Ohio’s sports betting operators filled their pockets with customers’ cash in July.
The Ohio Casino Control Commission reported that online and retail sportsbooks hauled in $55.3 million in adjusted revenue for the month, a 48.7% increase from July 2023.
An 11.6% hold on a July handle of $476.8 million increased profits by 8% compared to June, when the win rate was nearly 9.7%. The Buckeye State has produced revenue of $50 million or more every month since August 2023.
June and July, the two slowest sports betting months from 2023, produced nearly $70 million in profits. Revenue from the same two-month span in 2024 is up 52% year-over-year.
Ohio sportsbooks are now less than $8 million away from reaching $500 million in total taxable revenue in 2024.
Filling coffers
That impressive July revenue haul led to the Buckeye State filling its coffers with $11.1 million, putting Ohio’s tax profits over $98 million year-to-date from the 20% rate on operators.
It could’ve been even better had the monthly handle not dropped 10% from June with MLB and Olympics carrying the sports betting load. However, the amount wagered in July was up 44% year-over-year.
The 18 online sportsbooks led the charge, accounting for $466.6 million of the total handle and $53.6 million of Ohio’s revenue. Casinos enjoyed a healthy 20% hold as retail sports betting produced a total of $1.7 million in revenue on a $10.2 million handle.
FanDuel crushes bettors
| Operator | July Handle | Revenue |
|---|---|---|
| DraftKings | $160.2 million | $17.9 million |
| FanDuel | $139.4 million | $20.8 million |
| bet365 | $51.9 million | $4.8 million |
| BetMGM | $29.2 million | $3 million |
| Caesars | $27.4 million | $1.9 million |
| Fanatics | $19 million | $1.7 million |
DraftKings extended its top monthly handle streak to four with $160.2 million accepted in wagers during July. However, FanDuel annihilated bettors. Its nearly 15% hold on $139.4 million wagered generated $20.8 million of revenue, $3 million more than DraftKings.
bet365 fell just under a double-digit hold on a $51.9 million handle to finish third in Ohio and produce almost $5 million in profits for the month. BetMGM was $22.7 million behind bet365 in the amount wagered for fourth in the pecking order, but the online operator did go over 10% with its win rate.
Caesars wasn’t far behind with a handle of $27.4 million while Fanatics Sportsbook claimed the sixth spot by generating $1.7 million more in wagers than ESPN BET.
Landscape shifting
The number of Ohio sports betting operators is dwindling. SuperBook, which announced it was exiting the market in July, produced $9,075 in revenue on a $236,600 handle before shutting down operations.
Betfred is next. The online sportsbook stopped taking wagers from Ohio bettors in mid-August. Betfred took in $276,091 in wagers during July and claimed $26,535 in taxable revenue while also handing out the third-fewest promotional dollars among Ohio’s operators.
While some legal sportsbooks have opted to leave the market, Buckeye State regulators forced illegal offshore operator Bovada out. The OCCC sent a cease-and-desist letter to Bovada in early August, and the gaming site complied by restricting access to Ohio residents.
