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The Ohio State Buckeyes mascot as we look at the financials for Ohio's legal sports betting industry in January 2024.
The Ohio State Buckeyes mascot is seen during a game against Virginia Tech in the Elite Eight. Photo by Steph Chambers/Getty Images via AFP.

Ohio's legal sports betting platform started with a bang in January 2023 with an incredible $1 billion handle and a national record for the time of $209.6 million in monthly revenues for Ohio sports betting apps and retail providers. Unfortunately, for many of our best sportsbooks, January 2024 could not match those figures.

However, the state did manage to have a reasonable month in terms of betting activity and revenues for state retail sportsbooks and Ohio sports betting apps.

Ohio's January sports betting handle was its fourth-best, and revenue figures helped the Buckeye State become just the 11th state to reach the $1 billion mark in operator revenues. It took 13 months for Ohio sportsbooks to reach that milestone. Only New York, which hit $1 billion in operator revenues in 10 months, was better.

$810.4 million January handle

According to the Ohio Casino Control Commission January report, Ohio sportsbooks accepted $810.4 million in wagers in January, the fourth-best wagering activity total in 13 months of legal Ohio sports betting.

That figure represents a somewhat understandable 27.2% drop from the incredible nearly $1.1 billion handle that was reported in January 2023, the first month of legal wagering for the Buckeye State, and it was just a 2.3% month-over-month drop from $826.1 million in December.

Over $792 million of the $810.4 million January handle came from Ohio sports betting sites. Retail providers accounted for just over $18 million in January sports wagers. Residents could take advantage of numerous Ohio sportsbook promos during that time.

Good news and bad news on revenues

Ohio sportsbooks could not replicate an incredible revenue haul from January 2023, which was the first full month of legal sports betting in the Buckeye State. That month was flooded with promotional credits, which artificially boosted the revenue figures.

According to the Ohio Casino Control Commission, $113.5 million in revenues was generated by Ohio sports betting apps and retail providers in January 2024. It represents an impressive 30% month-over-month spike from the $87.2 million from December but paled compared to January 2023, when the first month of Ohio's much-anticipated legal sports betting platform generated nearly $206.6 million in revenues. That was a record for the time that was only recently eclipsed by New York during one of its $2 billion handle months.

An elevated 14% win rate for Ohio sports betting providers in January 2024 certainly helped. Only an incredible 18.8% hold in January 2023 was better.

January 2024's revenue haul took Ohio's best sportsbooks past the $1 billion mark in terms of operator profits. The Buckeye State became the 11th state to accomplish that goal and second-fastest ever in the broad and expanding U.S. scene, behind the "King of the Bet-Friendly States," New York, which accomplished that feat in 10 months.

Adjusted gross revenue numbers netted $22.7 million in tax revenue for state coffers. It takes the lifetime Ohio sportsbook tax contribution total to $159.5 million, which has been aided by the doubling of the tax rate from 10% to 20% in July.

FanDuel easily outpaces all

FanDuel Ohio was by far the most popular Ohio sports betting app in January. It led the way in terms of handle, revenues, and taxes paid.

FanDuel made up $282.7 million of the overall $810.4 million handle and reported $53 million in revenues thanks to a sportsbook-friendly 18.7% win rate. It has now posted 11%+ win rates in 12 of 13 months in the Ohio market.

DraftKings Ohio was second in the Buckeye State market with $254.2 million in accepted wagers in January and $34 million in adjusted gross revenue, off a 13.4% hold.

ESPN BET Ohio ranked third with $59.8 million in January bets, good for a 7.6% market share, which surpasses the company's desire for a 7% market share in its first year of operation. ESPN BET reported $4.6 million in revenues, which was fifth in the Ohio market, thanks to an underwhelming 7.8% hold.

bet365 Ohio was fourth with a $50 million handle, but third in revenues with $6.3 million. Its hold was 12.6%. BetMGM Ohio was fifth with $48.7 million in January wagers and fourth in revenues (ahead of ESPN BET) with $5.9 million in profits off of an 11.9% hold.

Caesars Sportsbook Ohio took in $35.5 million in bets in January, Fanatics Sportsbook Ohio saw $15.7 million in wagers, and Hard Rock Bet Ohio generated $11 million worth of wagers in January.