Ohio’s sports betting market experienced a remarkable surge in November, setting a new record for the highest monthly handle since the inception of regulated sports betting in January. With a total handle of $864.2 million, November witnessed a 15% increase compared to the previous month, marking a significant milestone in the state’s evolving sports wagering landscape.
Breakdown of November’s Sports Betting Metrics:
Overall Handle: $864.2 million, reflecting a robust 15.8% month-on-month increase.
Online Betting Component: The majority of the handle, totaling $841.1 million, demonstrates the continued popularity of online sports wagering.
Retail Sportsbooks Contribution: Physical sportsbooks at casinos, racinos, and sports venues accounted for $23.1 million in bets.
Revenue and Tax Implications:
Total Revenue: Despite the surge in bets, overall revenue decreased to $66.6 million.
Hold Percentage: The hold percentage, at 7.9%, reached its lowest point, impacting revenue figures.
Tax Contribution: The state garnered a little over $13 million in tax revenue, reinforcing the fiscal benefits of legal sports betting.
Year-to-Date Overview:
Cumulative Wagers: Over the first 11 months of legalized sports betting, Ohio witnessed a cumulative wagering volume of $6.83 billion.
Operator Revenue: During the same period, operators generated revenue totaling $847.8 million, showcasing sustained market activity.
Tax Revenue to the State: The state treasury collected $115.6 million in tax revenue from the sports betting sector.
Analysis:
Ohio’s sports betting sector continues to exhibit resilience and growth, with November’s record-breaking handle underscoring the robust demand for legal wagering options. While revenue experienced a dip, the overall tax contributions affirm the positive economic impact of the industry. The online betting segment remains a dominant force, reflecting evolving consumer preferences in the digital era.
November’s stellar performance in Ohio’s sports betting market solidifies its position as a key player in the evolving landscape of legal sports wagering. With consistent growth and a record handle, Ohio’s sports betting enthusiasts are actively participating in the regulated market, contributing to both operator success and state revenues. The state’s journey in the realm of sports betting continues to unfold, promising further developments and opportunities in the months ahead.