The Ohio sports betting market continued to show momentum in March, finishing with $737 million in handle and just over $95 million in revenue.
In February, the market saw $639 million in bets and $82 million in revenue. The increase over February was expected due to higher betting volume during March Madness.
For the year, the Ohio market has taken nearly $2.5 billion in bets, putting the state on pace to easily rank among the top five sports betting markets in the U.S. in 2023.
Ohio up to $2.5 billion in 2023 sports betting handle
Ohio has raced out to a fast start in 2023 after setting a record launch with over $1.1 billion in bets in January. February and March were guaranteed to fall short of that lofty figure as sportsbooks pulled back on promotional spending after their initial customer acquisition blitz.
Still, the NFL playoffs, Super Bowl and March Madness provided a perfect roadmap for the market to mature quickly in the first quarter of 2023. By jumping out to such a fast start, the Ohio sports betting market is on pace for upwards of $10 billion in bets in 2023.
That would put Ohio neck and neck with New Jersey for third-biggest market in the U.S. behind New York and Illinois in 2023 — with more growth expected in Year 2.
Here’s how the total retail and online Ohio sports betting market looks through its first three months:
Ohio online sportsbooks lead the way
Ohio’s 17 online sportsbooks make up the vast majority of the state’s handle and revenue. In March, online sportsbooks accounted for 97% of the market, with $715.3 million in bets and $92.3 million in revenue.
Those figures are both up over February’s $621.1 million in handle and $81.9 million in revenue.
Ohio online sportsbook March 2023 market share
|Sportsbook||March Handle||Market Share||March Revenue|
Retail sportsbooks made $2 million more in March
Ohio’s retail sportsbooks saw a significant bump in March, with $21.9 million in handle and $2.8 million in revenue.
The 14 retail sportsbooks in the state only made $835,924 in revenue in February on $17.7 million in bets. January’s figures were just under $23 million in bets and $3.5 million in revenue.
Ohio retail sportsbook handle/revenue 2023
Every retail sportsbook did not open its doors at the same time, so the overall market has seen a gradual rollout. Most retail sportsbooks are located at the state’s 11 casinos/racinos or in connection with major sports teams, and they tend to have different busy seasons.
Still, a $2 million jump in revenue suggests there could be more growth ahead as these businesses catch their footing and continue to attract new customers.
Sportsbook promotional spending continues to decline in Ohio
After spending just under $320 million in promotions in January, Ohio sportsbook operators have gradually scaled back their bonuses and promos. In February, promotional spending was $59 million before falling to $44 million in March.
FanDuel and DraftKings are by far the biggest promotional spenders. Their promo spends have decreased each month:
|FanDuel||$168.6 million||$19.7 million||$8.3 million|
|DraftKings||$86.7 million||$18.3 million||$8.5 million|
The main outlier when it comes to promotional spending is Bet365, which spent just under $16 million in January, followed by $9.7 million in February and another $16.9 million in March.
Bet365 was Ohio’s biggest promotional spender in March, followed by DraftKings and FanDuel. Those promotions are in part to thank for Bet365’s No. 3 ranking in Ohio market share, with $54.5 million in March handle and just over $12 million in revenue.