Ohio Falls Short of November Sports Betting Handle Record

In November 2024, Ohio's sports betting market achieved a remarkable total of $1.02 billion in wagers, narrowly missing the all-time monthly handle record set earlier in the year. The state’s sports betting activity was up by 18.5% compared to November 2023, and 13.6% higher than October 2024, signaling continued growth in the industry. While the November total stands as the second-highest ever recorded, it still trails the January 2023 peak of $1.11 billion, marking the launch of online sports betting in Ohio.

According to data released by the Ohio Casino Control Commission, the state saw an impressive number of bets placed online, totaling $1.02 billion, with $20.9 million wagered at retail sportsbooks inside land-based casinos. Consumers in Ohio won $901.9 million from these wagers, and the overall promotional bets and voided wagers amounted to $38 million, leaving $117 million in taxable revenue. This represents a 71.6% increase from November 2023 and a 43.6% increase from the previous month, though it still falls short of the record-breaking $209 million generated in January 2023.

The month-over-month growth reflects Ohio's continued maturity in the sports betting market. November’s revenue growth outpaced other states in the region, a promising sign for Ohio's role as a major player in the U.S. sports betting landscape. Notably, the online betting segment continues to dominate, generating $114.2 million in taxable revenue, a stark contrast to the retail market, which only accounted for $2.8 million.

The state's overall hold rate for November stood at 11.43%, with online betting holding steady at 11.42%. Retail sportsbooks performed slightly better, posting a hold of 13.4%. This indicates that Ohio’s online sports betting sector remains the primary driver of the state's sports wagering success.

 

Operator Landscape

Among the state’s operators, FanDuel continues to lead the pack, maintaining its top position in Ohio's online betting market. Partnered with Belterra Park, FanDuel generated $46.5 million in online revenue from $351.1 million in wagers, boasting an impressive 13.24% hold rate. DraftKings, in collaboration with Hollywood Toledo, ranked second, securing $37.9 million in revenue from $329.9 million in bets, with a hold of 11.49%.

Other notable operators include Bet365, in partnership with the Cleveland Guardians, which posted $8.7 million in revenue from a $76.6 million handle, and BetMGM, partnered with MGM Northfield Park, which recorded $6.5 million from a $72.3 million handle. Despite increased competition, FanDuel and DraftKings remain dominant players in the state’s online market.

On the retail side, Hollywood Columbus led the way with $525,705 in revenue from $3.3 million in bets, yielding a high 16.02% hold rate. Seminole Hard Rock Digital and Hard Rock Cincinnati followed with $401,604 from $1.9 million in wagers, resulting in a 20.98% hold. Though retail sportsbooks represent a smaller portion of Ohio’s overall sports betting activity, their performance underscores the ongoing popularity of in-person sports betting.

 

November's sports betting handle of $1.02 billion in Ohio marks a significant milestone, reflecting continued growth in the online market, even as we fell just short of the all-time record set in January 2023.

 

Looking Ahead

While Ohio’s November results fell just short of a new record, the data underscores the state’s rapid growth in the sports betting market. With a robust online betting infrastructure and continued consumer interest, Ohio is well-positioned for a strong finish to 2024. The potential for future growth remains, especially as new partnerships and innovations continue to reshape the competitive landscape.

As we move into 2025, it will be interesting to see whether Ohio can break its sports betting handle record and maintain its trajectory as one of the most lucrative states for sports wagers.