Ohio Enjoys Second-Best Sports Betting Month Ever in November

The Ohio sports betting industry has made a significant impact since its launch in January 2023, with residents benefiting from the top sports betting sites available.

The November report from the Ohio Casino Control Commission shows a significant increase in sports wagering activity, with double-digit growth month-over-month. This marks the second-highest handle month for Ohio sports betting apps and retail providers since legalization 11 months ago.

Unfortunately, not all news from Ohio was positive. The sportsbook win rate in November hit an all-time low, resulting in a decrease in both sportsbook revenues and tax revenues for the state and local governments.

One of the most notable findings from Ohio’s legal sports betting report is the impressive performance of ESPN BET. Despite only launching halfway through the month, it managed to rank as the third-best sports betting site in Ohio in November, surpassing well-known competitors such as BetMGM, bet365, Caesars Underscoreg, and Fanatics.

$864.2 million November handle for Ohio

In November, Ohio sportsbooks collected an impressive $864.2 million in sports bets, marking the second-highest monthly total since the first month of legalization in January 2023, when state providers reported $1,090,962,383 in bets.

The total of $864.2 million reflects a month-over-month increase of 15.8% compared to the previous second-best sports betting month in Ohio, which saw nearly $743 million in wagers reported in October.

In November, Ohio sports bettors capitalized on promotions from sportsbook apps, contributing $841.1 million to the total handle of $864.2 million.

Ohio’s total sports betting handle has reached $6.83 billion with the addition of November, marking the final month of the first year of legal sports betting in the state.

Revenues fall month-over-month

Ohio sportsbooks missed out on the opportunity to increase their monthly revenues due to a lack of success in capitalizing on a full month of major sporting events, resulting in a decrease in profits compared to the previous month.

In November, Ohio sportsbooks recorded $68.2 million in gross revenues, a decrease of 15% compared to the previous month’s total of nearly $80.4 million. Despite this drop, November marked the second-highest monthly handle ever in Ohio. The $68.2 million in revenues for November ranked as the sixth-highest earnings month for Ohio sportsbooks.

Ohio sportsbooks have generated a total revenue of $847.8 million since they were launched in January.

Hold rate worst ever

In November, Ohio sportsbooks experienced a rare decrease in revenue due to an unexpectedly low win rate. Typically, Ohio sports betting sites have maintained a hold of 10% or more since their inception 11 months ago, with only two exceptions: 9.1% in June and 7.9% in November.

The November hold of 7.9% led to the collection of over $13 million in taxes from Ohio’s sports betting apps and retail providers. This brings the total amount of taxes collected in the state to $115.6 million since the launch of the program.

Familiar battle between FanDuel and DraftKings… with ESPN BET making a splash

Once again, FanDuel and DraftKings emerged as the top contenders in the competition to be Ohio’s best sports betting app, with each dominating in the two key performance metrics.

In November, FanDuel Ohio had the highest handle with $293.3 million in bets, while DraftKings Ohio followed closely behind with $275.8 million in wagers. However, DraftKings Ohio took the lead in revenue with $22.5 million, surpassing FanDuel Ohio’s $21 million in earnings.

In November, PENN Entertainment’s Barstool Underdog, now ESPN BET, gained significant traction in the Ohio market. PENN’s market share in Ohio increased to 8.4%, up from 2.7% the previous month.

PENN saw $70.8 million in wagers, more than triple the company’s bets in October, placing them in third in the Ohio race.

The promotional credits for ESPN BET in Ohio in November totaled a whopping $29 million, surpassing the combined total of FanDuel Ohio and DraftKings Ohio.

In November, PENN’s revenues in the Ohio market saw a significant increase to $12 million, up from $1.6 million in October.

In November, BetMGM Ohio ranked fourth in the Buckeye State market, taking in $50.1 million in bets and generating $3.3 million in revenue. Meanwhile, bet365 came in at the fifth spot with $45.4 million in wagers and $3.7 million in revenues, placing it fourth in the state.