February was predictably a down month for Ohio sports betting. According to the Ohio Casino Control Commission’s (OCCC) most recent report, sportsbooks in the Buckeye State handled $657.7 million in wagers. Online sports betting handle declined 17% from January’s $792.1 million but rose 5.9% from $621.3 million in February 2023.
Revenue totaled $67 million, representing a 39.5% month-over-month drop (from $110.7 million) and a 16.7% year-over-year drop (from $80.4 million).
Retail sportsbooks posted a $122K monthly loss. Their $13.4 million handle fell short of the $13.5 million returned in winnings and voided wagers.
Ohio sports betting crowns FanDuel king of February revenue
The Super Bowl marked the end of the first NFL season with legal Ohio sports betting. Ohio bettors showed their gridiron loyalty to FanDuel Sportsbook once more, as its $222.2 million in online handle led the state for the fourth straight month.
DraftKings Sportsbook nearly caught FanDuel Ohio, posting $222 million in total online wagers. The two have jockeyed for pole position in the state since day one.
Month FanDuel Handle DraftKings Handle Winner
January 2023 $494.2 million $344 million FanDuel
February 2023 $232.8 million $214 million FanDuel
March 2023 $258.5 million $228.4 million FanDuel
April 2023 $184.6 million $161.3 million FanDuel
May 2023 $158.5 million $137 million FanDuel
June 2023 $120.3 million $117.5 million FanDuel
July 2023 $106.7 million $116.2 million DraftKings
August 2023 $115.8 million $133. 8 million DraftKings
September 2023 $207.8 million $261.3 million DraftKings
October 2023 $258.6 million $258.7 million DraftKings
November 2023 $293.3 million $275.8 million FanDuel
December 2023 $289 million $261.3 million FanDuel
January 2024 $282.7 million $254.2 million FanDuel
February 2024 $222.2 million $222 million FanDuel
FanDuel outperformed DraftKings Ohio in monthly revenue, too. Despite the two sportsbooks having just a $211K difference in February handle, FanDuel’s $28.1 million revenue was 16% higher than DraftKings’s $24.2 million.
Sportsbook February Handle Taxable Revenue
FanDuel $222,210,822 $28,054,291
DraftKings $221,999,234 $24,168,112
bet365 $44,644,899 $4,203,498
BetMGM $42,562,917 $3,121,134
ESPN BET $40,867,715 $3,262,214
Caesars $29,266,667 $963,723
Fanatics $14,616,780 $1,296,979
Hard Rock $11,784,462 $794,478
Prime $10,040,069 N/A
Tipico $5,629,561 $572,538
betJACK $4,858,238 $237,664
PointsBet $4,385,269 $174,351
Bally's $1,408,686 $15,907
Betway $845,227 $41,398
betPARX $738,103 $42,201
Betfred $702,552 $9,800
SuperBook $591,374 N/A
Betr $391,285 $19,225
MVGBet $181,325 $19,607
60% of Ohio sportsbooks see February revenue totals under $1 million
While FanDuel and DraftKings posted revenue totals well above $20 million, 12 of the state’s 20 sportsbooks failed to hit seven figures for the month.
According to the February revenue report, only six additional sportsbooks surpassed $1 million in February revenue:
- bet365 Ohio jumped into the number-three spot in handle ($44.6 million) and revenue ($4.2 million)
- BetMGM Ohio also surpassed ESPN BET Ohio in handle ($42.6 million to $40.9 million), but its $3.1 million revenue fell $141K shy of ESPN BET’s.
- Fanatics Ohio was seventh in handle ($14.6 million) and sixth in revenue ($1.3 million)
Notable sportsbooks with below $1 million in February revenue:
- Caesars Ohio reported $963.7K in February revenue despite accepting $29.3 million in wagers.
- Similarly, Hard Rock Ohio’s $794K in revenue came from an $11.8 million handle.
- Six Ohio sportsbooks had under $100K in taxable revenue:
- BallyBET
- Betway
- betPARX
- Betfred
- MVGBet
- Betr
- Two sportsbooks reported monthly losses: Prime had -$583K in revenue from its $10 million handle, and SuperBook Ohio posted an $8,109 loss from its $591K handle.
February shows strong signs for Ohio March Madness revenue
Ohio’s January 2023 sports betting launch was monumental in every way. Its $621.3 million handle in February 2023 was fifth in the US, ahead of mature economies like Arizona and Pennsylvania, and it finished 2023 as the number-six market in the US.
A year later, sports betting volume has grown by nearly 6%, showing that Ohio’s launch was not a honeymoon phase. January’s handle fell by 27.4% MoM ($298 million), but that was expected because of the promotional money that sportsbooks offered when they went live.
Pending disaster, the March revenue report should reveal strong numbers as a result of the NCAA March Madness basketball tournaments. Another month with YoY gains will show promise for the future of Ohio sports betting.
