Ohio Sports Betting Hits $901M in October

Ohio’s sports betting market recorded $901.4 million in wagers during October 2023, marking its second-best performance since the state launched legalized betting in January 2023. The October total represents a 20.6% year-over-year increase from October 2022 and a 4.5% rise from September 2023’s $863 million. This continued growth is a promising sign for Ohio’s sports betting landscape, which has been evolving rapidly since its legalization. With a steady increase in consumer engagement, October’s results reflect the sustained popularity and maturation of Ohio’s betting market.

 

Records Setting Ohio

Online betting was the primary driver of this strong performance, contributing $881.7 million to the overall handle. Retail betting added $19.7 million to the total. Players collectively won $814.7 million, while $5.6 million in wagers were voided. After subtracting $37.7 million in promotional gaming credits, taxable revenue reached $81.5 million, a slight 1% increase from the same month last year.

This growth in taxable revenue outpaced the increase in betting handle, which rose 4.5% from September, demonstrating the market's continued profitability. However, the taxable revenue figure remains far below Ohio’s record $209 million in January 2023, when the state first launched its legal betting market.

Ohio’s statewide hold rate, the percentage of wagers retained as revenue, stood at 9.04% for October. The online sector maintained a slightly higher hold rate at 9.11%, while retail betting posted a lower figure of 6.09%. These rates reflect the performance of individual operators, which vary in terms of wagering strategies and consumer engagement. Although tax revenue data for October has not been disclosed, the overall revenue figure indicates a healthy sports betting environment, one that continues to grow and evolve.

FanDuel solidified its position as the dominant player in Ohio’s sports betting market during October, generating $34.5 million in revenue from $307.2 million in wagers, for an 11.2% hold. This performance further expanded its lead over its competitors, particularly DraftKings, which came in second with $25.7 million in revenue from a $297.9 million handle, achieving an 8.63% hold. Bet365, in partnership with the Cleveland Guardians, took the third spot with $6.1 million in revenue from $72.2 million in wagers, marking an 8.45% hold. Other key operators included BetMGM and MGM Northfield Park, Fanatics and the Columbus Blue Jackets, and Caesars and Scioto Downs, each contributing to the state’s overall betting revenue. In the retail space, Hollywood Columbus led with $430,098 in revenue from a $3 million handle, showing impressive performance for a smaller segment of the market.

 

Ohio’s sports betting market continues to show strong growth, with October’s $901.4 million handle marking the second-highest month since legalization.

 

The Future

October’s strong figures underscore Ohio’s potential as a key player in the U.S. sports betting industry. FanDuel’s commanding lead reflects its established market position, but the performance of other operators, including DraftKings and Bet365, indicates healthy competition and a diversifying market. As the state continues to refine its regulations and operators adjust their strategies, future months could see even greater figures, suggesting that Ohio’s sports betting market is well-positioned for continued growth.