Ohio Enjoys Second-Best Sports Betting Month Ever in November
The Ohio legal sports betting industry has been remarkable since launching in January 2023, as residents have enjoyed taking advantage of our best sports betting sites.
The Ohio Casino Control Commission’s November report has been released, revealing a respectable, double-digit month-over-month increase in overall sports wagering activity. It resulted in the second-best handle month for Ohio sports betting apps and retail providers in the 11 months of legalization in the Buckeye State.
It wasn't all great news out of Ohio, however. November's sportsbook win rate came in as the lowest ever for the Ohio sports betting scene and led to a decline in sportsbook revenues and tax revenues for state and local coffers.
Perhaps the biggest news out of Ohio's legal sports betting report is the performance of ESPN BET. Despite launching halfway through the month, it came in as the third-best Ohio sports betting site in November, behind FanDuel and DraftKings, but ahead of such established names as BetMGM, bet365, Caesars Sportsbook, and Fanatics.
$864.2 million November handle for Ohio
Ohio sportsbooks took in a whopping $864.2 million in sports bets in November, the second-best monthly haul since the first month of legalization, January 2023, when $1,090,962,383 in bets was reported by state providers.
The $864.2 million represents a 15.8% month-over-month increase from the nearly $743 million in wagers reported in October, previously the second-best sports betting month in Ohio.
Ohio sports betting apps made up $841.1 million of the total $864.2 million November handle as bettors took advantage of Ohio sportsbook promos.
With November added in, Ohio's lifetime sports betting handle sits at $6.83 billion, with one month to close out the first year of legal sports betting in the Buckeye State.
Revenues fall month-over-month
Ohio sportsbooks could not capitalize on a full month of NFL, college pigskin, NBA, college hoops, the NHL, and the conclusion of the MLB season with regard to monthly revenues. Sportsbook profits dropped month-over-month.
Ohio sportsbooks reported $68.2 million in gross revenues in November, a 15% month-over-month drop-off from the nearly $80.4 million in October. While Ohio's November handle was the second-best monthly total ever, the $68.2 million in revenues came in as the sixth-best Ohio sportsbook earnings month.
So far, Ohio sportsbooks have reported $847.8 million in revenue since launching in January.
Hold rate worst ever
The revenue slump for Ohio sportsbooks in November is the uncharacteristically low win rate for state sportsbooks. Ohio sports betting sites have become accustomed to 10%-plus holds, reaching that level every month of their 11-month existence except for 9.1% in June and 7.9% in November.
The 7.9% November hold resulted in just over $13 million in taxes being collected from Ohio sports betting apps and retail providers, bringing the total collected in the Buckeye state to $115.6 million since launch.
Familiar battle between FanDuel and DraftKings... with ESPN BET making a splash
The battle to be Ohio's best sports betting app came down to FanDuel and DraftKings once again, with each sports betting behemoth reigning supreme in the two main measuring metrics.
FanDuel Ohio led the way in terms of handle with $293.3 million in November bets. It was second in terms of revenues with $21 million. DraftKings Ohio was second in Ohio in November with regard to wagering activity with $275.8 million in bets but was first in November revenues with $22.5 million.
PENN Entertainment's Barstool Sportsbook, now ESPN BET, made a splash in the Ohio market in November. PENN came away with an 8.4% market share in Ohio that month, up from 2.7% the month before.
PENN accounted for $70.8 million in wagers, over 3.5 times the company's bets during October and good for third place in the Ohio race.
ESPN BET’s Ohio promotional credits in November, however, came in at a staggering $29 million, which is more than FanDuel Ohio and DraftKings Ohio combined.
Revenues for PENN were $12 million in the Ohio market in November, a major jump from the $1.6 million in October.
BetMGM Ohio was fourth in the Buckeye State market with $50.1 million in November bets and $3.3 million in revenue. bet365 rounded out the Top-5 with $45.4 million in wagers in November with a state fourth-best $3.7 million in revenues.
