Ohio Posts $1.1 Billion Handle in First Full Month of Legal Sports Betting

David Njoku of the Cleveland Browns celebrates a touchdown during the second quarter of the game against the Pittsburgh Steelers, and we offer new U.S. bettors our exclusive Caesars promo code. — David Njoku of the Cleveland Browns celebrates a touchdown during the second quarter of the game against the Pittsburgh Steelers. Photo by Justin K. Aller/Getty Images via AFP.

Ohio has long been regarded as one of the most appealing sports betting markets in the United States.

The Ohio Casino Control Commission’s figures released on Tuesday highlighted the anticipation surrounding the Jan. 1 launch of the Buckeye State’s legal sports betting platform among lawmakers, sports betting providers, and bettors.

In its first full month of Ohio sports betting, sixteen online sportsbooks and fourteen retail sports betting facilities combined to generate an estimated $1.113 billion in legal sports wagers, making it the second-highest handle among participating states. New York, known for its bet-friendly environment, was the only state to surpass Ohio with reported bets totaling $1.8 billion.

A deeper dive into the numbers

Ohioans flocked to newly legalized sports betting in the Buckeye State, with a staggering total of $1,113,251,403 in wagers placed in the first month. This impressive figure validates industry experts’ predictions about the demand for sports betting in Ohio.

Ohio’s $1.1 billion handle in its first month of legal sports betting marks only the second time in U.S. history that a state has achieved a $1 billion month. The first was New York in 2022, also launching in January to coincide with the Super Bowl, the largest betting event in the country.

The state’s sports betting providers reported $208.9 million in revenues, attributed to an impressive 18.8% hold rate.

In the first month of legal sports betting in Ohio, a total of $20,892,134 was contributed to the state’s tax coffers. According to Ohio law, sports wagering providers are subject to a 10% tax rate on their revenues.

Mobile sports betting reigns

It came as no surprise that Ohio’s mobile sports betting providers were the focus of attention in the headlines following the Ohio Casino Control Commission’s January sports betting report.

Online-based bets accounted for nearly 98% of Ohio’s $1.1 billion total sports betting handle, surpassing some of the most prominent online markets in the nation. In January, New Jersey reported 93.9% of their total handle was from mobile sites, while Pennsylvania and Indiana each saw 93.2% of their total handles coming from their mobile providers.

In January, Ohio’s mobile books generated approximately $205 million in revenue, while the state’s retail sports betting facilities added $23 million to the total handle and brought in $3.2 million in sports betting revenues.

The top providers

The majority of January’s handle and revenue came from the top sportsbooks across the country.

In January, FanDuel dominated the Ohio sportsbook market with $494.2 million in bets, representing a 45.3% market share, and $103.2 million in revenue. Following closely behind was DraftKings with $344 million in bets (31.6% market share) and $55.1 million in revenue.

In January, BetMGM ranked third with $82.1 million in bets and $21.7 million in revenues. Following closely behind was Barstool Underscoreg with $45.9 million in bets, and Bet365 came in fifth with $38.6 million in wagers. Caesars Underscoreg fell slightly short with $31.5 million in reported bets taken.

Out of the 16 mobile and 14 retail providers in Ohio, only two managed to turn a profit during the first month of legal betting due to significant promotional expenses associated with entering a new market. Caesars made a profit of $413,450 in January, while Betr, a small micro-provider with a $1.1 million handle in Ohio, saw profits of $11,000.

Top Underscoregs and Promotions for Betting in the U.S., specifically in Ohio. Find the best Ohio Sports Betting Apps and Promotions here.

Written By:
Perry Sandra

Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.