Ohio sports bettors had a record-breaking month in October, with the Ohio Casino Control Commission reporting a $902.9 million handle, the state’s best since January 2023. This amount is the second-highest ever wagered in a single month, with online and retail sports betting operators combining to produce $81.2 million in gross revenue. Despite a slight decrease from the previous month, Ohio’s 9% hold rate is still one of the highest in the country.
Tax returns from sports betting operators sent $16.3 million to the state in October, bringing Ohio’s total tax revenue from sports betting to over $146 million year-to-date, surpassing the $133 million from 2023. FanDuel led the way with a $307.2 million handle, followed closely by DraftKings with $298 million. Online sports betting in Ohio accounted for the majority of the total handle, with FanDuel maintaining a double-digit win rate streak for 11 months.
In other news, Betr generated its first $1 million handle in its second full month of operations in Ohio, while retail sportsbooks saw a slight decrease in handle from September. The OCCC recently fined DraftKings $425,000 for compliance violations, including allowing bets on college player props and permitting an unapproved funding source for sportsbook accounts.
Overall, Ohio’s sports betting industry continues to thrive, exceeding expectations for tax revenue and setting new records for handle amounts. With ongoing discussions about potentially lowering the 20% tax rate on sportsbooks, the future of Ohio’s sports betting market remains promising.
Source
Photo credit www.covers.com