April Revenue Report: Ohio Sports Betting Becomes Fastest To Reach $10 Billion In Lifetime Handle

Written By Hill Kerby on June 11, 2024
Ohio April Sports Betting Revenue Report

Ohio sports betting had an April worth celebrating. Online sportsbooks reported just over $657 million in monthly handle, a 30% increase from $505.6 million in April 2023.

The month’s figures bring Ohio’s lifetime sports betting volume to $10.33 billion, making it the fastest state to surpass $10 billion in total handle.

Taxable revenue for the month was $72.8 million (+17.7% year-over-year). This resulted in an 11.1% hold, which propelled monthly revenue to grow by 17% from March’s $62.2 million despite a 16.3% decline in handle (from $784.8 million).

Sixteen months, $10 billion in online sports betting handle

Sports fans throughout the Buckeye State eagerly awaited the January 1, 2023, launch of Ohio sports betting and put their money where their mouths were from day one. They haven’t stopped since then, either.

Ohio needed just 16 months to transcend $10 billion in lifetime sports betting handle, the fewest of any legal sports betting state. Arizona previously held the record after reaching that mark in 20 months.

In total, 12 US markets have lifetime handles greater than $10 billion. Now just four months into its second year of sports betting, Ohio joins the following established markets in reaching that mark:

  • Arizona
  • Colorado
  • Illinois
  • Indiana
  • Michigan
  • Nevada
  • New Jersey
  • New York
  • Pennsylvania
  • Tennessee
  • Virginia

Two operators claim two-thirds of the market share

The Ohio sports betting market has 19 operators, but two have separated themselves from the rest of the herd in FanDuel Sportsbook and DraftKings Sportsbook. The Ohio Casino Control’s April revenue report proved that true once more, as FanDuel and DraftKings made up 67.5% of the state’s betting volume.

FanDuel, which has established itself as the top option in Ohio, led the state with a $226.7 million handle and nearly $34 million in taxable revenue. DraftKings came close to matching FanDuel with its $216.8 million handle, but its $20.8 million revenue was significantly lower than its primary competitor.

In distant third came bet365 Sportsbook, with a $48.9 million handle. This was bet365’s third straight month reporting more betting volume than BetMGM Sportsbook ($45.2 million) and ESPN Bet ($35.8 million).

And while April for Ohio casinos wasn’t nearly as productive, the state’s four casinos each feature retail sportsbooks, ultimately contributing to their monthly totals overall.

Eight Ohio sportsbooks exceed $10 million in April handle

Outside the top five, just three other sportsbooks reported eight-figure handles in April. Those operators were Caesars Sportsbook ($27.9 million), Fanatics Sportsbook ($21.8 million) and Hard Rock Bet ($12.2 million).

Five of the remaining 11 operators generated seven-figure handles:

  • Tipico: $6.7 million
  • BetJACK: $5.5 million
  • BetRivers: $4 million
  • Prime: $3.6 million
  • BallyBET: $1.2 million

The final six Ohio sportsbooks accepted less than $1 million in monthly wagers:

  • Betway: $558K
  • Superbook: $480K
  • Betfred: $420K
  • MVGBet: $417K
  • betPARX: $377K
  • Betr: $326K

Ohio sports betting behind pace compared to 2023, but not for long

Through April, Ohio sportsbook apps have accepted $2.89 billion in wagers in 2024. This is 1.4% less than the first four months of 2023 ($2.93 billion). However, 2023’s sports betting launch resulted in a yet-to-be-beaten $1.09 billion January handle.

Outside of January 2023’s outlier total, Ohio sports betting has reported three consecutive months with year-over-year gains. As a result, sportsbooks have just $41.1 million worth of ground to gain to outpace last year’s totals.

  • January: $792.1 million handle (-27.4% YoY from $1.09 billion)
  • February: $657.7 million handle (+5.9% YoY from $621.3 million)
  • March: $784.8 million handle (+9.7% YoY from $715.3 million)
  • April: $657.1 million handle (+30% YoY from $505.6 million)

The next four months represent the slowest sports betting months of the year. Even still, betting volume should remain relatively strong compared to last year and allow 2024’s numbers to surpass the previous year long before football season comes around.

Photo by Dreamstime / PlayMA
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Hill Kerby

Hill Kerby is a proponent of safe, legal betting, and is grateful to be able to contribute to growing the industry. He has a background in poker, sports, and psychology, all of which he incorporates into his writing.

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