Ohio has its Fourth-Best Sports Betting Month in January 2024

Ohio’s legal sports betting platform had a strong start in January 2023, generating a $1 billion handle and setting a national record with $209.6 million in monthly revenues for Ohio sports betting apps and retail providers. However, January 2024 did not see the same level of success for many of our top sportsbooks.

Despite this, the state did experience a decent month in terms of betting activity and revenue for both state retail sportsbooks and Ohio sports betting apps.

In January, Ohio reported its fourth-highest sports betting handle, with revenue figures contributing to the state becoming the 11th in the nation to reach $1 billion in operator revenues. It took Ohio sportsbooks 13 months to achieve this milestone, with only New York achieving the same feat in a quicker timeframe of 10 months.

$810.4 million January handle

In January, Ohio sportsbooks recorded the acceptance of $810.4 million in wagers, marking the fourth-highest amount of wagering activity in the 13 months since the legalization of sports betting in Ohio, as reported by the Ohio Casino Control Commission.

The figure shows a 27.2% decrease from the record-breaking almost $1.1 billion handle in January 2023, the initial month of legal wagering in Ohio. This was only a 2.3% decrease from the $826.1 million handle in December.

Ohio sports betting sites generated over $792 million of the $810.4 million January handle. Retail providers accounted for slightly more than $18 million in sports wagers during that month. Ohio residents had access to various sportsbook promos throughout January.

Good news and bad news on revenues

Ohio sportsbooks were unable to match the extraordinary revenue generated in January 2023, the inaugural full month of legal sports betting in the state. The revenue numbers were inflated by a high volume of promotional credits during that month.

In January 2024, Ohio sports betting apps and retail providers generated $113.5 million in revenues, marking a 30% increase from the previous month’s $87.2 million. However, this figure falls short of the record set in January 2023, when Ohio’s legal sports betting platform brought in nearly $206.6 million. This record was only recently surpassed by New York during a month with a $2 billion handle.

The Ohio sports betting providers saw a significant increase in their win rate to 14% in January 2024, surpassing the impressive 18.8% hold they achieved in January 2023.

In January 2024, Ohio’s top sportsbooks surpassed $1 billion in operator profits, making the Buckeye State the 11th in the US to achieve this milestone. Ohio achieved this feat in the second-fastest time, behind only New York, known as the “King of the Bet-Friendly States,” which reached $1 billion in just 10 months.

The adjusted gross revenue figures resulted in a tax revenue of $22.7 million for the state. This brings the total tax contribution from Ohio sportsbooks to $159.5 million, with the tax rate doubling from 10% to 20% in July contributing to this increase.

FanDuel easily outpaces all

In January, FanDuel Ohio emerged as the top choice among Ohio sports betting apps, dominating in handle, revenues, and tax contributions.

FanDuel contributed $282.7 million to the total $810.4 million handle, generating $53 million in revenues with an impressive 18.7% win rate. FanDuel has consistently achieved win rates of 11% or higher in 12 out of the past 13 months in the Ohio market.

In January, DraftKings Ohio ranked second in the Buckeye State market, accepting $254.2 million in wagers and generating $34 million in adjusted gross revenue with a hold of 13.4%.

In January, Ohio’s ESPN BET ranked third in bets with $59.8 million, capturing a 7.6% market share, exceeding the company’s target of 7% in its inaugural year. Despite reporting $4.6 million in revenues, placing fifth in the Ohio market, ESPN BET’s 7.8% hold was disappointing.

In Ohio, bet365 ranked fourth in total handle at $50 million, but was third in revenue, earning $6.3 million with a hold of 12.6%. BetMGM Ohio came in fifth with $48.7 million in wagers, but ranked fourth in revenue at $5.9 million, surpassing ESPN BET, with an 11.9% hold.

Caesars Ohio received $35.5 million in bets, Fanatics Ohio saw $15.7 million in wagers, and Hard Rock Ohio generated $11 million worth of bets in January.