Ohio's October Sports Betting Saw $901.4M Handle and FanDuel's Dominance

Ohio’s sports betting market continues to demonstrate its strength, with October 2024 marking a milestone as bettors placed $901.4 million in wagers. This represents the second-highest monthly handle since the state legalized sports betting in January 2023.

The October total sured the $747.7 million wagered in October 2023 by 20.6% and exceeded September 2024’s $863 million handle by 4.5%. The only month to outperform October was January 2023, which saw $1.11 billion in wagers during the market’s debut.

According to data released by the Ohio Casino Control Commission (OCCC), online sports betting was the driving force behind these figures. Online operators ed for $881.7 million of the handle, while retail sportsbooks contributed $19.7 million.

After factoring in $814.7 million in player winnings and $5.6 million in voided bets, taxable revenue for October totaled $81.5 million. This figure reflects a modest 1% increase from October 2023’s $80.7 million and a significant 67% jump from September’s $48.8 million taxable revenue.

Online and Retail Revenue Insights

Online sports betting platforms were the dominant revenue generators in October, collectively earning $80.3 million in taxable revenue. Retail sportsbooks, while a smaller portion of the market, added $1.2 million. The overall hold rate across the state was 9.04%, with online operators achieving a slightly higher hold of 9.11% compared to the 6.09% for retail locations.

Despite these impressive revenue numbers, details about the amount of tax collected in October have not been disclosed. Ohio currently imposes a 20% tax rate on sportsbook revenues, contributing significantly to the state’s budget. Year-to-date tax revenues have already sured $146 million, outpacing the $133 million collected in 2023.

FanDuel Secures the Top Spot

In October, FanDuel cemented its position as Ohio’s leading online sportsbook. Partnering with Belterra Park, the operator reported $34.5 million in revenue from a $307.2 million handle, achieving an impressive 11.2% hold. This marked FanDuel’s 11th consecutive month of a double-digit win rate, further solidifying its dominance in the state.

DraftKings maintained its second-place position with $25.7 million in revenue from $297.9 million in wagers, reflecting an 8.63% hold. Notably, DraftKings sured $2 billion in year-to-date wagers and is closing in on $5 billion in all-time Ohio betting volume.

BetMGM ranked fourth, generating $3.9 million from $59.5 million in wagers, while FanaticsSportsbook rounded out the top five with $3 million from a $41.7 million handle.

Retail Betting Performance

Retail sportsbooks, while smaller in scale compared to online platforms, still played a role in October’s figures. Hollywood Columbus led retail revenue with $430,098 from a $3 million handle, resulting in an impressive 14.66% hold. BetJack and Jack Cleveland followed with $257,708 in revenue from $2.9 million in wagers, achieving an 8.99% hold.

While October’s betting handle showcased the market’s growth, the OCCC also reported recent compliance actions. DraftKings was fined $425,000 for two violations: allowing wagers on prohibited college player props and permitting an unapproved funding source for sportsbook s.

Ohio’s sports betting market continues to evolve, with robust competition among operators, a growing tax revenue base, and ongoing efforts to ensure regulatory compliance. With two months remaining in 2024, the state looks set to sur its annual projections and further solidify its position as one of the leading sports betting markets in the United States.

Source:

”Ohio sports betting handle exceeds $900 million in October”, igamingbusiness.com, December 02, 2024.