Ohio Posts Third-Best State Legal Sports Betting Handle for March 2024

The Ohio legal sports betting industry remains one of the most robust in the country, with its fifth month exceeding $800 million in bets in just 15 months. It was another successful month for the top sports betting sites in Ohio.

In the most recent report by the Ohio Casino Control Commission and Ohio Lottery, March’s sports betting total ranked third among legal sports betting jurisdictions in the U.S. Only New York and New Jersey had higher overall sports betting handles for the month. Ohio surpassed Pennsylvania and Nevada in terms of overall sports betting activity.

Illinois has not yet reported, posing a threat to Ohio’s chances of finishing on the podium in March. However, the achievements of Ohio’s scene should not be underestimated.

Ohio sports betting apps and retail providers in the state were disappointed by March revenues, as the underwhelming hold rate for Ohio sportsbooks negatively impacted their bottom line.

$809.3 million March handle

In March, the sports betting industry in Ohio saw a total of $809.3 million in bets, making it the fifth month in 15 months since legalization where Ohio books exceeded the $800 million mark.

Ohio sports betting saw a significant increase in March 2024, with a 9.6% year-over-year improvement compared to March 2023. The total amount of bets reached $732.9 million, surpassing February’s handle of $666.8 million by over $154 million. Ohio sports betting apps accounted for 97% of the total handle in March.

Ohio sportsbooks nearly reached the $10 billion milestone in lifetime handle after adding in March’s totals, falling just $34 million short. Year-to-date, Ohio bettors have wagered $2.3 billion with their sports betting providers, a decrease from $2.5 billion in the same period last year. Despite this, Ohio bettors continue to enjoy various promotions offered by Ohio sportsbooks.

$64 million in adjusted gross income

In March, Ohio sports betting sites and retail providers generated approximately $64 million in taxable revenues, net of expenses such as promotions, winnings, and other costs.

This reflects a 32% decrease in revenue compared to March 2023, when nearly $95 million was recorded. Additionally, there was a slight decrease of $2.5 million from the revenue totals in February.

The decrease in revenue totals compared to the previous year and month can be attributed to the disappointing 7.9% hold rate for Ohio’s top sportsbooks. Bettors performed better in March, with a win rate of 12.9% compared to 10% in February and 7.9% in the current year.

Ohio collected $12.8 million in taxes from sportsbooks in March, thanks to the state’s 20% tax rate. The total tax contribution for Quarter 1 reached $49.1 million, which is $10.3 million higher than the previous year. This increase is partially due to the tax rate doubling to 20% in July.

FanDuel comes out on top

In a close competition in March, FanDuel Ohio emerged as the top Ohio sports betting app with $265.9 million in accepted bets and $27 million in revenue, boasting an impressive 10.2% hold. FanDuel also surpassed $500 million in lifetime winnings in Ohio with these March numbers.

In March, DraftKings Ohio ranked second in the Ohio market, reporting $260.6 million in accepted bets and over $20 million in revenues, achieving a 7.7% hold.

In March, bet365 Ohio exceeded expectations by coming in third in terms of handle, with $57.3 million in wagers, marking its best-ever monthly performance in the Buckeye State. The company reported $4.6 million in taxable winnings for the month, with an 8% hold.

In March, BetMGM Ohio ranked fourth with a $53.9 million handle and $3.2 million in revenue. ESPN BET Ohio came in fifth place, accepting $44.3 million in bets and generating $3.3 million in revenue with a 7.5% hold.