As per the Ohio Casino Control Commission’s latest monthly report, the state’s sportsbooks registered a total handle of $864.2 million, marking the second-highest betting amount for the second consecutive month.
November witnessed a substantial 15.8% surge in handle compared to October, showcasing ongoing growth in Ohio’s 11-month sports betting history. Various sports events such as NFL, college football, MLB, NBA, college basketball, and NHL, contributed to heightened betting activity among Ohio residents. Notwithstanding increased betting activity, sportsbooks encountered difficulties in the month, experiencing a 15% decrease in gross revenue to $68.2 million. The win rate diminished to 7.9%, marking its lowest point in Ohio’s history and signaling that bettors had an edge over the sportsbooks.
Promotional credits, particularly from ESPN Bet, Penn Entertainment’s recently introduced platform, saw a 52% increase from October, distributing $29 million post in its November 14th launch. Ohio’s average win rate for 2023 maintains a level above 12% in a market that continues to mature. Nevertheless, November concluded consecutive months where revenue exceeded $80 million. Although there was a downturn in profits, Ohio sportsbooks have accumulated nearly $850 million in taxable revenue for the year. This resulted in a contribution of $13.6 million in tax revenue for November, reaching an overall total of nearly $120 million in 2023.
Among the newcomers in Ohio’s sports betting landscape, ESPN Bet secured the third-highest wagered amount at $70.8 million, holding at 16.9% before promotions. FanDuel led the online wagering segment with a handle of $293.2 million, closely followed by DraftKings with $275.8 million. BetMGM and Caesars also significantly contributed to Ohio’s sports betting market.
Hollywood Columbus continued its upward trend in the retail sector, exceeding $4 million in wagers for the second consecutive month. Additionally, brick-and-mortar sportsbooks like Hollywood Gaming at Dayton Raceway, Hollywood Toledo, and MGM Park Northfield registered seven-figure handles in November, showcasing consistent enthusiasm for sports betting throughout Ohio.
This notable increase in handle amidst revenue fluctuations aligns with trends observed in other states. For instance, Pennsylvania reported a record sports wagering handle of $934.1 million in November, although it experienced a 1.7% decrease in revenue.
