In June, Ohio witnessed a significant decline in its combined retail and online sports betting handle, marking an 18.9% decrease compared to the figures reported in May. The state, which initiated legal sports betting on January 1, experienced the lowest monthly handle since the launch of this form of gambling.
Shift Towards Online Sportsbooks:
Ohio’s online sports betting landscape continued to dominate, representing 96% of the overall market. With a total handle of $362.1 million, the state’s 18 online sportsbooks played a pivotal role in shaping the betting landscape. Key players in the online sector included FanDuel, DraftKings, Bet365, BetMGM, and Caesars, each contributing to the evolving dynamics of Ohio’s sports betting market.
FanDuel: $120.3 million
DraftKings: $117.5 million
Bet365: $26.5 million
BetMGM: $25.8 million
Caesars: $20.4 million
Revenue Insights:
While the handle experienced a decline, the Ohio Casino Control Commission (OCCC) reported sports betting revenue of $32.6 million for June. This figure marked a notable decrease of 43.7% from the revenue reported in May, which stood at $57.8 million. The revenue insights provide a nuanced perspective, indicating the impact of various factors on the overall financial performance of Ohio’s sports betting market.
Tax Receipts and Fiscal Impact:
The state garnered nearly $442,000 in tax receipts for the reported period, contributing to a cumulative total exceeding $12 million for the first six months of the year. These financial metrics shed light on the fiscal impact of sports betting in Ohio, reinforcing its position as a revenue-generating channel for the state.
Ohio’s sports betting landscape encountered a notable downturn in June, primarily driven by an 18.9% decline in the handle compared to the preceding month. The shift towards online platforms remains a defining trend, with key players influencing market dynamics. Despite the decline in handle, the state’s sports betting revenue, tax receipts, and cumulative fiscal impact underscore the resilience and potential of the burgeoning industry. As Ohio navigates its sports betting journey, these insights provide valuable benchmarks for stakeholders, regulators, and operators alike.