The second month of legal sports betting in Ohio didn’t come close to January’s incredible debut.
According to figures released by the Ohio Casino Control Commission on Friday, the Buckeye State took in $638.8 million in sports wagers — down 42.6% from January’s $1.1 billion debut.
However, that's not necessarily bad news, as surpassing the first month's handle was a nearly impossible feat.
Regardless, only New York ($1.47 billion), New Jersey ($847.4 million), and Nevada ($659 million) have reported a higher February handle than Ohio. The Buckeye State, which levies a 10% tax, saw sportsbooks haul in $82.9 million in taxable revenue, which was down from the previous month’s $208.9 million profit.
Sportsbooks combined to hand out $59.1 million in promotional credits, including $38 million combined from FanDuel and DraftKings. That’s well below the $320 million in free bets and credits that were given away in the first month.
FanDuel and DraftKings dominate
A month after claiming an astounding 18.8% hold, sports betting in Ohio saw books still keep the win rate around 13% in February. Online sports betting sites made up 97% of Ohio’s February handle.
FanDuel and DraftKings combined to account for 72% of the handle and 77% of the taxable revenue. FanDuel took down its rival with a handle of $233.3 million and taxable revenue of $38.4 million for a win rate of 16.4%. DraftKings wasn’t far behind with $214 million in sports bets accepted, with revenue of $24.5 million.
Through the first two months of online sports betting being legal in Ohio, FanDuel and DraftKings have a combined handle of $1.3 billion. Meanwhile, BetMGM came in third in February among online sportsbooks with a handle of $46.1 million, plus another $1.6 million from retail locations.
As a whole, retail wagers at the 14 brick-and-mortar sportsbooks fell from $23 million in January to $17.7 million in February.
Hollywood Casino Columbus (Barstool) had the best retail handle at $2.7 million, but it paid out about $2.6 million in winnings to bettors. Hard Rock Cincinnati (Seminole Hard Rock Digital) and Jack Thistledown (BetJACK) were the only other retail books to reach $2 million in handle.
