The Buckeye State grew its sports betting handle by 24.6% in January. The Ohio Casino Control Commission reported bettors wagered $1 billion for the month. It’s just the third time since sports betting began in Jan. 2023 that handle reached 10 figures but the second in the past three months.
Online sports betting accounted for $992.2 million of January's total handle and all of the $87.7 million in revenue, which decreased 21% year-over-year. Retail operators, meanwhile, couldn't turn a profit in January.
It might’ve been a better profit month, but Buckeye State operators likely had plenty of payouts on Ohio State, which won the first 12-team College Football Playoff National Championship.
Mobile operator promotional spending also went up 39% from the previous month to $37.5 million, but bonus bets were down from over $40 million spent in Jan. 2024. The month’s 8.7% hold on gross revenue fell significantly from Jan. 2024’s 14% win rate and the third in single digits during the last four months.
Operator improvement
Sportsbooks enjoyed a much more operator-friendly January compared to December when NFL favorites won at a high rate. This led to a 58% month-over-month revenue increase and a three-point hold rise. January handle rose 3.7% compared to December, thanks to a heavy slate of NFL playoff games and the end of college football’s postseason.
FanDuel’s revenue jumps significantly
| Online Operator | January Handle | Revenue |
| FanDuel | $358.6 million | $39.8 million |
| DraftKings | $321.9 million | $23.5 million |
| bet365 | $83 million | $9.9 million |
| BetMGM | $71.9 million | $4.6 million |
| Fanatics Sportsbook | $37.9 million | $3.6 million |
| Caesars | $33.7 million | $1.8 million |
FanDuel led the state’s operators with $358.6 million in wagers, the highest handle during the NFL season and up from Dec. 2024’s $336.7 million. The online book also produced $39.8 million in revenue from an 11.1 % hold.
DraftKings surpassed a $300 million handle for the third consecutive month. Its $23.5 million in gross income was up $2 million from Dec. 2024. bet365 held down third place with an $83 million handle and nearly $10 million in revenue.
BetMGM was the only other operator to reach $70 million in wagers and $4 million in profits. Fanatics Sportsbook won a close battle for the next tier, generating a $37.9 million handle. Caesars rounded out the top six with $33.7 million in wagers while ESPN BET finished with a $35 million January haul. Prime Sports and Betr failed to finish January in the black.
New tax rate coming?
The first month of the year but the last full month of football season led to $81.1 million in total taxable revenue. Ohio’s 20% tax rate on sports betting filled the state’s coffers with $16.2 million.
Gov. Mike DeWine would like to see that percentage double. He proposed a 40% tax rate in the state’s latest budget. The Ohio legislature would have to pass it, the second time they’ve done so as the previous 10% rate doubled in July 2023. The Sports Betting Alliance, consisting of FanDuel, DraftKings, BetMGM, and Fanatics, recently opposed the hike.
