Ohio Betting Revenue in December Hits 8-Month High
The Ohio Casino Control Commission reported that the Buckeye State saw $829.9 million in wagers in December, a 4% monthly decrease. While the sportsbooks saw less handle, their revenue got a much-needed bump thanks to some unlucky bettors.
After a hold of 7.9% in November, the operators kept 11.1% of their bets in December, meaning that revenue jumped to $87.2 million from $68.2 million. The last time Ohio sportsbooks saw gross profits like this was in March and the unpredictable NCAA Tournament.
ESPN Bet a popular operator
In its first full month in Ohio, ESPN Bet should feel good about its standing across the U.S. and specifically in Ohio. Yes, it has been expensive. In a month where promo deductions fell to $36.6 million, the lowest since football season started, ESPN Bet is still spending a ton. The book led its competitors with $11.3 million, nearly a third of the statewide promos.
But ESPN Bet is the third most popular operator for the second straight month in both handle and revenue. Most sportsbooks are stuck in their standing after launch, and after seeing several new operators struggle to breakout of a competitive market, ESPN Bet actually vaulted into the top of the field. It should scare BetMGM who was stuck in third place for months (if not years).
That being said, ESPN Bet's handle at $72.8 million and revenue at $8.2 million is well short of the two .
FanDuel saw the most action at $289 million, turning that into $37.4 million in revenue, while DraftKings was second at $261.3 million and $25.4 million.
2023 in review
Ohio has now completed one full year of legal sports betting and the stats are interesting.
Over $7.6 billion was bet in 2023, with 97% of those wagers made online. The state currently has 20 online sportsbooks and 16 retail locations. FanDuel and DraftKings combined for 77% of the statewide revenue.