Ohio Enjoys Second-Best Sports Betting Month Ever in October
The Ohio legal sports betting industry is almost 11 months old. Through the first 10 months, the Buckeye State has maintained its position as a Top-5 U.S. sports wagering jurisdiction. October was no different, as our best sportsbooks posted another set of excellent results.
October represented the second-best handle month for Ohio sports betting apps and the state's retail providers. Five full weekends of NFL action, college football, MLB playoffs, and the start of the NBA and NHL seasons provided a predictable boost in sports wagering activity in the state. However, revenues didn't quite reach the heights seen by the state's overall handle.
As far as the race to be the best Ohio sports betting app, it was a battle between two familiar foes. DraftKings Ohio and FanDuel Ohio combined to make up 71.4% of the state's overall sports wagering handle and 76.3% of revenues generated by Ohio sports betting sites.
$746.3 million October handle for Ohio sportsbooks
According to an Ohio Gaming Commission report, Buckeye State bettors spent $746.3 million with Ohio sports betting apps and the state's retail providers in October. It represents the second-highest month in Ohio sports betting's 10 months of operation.
It is also a nice 8.1% month-over-month jump from the over $685 million wagered in Ohio in September.
In October, 97% of the state's total sports betting activity came from Ohio sports betting sites as residents took advantage of Ohio sportsbook promos.
Ohio sportsbook revenues fourth-best all-time
While the Ohio October sports betting handle was the second-best ever, revenues didn't follow suit. However, sports betting providers in the Buckeye State still enjoyed a successful month.
Over $80 million in gross gaming revenues were reported in Ohio in October, representing the fourth time Ohio's best sportsbooks have enjoyed at least $80 million in revenues in a given month. The $80.2 million from October is a slight yet disappointing month-over-month profits drop from $81.9 million in September.
January's $209.6 million, March's $94.8 million, and September's nearly $81.9 million were all better months for Ohio sports betting providers.
Thanks to a slightly underwhelming 10.8% hold rate for Buckeye State providers, $16.1 million in taxes was collected from the state's best sportsbooks.
Top provider race razor-thin
Once again, the battle to be the best Ohio sports betting app came down to FanDuel and DraftKings, which collectively accounted for over 71% of the state's total sports betting handle and over 76% of the state's sports betting revenues.
DraftKings Ohio came out on top, raking in $258.7 million in bets in October. DraftKings finished second in the revenues battle with $28.6 million for October.
FanDuel Ohio finished a close second in October with $256.8 million in Ohio but topped revenues with $31 million. bet365 Ohio leapfrogged BetMGM Ohio for third place with $45.7 million in October bets and $3.8 million in revenues.
BetMGM was fourth with $45.4 million in bets in October but finished ahead of bet365 in revenues with $5.7 million in profits. Caesars Sportsbook Ohio rounded out the top 5 Ohio sports betting sites with $35.5 million in October bets and $2.3 million in revenues.
Of note, PENN Entertainment's Barstool Sportsbook Ohio finished down the line of successful Ohio sportsbooks in October. But its move to EPSN BET in mid-November will hopefully provide a spark for the provider going forward in the Ohio market.
