Sports Betting Handle In Ohio Booms In February – iGaming Post
In February 2024, Ohio’s sports betting market showcased remarkable growth, achieving a total handle of $760.9 million. This figure signifies a 13.2% increase from the $672 million wagered in February 2023 and a noteworthy 19% rise compared to the handle recorded in January 2024.
Revenue Insights from Sportsbooks
Ohio’s sportsbooks reported a hold percentage of 9.9%, which exceeds the prior year’s win rate by two percentage points. This performance translated to approximately $75.3 million in revenue for February, marking a 13.4% increase. However, it’s essential to note that this amount falls short of the $82.9 million earned during February 2023, which remains the highest recorded revenue for that month.
A substantial part of the betting activity was driven by online platforms, which alone accounted for $748.4 million of the total handle. In contrast, retail sportsbooks contributed a modest $385,791 in revenue.
Impact on State Revenue
Ohio’s economic landscape benefited significantly from this sports betting surge, with the state collecting $15.1 million due to a 20% tax rate imposed on operators. This highlights the financial advantages of regulated sports betting, further emphasizing its importance in contributing to state funds.
Monthly Performance Trends
Despite the strong metrics, February saw a 24.8% decrease in total handle compared to January. However, revenue experienced only a slight decline of $5 million, thanks to a two-point increase in the hold percentage, demonstrating the resilience of Ohio’s sports betting market.
When considering the combined betting totals from January and February, Ohio sportsbooks collectively generated $1.77 billion in wagers. This showcases an impressive growth trajectory, reflecting nearly a 20% increase from the same period in 2023, underscoring the expanding interest in sports betting within the state.
Operator Performance Breakdown
Here’s a detailed performance breakdown of top online operators for February:
| Online Operator | February Handle | Revenue |
|---|---|---|
| DraftKings | $247.9 million | $23.4 million |
| FanDuel | $247.5 million | $36.5 million |
| bet365 | $69.8 million | $6.3 million |
| BetMGM | $59.1 million | $2.2 million |
| Fanatics Sportsbook | $31.3 million | $2.6 million |
| Caesars | $30.8 million | $1.5 million |
DraftKings vs. FanDuel: A Close Competition
In the competitive landscape of Ohio’s online sportsbooks, DraftKings narrowly secured the leading position in handle for February, with a total of $247.9 million—less than $500,000 ahead of FanDuel. Interestingly, DraftKings’ February figures represent a decline of nearly $75 million from January.
Conversely, FanDuel faced a substantial decrease of $111 million from the prior month. Nevertheless, FanDuel achieved a commendable 14.7% hold, resulting in a revenue of $36.5 million, which is the highest for February in Ohio.
In third place, bet365 reported a handle of $69.8 million and generated $6.3 million in revenue. Following closely was BetMGM with $59.1 million in handle. Fanatics Sportsbook and Caesars concluded the rankings, with Caesars managing to edge out ESPN BET by a narrow margin.
Conclusion
As Ohio’s sports betting landscape continues to grow rapidly, the emerging trends indicate a strong foundation for further expansion. With robust engagement from online operators and the state reaping significant tax benefits, the future of sports betting in Ohio looks promising. Staying informed on these developments will be crucial for industry stakeholders as they navigate this dynamic market.
