It has only been 11 months since Ohio initiated its legal sports betting industry. The state has now reported massive growth in the industry in November 2023.
Ohio generated 864.2 million dollars in wagers during the month, the second-highest sum wagered for the second consecutive month, according to the most recent report from the Ohio Casino Control Commission.
The state witnessed a 15.8% growth in wagers as of October 2023. This growth can be accounted for in several sporting events, like college football, the NFL, college basketball, the NHL, and the NBA.
However, the overall wager growth did not result in Ohio’s sportsbook gross revenue, which dropped 15%. The dip brought the gross revenue down to 68.2 million dollars. Similarly, the win rate also dropped to 7.9%, which was the lowest in the state’s brief sports betting history.
ESPN Bet, the newly launched platform by Penn Entertainment, was among the few to note a growth in promotional credits. The platform accumulated 52% growth, with 29 million dollars distributed after launching in November.
The overall average win rate among Ohio sportsbooks stayed at 12%. Even then, November marked consecutive months where the state gathered revenue above 80 million dollars.
Regardless of the profit decline, Ohio’s sports betting market generated almost 850 million dollars in taxable revenue. The month of November alone covered 13.6 million dollars of this amount.
It was FanDuel that led the online wagering charge with 293.2 million dollars. The operator was closely followed by DraftKings, with 275.8 million dollars. The duo’s performance was met by Caesars and BetMGM in the region.
ESPN Bet became the star debutant, amassing 70.8 million dollars and a 16.9% hold before pre-promotions.
This trend of a quick rise in handle despite revenue contingencies has already been witnessed in Pennsylvania and other states. Thus, sports betting enthusiasts are thrilled to see what Ohio has in store for 2024.