In May, Ohio experienced a 14.4% decline in its combined retail and online sports betting handle, reporting a total of $447.5 million compared to the $520.6 million registered in April. This shift in numbers sheds light on the dynamics within Ohio’s burgeoning sports betting market, where online platforms continue to dominate the landscape.
Online Dominance:
Online sports betting took center stage in Ohio, constituting 97% of the market with a total handle of $430.7 million. In contrast, retail sportsbooks reported a more modest $15.6 million in bets, highlighting the increasing popularity and convenience of online platforms among bettors.
Revenue and Top Performers:
Despite the decline in the betting handle, Ohio reported sports betting revenue of $55.9 million in May, indicating the continued financial viability of the market. Leading the pack in terms of handle were prominent platforms such as FanDuel ($158.5 million), DraftKings ($137 million), Bet365 ($32 million), BetMGM ($29.7 million), and Caesars ($24 million). These top performers collectively contributed to the overall revenue generation in the state.
Tax Contributions and Overall Performance:
Ohio collected $5.78 million in taxes from sports betting activities in May, adding to the cumulative tax receipts of $51 million since the market’s launch on January 1. The Ohio Casino Control Commission (OCCC) reported a total of $3.5 billion in bets during the first five months of the regulated market. Notably, January stands out as the month with the highest handle, reaching $1 billion.
Market Trends and Considerations:
The decline in the sports betting handle from April to May reflects the dynamic nature of the market, influenced by various factors such as sports seasons, consumer behavior, and promotional activities by leading platforms. As Ohio’s sports betting landscape evolves, monitoring these trends becomes crucial for stakeholders and industry observers.
Ohio’s sports betting market continues to navigate fluctuations, with online platforms maintaining their dominance. The revenue generated and taxes collected underscore the economic impact of legalized sports betting in the state. Understanding the factors influencing these fluctuations will be essential for stakeholders as they assess the market’s trajectory and potential future developments.