Ohio Betting Revenue Drops in March
Sports Betting Handle Was Up From March 2023
There was plenty of money bet on sports in Ohio in March of this year. Much of it was returned to bettors, however. The state’s sportsbooks had the second-lowest hold percentage since they went live in 2023. That resulted in the Ohio betting revenue being down significantly compared to last year.
The $63.8 million in adjusted gross revenue was 33% lower than March of last year. Total handle was up more than 9% from the $737.2 million wagered in March 2023, but bettors were keeping more of their money this year. The state’s sportsbooks also claimed deductions for $22.5 million in promotional wagers.
The March handle was up more than $130 million from the amount bet in February, but the Ohio betting revenue was lower in March. Ohio sportsbooks reported $67.6 million in taxable revenue in February, which is slightly more than this year.
The betting handle was expected to climb in March, but revenue is also expected to be higher than in the previous month. That made Ohio a bit of an exception to the rule. There are just two games in February for NFL betting, the Pro Bowl and the Super Bowl. There also aren’t the same opportunities for parlay betting when there is just one football game per day. It’s no surprise that states sees much lower betting handles in February compared to January.
With the NCAA Tournament taking place in March, states usually see a solid uptick in sports betting. Ohio followed that pattern, but its lackluster hold percentage ate away at a lot of profit.
FanDuel, DraftKings Battle it Out
Unlike some states that have one predominant sportsbook, Ohio bettors are pretty split between DraftKings and FanDuel. Each of those two sportsbooks made more than the other sportsbooks in the state combined. In March, FanDuel accepted $265.9 million in wagers, while DraftKings hauled in $260.6 million. FanDuel also reported higher revenue of $27 million compared to the $20.3 million of DraftKings.
It was really close in February between the two, as FanDuel had handle of $222.2 million and DraftKings was at $221.9 million.
In March, Bet365 had a decent showing with $57.2 million in bets, giving it the No. 3 spot in the state. BetMGM was a close fourth with online and retail wagers totaling a little more than $55 million. ESPN Bet was No. 5, followed by Caesars.
Online betting remained the king in Ohio. There was $784.7 million wagered online in March compared to $23.4 million wagered at retail sportsbooks. Betting online has distinct advantages for most bettors. Not only can you make your wagers from the comforts of home, but you also get more in play betting opportunities when betting digitally. For some bettors, that’s a huge thing. Others aren’t too concerned about it and make their traditional sports betting wagers and be done with it.
The leading retail sportsbook for March was the Cleveland Cavaliers‘ Caesars’ Sportsbook, which accepted more than $6 million in wagers. The most profitable retail sportsbook for the month was Cleveland’s BetJACK, which showed profits of $359,798 for the month. That pales in comparison to the money won by some of the online sportsbooks, but it does help the Ohio betting revenue for the month.
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