL-Fueled Spike

In September, the Ohio legal sports betting industry saw unprecedented success, driven by the resurgence of college and professional football. Retail providers in the state witnessed a substantial increase in both handle and revenues for their top sports wagering apps.

In September, legal sports betting providers in the Buckeye State experienced their third-highest month of operation since launching nine months ago. The state saw an impressive 82% increase in handle compared to the previous month, with taxable revenues doubling from August. Ohio’s sports betting sites also achieved a double-digit hold rate for the third month in a row.

Football fuels 82.3% month-over-month revenue spike

Ohio sports betting websites collectively reported a total handle of $690.4 million in September, marking an 82.3% increase from the $375 million generated in August.

In Ohio, January marked the first full month of legal sports betting and set a record high for the industry with $1.1 billion in revenue. March also had a strong showing with a $739 million handle, making it the only other month to surpass the earnings in September.

Unsurprisingly, Ohio sports betting apps accounted for the majority of the September handle, totaling $668 million out of the overall $690.4 million, or roughly 97%.

Revenues double month-over-month

Ohio sportsbooks saw a significant increase in wagering activity in September, resulting in taxable revenues of $81.7 million for Buckeye State providers. This marked a 100% increase from the previous month’s revenue of nearly $40.8 million. September was the third highest-earning month for sports betting in Ohio since its legalization on January 1.

January’s $209.6 million in Ohio sportsbook profits and March’s $94.9 million were the only months that were better.

In September, Ohio’s lifetime taxable revenue total reached $699.1 million.

State providers in Ohio maintained an impressive hold rate of 11.7% in September, resulting in a doubling of revenues. This marks the third consecutive month and the seventh overall in the nine months since operation began that providers have achieved or surpassed the 11.7% hold rate.

The sports betting tax rate in Ohio generated $16.3 million in taxes for the state and local coffers, representing a 20% tax rate.

DraftKings maintains top spot

DraftKings Ohio has once again secured the top spot in the Buckeye State market for the second consecutive month. In September, DraftKings Ohio generated $261.3 million of the total $690.4 million handle and earned $28,481,818 in revenues, marking the second time ever that DraftKings has achieved this milestone in Ohio.

FanDuel Ohio placed second among Ohio sports betting sites with $207.8 million in bets and $28,461,587 in revenues.

The handle battle was not very close, but due to a higher hold rate for FanDuel, they were separated by approximately $20,000 in revenue.

The top two players in Ohio’s market accounted for approximately 70.2% of the state’s total handle and 72% of the total revenues generated by all sports betting providers in Ohio.

In September, BetMGM Ohio placed third with $46.1 million in bets, followed by bet365 Ohio in fourth with $41.8 million in wagers. Caesars Underscoreg Ohio came in fifth with approximately $30 million in bets. Fanatics Ohio and Barstool Underscoreg Ohio each reached $20 million in bets for the month.