Ohio’s January Sports Betting Revenue Surpassed $113 Million

by | Mar 4, 2024 11:41 am | Revenue | 0 comments

Ohio’s January Sports Betting Revenue Surpassed $113 Million

Ohio Sportsbook

  • Ohio earned $113.1 million from January’s $811.6 million in sports betting handle.
  • The large drop off in handle and revenue from last year can be attributed to promotional betting and the state’s first month with legal sports betting.
  • FanDuel and DraftKings received roughly 68% of all Ohio sports wagers in January.

CLEVELAND – Ohio became the fastest state to reach $1 billion in operator winnings following the release of Thursday’s sports betting revenue report. The Ohio Casino Control Commission reported more than $113 million in total legal sports betting revenue from January’s wagering.

Wagering numbers are way down compared to 2023, but that’s to be expected after receiving over $1 billion worth of bets in Ohio’s first month with legal sports betting. Ohio saw nearly a 46% decrease in revenue from 2023 after earning $209.1 million last year.

The excitement of launching legal Ohio sports betting and abundance of promotional credits explain the drop off in year-to-year sports betting numbers. Promotional betting decreased 87.5% from January 2023, with only $40 million worth of promo credits and bonuses used in the first month of 2024.

January 2024 Ohio Sports Betting Numbers By Sportsbook

Unsurprisingly, FanDuel and DraftKings were the top two operators by a large margin. The two sports betting giants were followed by ESPN BET, bet365, and BetMGM for the top five Ohio sports betting handles for January.

Sportsbook Total January Handle Hold Percentage Total January Revenue
FanDuel $282.7 Million 18.7% Hold $53 Million
DraftKings $254.2 Million 13.4% Hold $34 Million
ESPN BET $59.8 Million 7.8% Hold $4.6 Million
bet365 $50 Million 12.6% Hold $6.3 Million
BetMGM $49.7 Million 11.9% Hold $5.9 Million

Caesars ($35.5 million), Fanatics ($15.7 million), and Hard Rock Bet (11 million) were the other online operators to received at least $10 million worth of bets. Revenue reports from the Ohio Casino Control Commission showed Caesars had one of the lowest win rates of the month with a 7.5% hold, resulting in only $2.5 million in adjusted sports betting revenue.

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