Ohio´s sports betting market became the fastest to reach $10 billion handle in the post-PASPA era Friday after the state’s Casino Control Commission and Ohio Lottery reported a combined $674.2 million worth of wagers for April.
| State | Number of Months to $10 Billion Handle | Month Reached $10 Billion Handle |
|---|---|---|
| OHIO | 16 | April 2024 |
| Arizona | 20 | April 2023 |
| Illinois* | 22 | February 2022 |
| Nevada | 25 | August 2020 |
| Virginia | 28 | April 2023 |
| New Jersey | 30 | November 2020 |
| Colorado | 32 | December 2022 |
| New York* | 33 | December 2022 |
| Michigan* | 33 | March 2023 |
| Pennsylvania | 36 | October 2021 |
| Tennessee | 36 | October 2023 |
| Indiana | 39 | November 2022 |
| *Does not include months during COVID-19 pandemic without mobile wagering available |
The Buckeye State, which had the largest simultaneous launch of operators in U.S. history to ring in 2023, reached the $10 billion plateau in just 16 months of wagering. Tennessee last October.
April’s handle was up 29% compared to 12 months prior, though the $2.97 billion worth of wagers placed in the first four months of 2024 is down 1.6% year-over-year. Wagering via mobile betting apps totaled $657.1 million, ing for 97.5% of total handle.
Sportsbooks had a field day against the betting public, crafting a hold just shy of 11% to claim $74.1 million in adjusted gross sports betting revenue. That was up 15.9% from April 2023, with winnings failing to keep pace with handle as operators had a 12.2% hold last April. Ohio sportsbooks have collectively posted double-digit holds in 13 of 16 months, including three times in 2024.
The state collected $14.8 million in tax revenue, lifting the year-to-date total to $63.9 million. That is $18.7 million ahead of last year’s pace through four months, boosted by Gov. Mike DeWine’s decision to double the tax rate to 20% before the start of Fiscal Year 2024 last July.
FanDuel runs riot, bet365 grabs third for handle and revenue 4y27p
Running April #SportsBetting handle by state (CORRECTED):
1 New York $1.97B
2 New Jersey $1.04B
3 OHIO $674.2M
4 N. Carolina $648.9M
5 Penn. $646.1M
6 Mass. $603.3M
7 Nevada $569.2M
8 Virginia $563.5M
9 Colorado $509.5M
10 Maryland $486.3M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) May 31, 2024
While FanDuel often pulls off “the double” of being tops in revenue and handle, it also claimed top honors for hold by a mobile operator in Ohio for April. The digital juggernaut attained a 15% hold against $226.7 million in handle, reaping nearly $34 million in adjusted gross revenue. That kept in line with its 2024 numbers to date as FanDuel is within $2.5 million in wagers for $1 billion and has a 14.2% win rate.
DraftKings was a closer second in handle than revenue, accepting $216.8 million worth of wagers and posting a 9.6% hold to keep $20.8 million. It moved within $780,000 of $100 million in revenue for the year and has a 10.4% hold on $953.7 million in handle.
The biggest surprise for April numbers in the Buckeye State could very well be bet365 seizing the No. 3 spot for both categories in convincing fashion. The England-based sportsbook posted $48.9 million handle, and a 10.4% win rate meant it collected $5.1 million in revenue. Also of note is bet365’s promo spend was $1.6 million, less than one-third its $5 million outlay 12 months prior.
ESPN BET for fourth in both categories, notching an 8.6% hold to keep $3.9 million of its $45.2 million handle. ESPN BET had the better hold of the pair at 9.1%, claiming $3.3 million in winnings from $35.8 million worth of accepted bets.
ESPN BET spent approximately $90,200 more in promotions than bet365, but its month-over-month handle declined 19.1% versus the 14.6% downturn bet365 had.
Caesars for sixth in revenue, claiming $1.8 million from $21.8 million worth of wagers in posting an 8.3% win rate. Caesars had a 4.7% hold on $27.9 million in handle, its seventh straight month below the 7% industry standard.
Hard Rock Bet was the last of the eight mobile operators with at least $10 million in handle and $1 million in revenue, reaching $12.2 million worth of bets placed. Its 9% hold resulted in $1.1 million in revenue, its first seven-figure haul since last September.
All 19 mobile operators finished with positive AGR in April, with Tipico and PRIME Sportsbook rounding out the top 10 with $625,200, and $324,800, respectively. It was the first winning month since last December for PRIME, which knocked down its year-to-date losses to $428,500.
Scoping the retail action 505a5u
Ohio’s four casino-based retail sportsbooks combined for $646,600 in winnings, posting a collective 8.5% win rate against $7.6 million in handle. Hollywood Casino in Toledo nearly zeroed out its March losses after collecting $42,600 in revenue for April.
The state’s seven racinos and racetracks did not fare as well, claiming a total of $417,900 in revenue from $7.5 million in bets placed for a 5.6% hold. Scioto Downs ed for more than half those winnings, routing the public with a 21.6% hold to collect $252,000 of the $1.2 million wagered.
The Ohio Lottery reported $992,000 in handle from 830 kiosks across the state and picked up $103,100 in revenue. The state collected $23,544 in taxes from those winnings, lifting the 2024 calendar year total to $111,100.
