The Buckeye State’s online and retail sports betting operators combined in August to generate a $548.7 million handle, up 44.6% year-over-year.
However, Ohio’s sportsbooks didn’t capitalize on a busy August filled with NFL preseason, an early college football start, and the Olympics. An 8.9% hold marked the third-lowest since mobile wagering began in Jan. 2023 and the lowest since March’s 7.9%.
The Ohio Casino Control Commission reported taxable revenue of $48.8 million, a 19.6% increase from the same month in 2023 but down nearly 12% from July. Bettors were able to drop the win rate by nearly two points from Aug. 2023 and 2.7 points from the previous month.
Online sports betting accounted for $534.9 million of the total handle. Retail sportsbooks at casinos, racinos, and kiosks flourished with a combined 15.9% hold on a $13 million handle.
The Buckeye State still filled its coffers with nearly $9.8 million in tax revenue, pushing the year-to-date total above $108 million.
Handle milestone
Ohio sports betting surpassed $5 billion in wagers year-to-date, becoming the fourth state behind New York, New Jersey, and Illinois to reach that milestone.
The 2024 handle of $5.1 billion is up 13% from the $4.5 billion generated in the first eight months of 2023. August marked the seventh handle of over $500 million this year, with July being the only month under that figure.
FanDuel, DraftKings close in revenue
| Operator | August Handle | Revenue |
|---|---|---|
| DraftKings | $178.9 million | $16.7 million |
| FanDuel | $165.7 million | $16.9 million |
| bet365 | $59.4 million | $4 million |
| BetMGM | $38.2 million | $2.3 million |
| Fanatics Sportsbook | $23.8 million | $1.7 million |
| Caesars | $21.5 million | $1.4 million |
DraftKings led the Buckeye State’s online operators with a handle of $178.9, up 11.7% month-over-month.
Thanks to a double-digit hold, FanDuel took home the top revenue honor with $16.9 million, about $220,000 more than DraftKings. FanDuel generated $165.7 million in wagers to finish with the second-highest handle.
Ohio’s two biggest online sportsbooks combined to hand out over $10 million of the $15.6 million in August promotional credits.
bet365 reached $59.4 million, nearly $1 million more than in July, but the online operator couldn’t match last month’s double-digit hold as revenue fell from $4.8 million to $4 million in August.
BetMGM finished fourth with a handle of $38.2 million, well ahead of Fanatics at $23.8 million and Caesars at $21.5 million. ESPN BET fell short of a $20 million handle, but the online operator produced $1.9 million in revenue, more than Fanatics and Ceasars.
Out with the old, in with the new
Ohio sports bettors said goodbye to two online sportsbooks that wrapped up their final month of operations in August.
Betfred, which is also exiting Arizona in November and left Maryland in July, ceased taking wagers on Aug. 14. The online operator and Cincinnati Bengals partner took in just $31,153 in its final month, paid out $36,435, and claimed no taxable revenue. Final withdrawals occurred on Aug. 31. Betfred generated $29.3 million in handle and produced nearly $2 million during its full Ohio run.
SuperBook pulled out of eight U.S. markets this summer, including Ohio. In its final month, the online sportsbook associated with Cincinnati FC accepted no wagers but paid out $3,769 and voided $38,502 in wagers. Since launching in the Buckeye State, SuperBook made less than $567,000 on a $15 million handle.
Amid the departures, microbetting and daily fantasy operator Betr began offering a full sportsbook in Ohio at the end of August. Behind a 15.2% handle, Betr claimed $27,232 in revenue on a handle of $179,546 in its soft launch.
