Ohio Ends First Year of Legal Sports Betting With Third-Best Handle And Revenues Month Ever

The conclusion of the first complete year of legalized sports betting in Ohio in December was a significant milestone for the Buckeye State and our top sports betting platforms.

The Ohio Casino Control Commission report shows that sports wagering activity in December was slightly lower than in November. Despite this, revenues for Ohio sports betting apps and retail providers saw a significant increase compared to the previous month, thanks to a higher operator win rate.

The sports betting figures for December in Ohio revealed the strong success of the legal sports wagering scene in the state. The industry had a remarkable start with a $1 billion handle in January and ended the year with the third-highest handle in its 12 months of operation.

$831.1 million December handle

In December, Ohio sports betting sites and retail providers saw a total of $831.1 million in accepted bets, marking the third-highest month for wagering activity in the state. It seems that residents were eager to make use of the many promotions offered by Ohio sportsbooks.

The $831.1 million is slightly lower than the $861.2 million reported in November and falls about $170 million short of the record $1.09 billion reported in January.

Ohio sportsbooks recorded a total handle of $7.67 billion in their first year of operation, making the state the sixth most successful legal sports betting jurisdiction in the U.S. as of 2023. Pennsylvania’s well-established sports betting scene came in fifth place in terms of handle, trailing Ohio by just $9.5 million.

Ohio sports betting apps made up 97% of the total $7.67 billion yearlong handle, totaling $7.44 billion in wagering activity in the state.

$87.4 million December revenue

In December, Ohio sportsbooks saw a significant increase in adjusted gross revenue, reaching $87.4 million. This marked a nearly $20 million improvement from the previous month. It is also the third-highest all-time figure for Ohio sportsbook profits, behind only January’s $209.6 million and March’s $94.8 million.

The increase in Ohio sportsbook profits compared to the previous month is attributed to a 10.5% hold rate, which is a significant improvement from November’s 7.9%. The House has consistently performed well in Ohio’s legal sports betting industry, achieving a win rate of over 10% in 10 out of the past 12 months.

In their first year, Ohio sportsbooks collectively generated $938.3 million in revenue over a 12-month period.

In December, Ohio operators contributed $17.5 million in taxes to support state and local needs. The total tax contribution for 2023 reached $136.8 million.

FanDuel and DraftKings dominate

It is no surprise that FanDuel and DraftKings were the top performers in sports betting apps activity in December, as well as for the entire year in Ohio. Together, these two industry leaders accounted for more than two-thirds of the state’s total betting handle in December.

FanDuel Ohio had the highest monthly hold rate at nearly 13%, resulting in revenues of $37.4 million. DraftKings Ohio followed closely behind with revenues of $25.2 million, despite a lower win rate of 9.7% in December.

In December, ESPN BET Ohio saw a growth in its market share in Ohio, reaching nearly 9%. The sportsbook came in third place among all sportsbooks with $72.9 million in wagers. bet365 Ohio narrowly surpassed BetMGM in wagering activity, securing fourth place in the state for the month.

FanDuel dominated the Ohio sports betting market in the past year, attracting $2.72 billion in accepted wagers, which accounted for 43% of the market share in the state. The site also earned just under $400 million in winnings.

DraftKings led the way with $2.51 billion in bets, capturing a 30% market share and earning $278.1 million in winnings. Following closely behind was BetMGM Ohio with a yearlong handle of $513.3 million, and bet365 Ohio came in fourth with $450 million in accepted bets.