Ohio's Sports Betting Market Grows with $864M Handle in September 2024

The Ohio Casino Control Commission reported substantial growth in the state’s sports betting industry for September 2024, setting an impressive $864.3 million handle. Marking a significant 25% increase from the same month in 2023, this September’s handle was the third-highest since Ohio legalized sports betting in January 2023. The start of football season fueled a surge in wagers, propelling Ohio’s year-to-date handle beyond the $6 billion mark.

Revenue and Promotional Spending Hit Highs

September also saw strong growth in gross revenue from Ohio sportsbooks, which jumped 30% year-over-year to reach $106.2 million. This marks only the second time in 2024, alongside January, that revenue sured $100 million. Sportsbook operators collectively spent $47.7 million on promotional bets, ing acquisition and retention as competition intensifies among Ohio’s sportsbooks.

The industry’s hold, or the percentage of wagers sportsbooks retain as revenue, reached 12.3% in September—up by nearly three points from the previous month, August. This increase represents a 57.5% rise over August’s hold, translating to a 117% jump in monthly revenue as Ohio’s sports betting market capitalized on peak football season interest.

Sports betting also bolstered Ohio’s tax revenue, adding $21.3 million to state coffers in September—more than double the $9.8 million collected in August. This marks nearly a $5 million increase compared to the same month last year. Ohio has amassed $129.8 million in tax revenue for 2024 so far, a 50.4% increase from this point in 2023, underscoring the financial impact of sports betting on the state’s economy.

DraftKings led the online sports betting operators in Ohio with a $307.8 million handle in September, followed closely by FanDuel at $276 million. FanDuel also reported the highest hold rate among online sportsbooks, reaching 14.2%, which contributed to its $39.1 million in revenue.

DraftKings came in second for revenue, posting a 12.1% hold and generating $37.5 million—more than double its revenue from August.

Bet365 held third place among Ohio’s online sportsbooks with a $68 million handle, while BetMGM rounded out the top tier, suring $50 million. Other notable performers included Fanatics Sportsbook with $35.6 million, Caesars with $29.2 million, and Hard Rock Bet and Prime Sports, each recording handles around $10 million.

Newcomers and Emerging Competitors Enter Ohio’s Market

September 2024 also marked the first full month for Betr, a new entrant in Ohio’s sports betting industry, following a soft launch in August. Betr attracted $614,496 in wagers, ranking 12th among the 14 online sportsbooks operating in Ohio. Meanwhile, Oddin.gg, a Prague-based sportsbook, recently acquired a betting license in Ohio, further diversifying the state’s competitive sports betting landscape as it looks to capitalize on the Buckeye State’s robust demand.

Source:

”Ohio sportsbooks saw handle grow 25 percent year-over-year in September”, cdcgaming.com, November 04, 2024.