Ohio Sports Betting Industry Sees Double-Digit Month-Over-Month Increases in August

The Ohio Casino Control Commission reported on revenues for its eighth full month of legal sports betting activity on Monday. Like other states across the nation, August proved to be a turning point for Ohio sports betting providers, and the early end to the expected summer sports betting slump for the nation's best sportsbooks that provide Ohio sportsbook promos.

Ohio sports betting apps, retail providers, and the best sports betting apps saw double-digit increases in both their overall handle and revenue figures in August. Futures betting on the NFL and wagers on early college football betting action apparently had a real effect on the wagering scene in the Buckeye State.

Ohio's August handle figures

The Ohio Casino Control Commission revealed a $378.8 million August sports betting handle for their best sports betting providers. It represents a nearly $57 million or 14.4% month-over-month increase from the worst month the relatively new jurisdiction produced in July when just over $331.9 million was piled up.

There are no year-over-year figures to compare after legal betting launched in the state just this past January. But the $378.8 million is far below the record $1,114,101,739 in wagers from its first full month of business.

Ohio sports betting apps were responsible for the overwhelming majority of the sports betting activity in Ohio. Currently, 96% of the Ohio August sports betting handle came from the state's online betting sites. Retail sportsbooks contributed $14 million in August, which is up almost $2 million from July.

The legal sports betting numbers in August took the lifetime handle (since legalization in January) to just over $4.5 billion.

Revenues rise too

Revenues for the Buckeye State's legal sports betting scene came in at $40.8 million in August. That's about a 10% increase from the $37.2 million in July, and the first time since May that profits for the state's providers eclipsed the $40 million mark.

The August hold rate for Ohio sportsbooks continued to soar above the national 7% hold rate average for sportsbooks. August's win-rate for legal sports betting providers in Ohio was 10.8%. While that's respectable, it's still below the 11.2% in July and the second-worst hold for the Buckeye State's legal sports betting scene to date.

Thanks to Ohio's 20% tax rate, a total of $8.1 million in tax contributions came from the state's providers. That's up from $7.4 million in July and the highest tax bill for Ohio sportsbooks since $9.55 million in March.

DraftKings remains top of the heap

In July, DraftKings Ohio overtook FanDuel Ohio as the top Ohio sports betting app. That trend continued in August with a handle of $133.8 million. The company's $12.6 million in taxable revenue finished second to FanDuel.

FanDuel took in $115.8 million in Ohio during August. But thanks to an impressive sportsbook-friendly 13.2% hold, the shop topped the state in sportsbook revenues with $15.3 million.

bet365 Ohio was third in the Ohio sports betting app market with $27.6 million. BetMGM Ohio was fourth of the state's 19 mobile-betting apps with $26.5 million in bets. Caesars Ohio rounded out the top five with a $17.9-million handle in August, with Barstool Sportsbook the only other provider to eclipse the $10-million mark. That shop took in $12.5 million in August.