Ohio Ends First Year of Legal Sports Betting With Third-Best Handle And Revenues Month Ever

December marked the end of the first full year of legal sports betting in Ohio, and what a year it was for the Buckeye State and our best sports betting sites.

According to the Ohio Casino Control Commission report, December's sports wagering activity slowed slightly from November. However, thanks to a jump in operator win rate, revenues for Ohio sports betting apps and retail providers saw an impressive month-over-month increase.

December's Ohio sports betting figures gave us a sense of just how thriving the legal sports wagering scene in the state is. The industry started strong with an incredible out-of-the-gate $1 billion handle in January and finished strong with the third-best handle that it experienced during its 12 months of operation.

$831.1 million December handle

Ohio sports betting sites and retail providers combined to generate $831.1 million in accepted bets in December, the third-best wagering activity month for the state. Residents must have enjoyed taking advantage of various Ohio sportsbook promos.

The $831.1 million represents a slight downturn from the nearly $861.2 million in November and is about $170 million off the record $1.09 billion reported in January.

With December's figures added, the first-year handle total for Ohio sportsbooks was a whopping $7.67 billion, allowing the state to finish 2023 as the sixth most successful U.S. legal sports betting jurisdiction. The well-established PA sports betting scene took fifth in the handle race by just $9.5 million.

Ohio sports betting apps accounted for $7.44 billion of the $7.67 yearlong handle and amounts to about 97% of the total wagering activity experience in Ohio.

$87.4 million December revenue

Ohio sportsbooks generated $87.4 million in adjusted gross revenue in December, a nearly $20 million improvement from November. That figure also ranks third-best all-time for Ohio sportsbook profits, behind almost $209.6 million in January and $94.8 million in March.

The month-over-month spike in Ohio sportsbook profits is due to a 10.5% hold rate, a marked improvement from 7.9% in November. The House has done well in Ohio's 12 months of legal sports betting. It has eclipsed a 10% win rate 10 times in 12 months.

Regarding first-year revenues, Ohio sportsbooks made a combined $938.3 million during the 12 months.

Ohio operators paid $17.5 million in taxes to needy state and local coffers in December. The 2023 tax contribution total was just over $136.8 million.

FanDuel and DraftKings dominate

Unsurprisingly, FanDuel and DraftKings dominated not only December’s sports betting apps activity but also the Buckeye State’s yearlong totals. The two betting giants combined to make up over two-thirds of the state’s December handle.

FanDuel Ohio led the way, thanks to a nearly 13% monthly hold rate. Revenues for the sportsbook came in at $37.4 million, with DraftKings Ohio second, thanks to $25.2 million in December revenues from an underwhelming 9.7% win rate.

ESPN BET Ohio was able to increase its Ohio market share in December to just under 9%. It finished third among sportsbooks during the month with $72.9 million in wagers. bet365 Ohio finished fourth in terms of wagering activity in the Buckeye State in December, barely beating out BetMGM, which finished fifth.

For the year, FanDuel was the most popular Ohio sports betting site with $2.72 billion in accepted wagers, good for a 43% market share in the state, and slightly under $400 million in winnings.

DraftKings was next with $2.51 billion in bets taken, or a 30% market share, and $278.1 million in winnings. BetMGM Ohio was third in terms of the yearlong handle with $513.3 million in wagers, while bet365 Ohio was fourth with $450 million in accepted bets in the state for the year.