Ohio’s sports betting market witnessed a notable decline in its handle for the month of April, recording a total of $520.6 million, marking a 40% decrease compared to the $737.2 million generated in March. The Ohio Casino Control Commission (OCCC) reported that the state has seen a total of $3 billion in wagers during the first four months of regulated operations.
Shifting Market Dynamics:
The sports betting landscape in Ohio saw a significant shift in April, with online sportsbooks dominating the market, accounting for 97% of the total handle. These online platforms registered $505.6 million in bets, down from $715.3 million in March. A notable addition to the Ohio betting scene was Fanatics, the state’s 18th mobile betting option, which launched in April. Retail sportsbooks contributed $15 million to the overall handle.
Revenue Insights:
Despite the decrease in the handle, Ohio’s sports betting market generated $63.7 million in revenue for April. This, however, represented a 48% decline from the $95 million recorded in March. Of the total revenue, $62.2 million was attributed to online betting, while retail sportsbooks contributed $2.4 million.
Key Players:
Several prominent sports betting operators were active in Ohio during April. FanDuel led the way with a handle of $184.6 million, followed closely by DraftKings with $161.3 million. Other operators in the market included BetMGM with a handle of $31.1 million, Caesars with $27.5 million, and Barstool Sportsbook with $23.5 million.
The decline in Ohio’s sports betting handle for April reflects the changing dynamics of the market. The prominence of online sportsbooks, coupled with the launch of Fanatics as a new mobile betting option, demonstrates the evolving preferences of Ohio’s bettors. Despite the drop in the handle, the state continues to see healthy revenue figures, indicating the potential and attractiveness of the Ohio sports betting market. The coming months will provide insights into the market’s stability and potential for growth.