The Ohio Casino Control Commission and Ohio Lottery reported a combined $55.4 million in adjusted gross sports betting revenue for July as operators notched a double-digit hold for the 15th time in 19 months of wagering.
The OCCC released its figures Tuesday, while the Ohio Lottery releases figures on wagering done via kiosks mid-month. July also marked the 16th time total monthly winnings exceeded $50 million, and Buckeye State operators have reaped more than $1.43 billion since launching New Year's Day last year.
Revenue surged 48.7% compared to last July, outpacing the 43.8% rise in handle to $477.5 million. Nearly 98% of wagering was done via Ohio's 18 mobile sportsbooks, with $10.2 million originating from retail venues and the remaining $614,000-plus from kiosks statewide.
Handle was down 10% from June's $530.6 million, but the 11.6% hold — an increase of 1.9 percentage points — meant month-over-month revenue was 7.9% higher.
The state collected close to $11.1 million in tax revenue based on its 20% rate, lifting the year-to-date total to $98.7 million. Nearly 77% of the $232.2 million in total tax receipts from sports betting in Ohio have come in the 13 months following Gov. Mike DeWine's decision to double the rate to 20%.
FanDuel Leads the Rout with Near-15% Hold
Running July Top 10 #SportsBetting handles by state:
1 New York $1.26B
2 New Jersey $652.3M
3 OHIO $477.5M
4 Penn. $414.7M
5 Mass. $411.8M
6 Virginia $377.6M
7 Nevada $375.9M
8 N. Carolina $340.4M
9 Maryland $333.3M
10 Colorado $320.4M#SportsBettingX#GamblingX— Chris Altruda (@AlTruda73) September 3, 2024
While FanDuel finished second to DraftKings for July handle in Ohio, it continues to take a back seat to no one when it comes to revenue. The digital leviathan extended its streak of months with at least $20 million in taxable winnings to 11, collecting $20.8 million while attaining a 14.9% win rate from $139.4 million in accepted wagers.
It was the fourth straight month FanDuel had a hold of 14.2% or higher as its all-time revenue eclipsed $600 million thanks to a 14.4% win rate from $4.22 billion in total handle.
DraftKings paced the state's 18 mobile books for action with $160.2 million, and it could take solace in a strong second with $17.9 million in revenue with an 11.2% hold. That pushed its revenue total for the year over $150 million, and DraftKings' all-time handle edged over $4 billion.
Bet365 rounded out the top three spots for handle and revenue, accepting $51.9 million worth of wagers and posting a 9.3% win rate in keeping $4.8 million. The England-based sportsbook continued to keep separation from its peers with an aggressive promotional game. Bet365 has had an outlay of at least $1.5 million every month this year and awarded $14.7 million in credits and bonuses in 2024.
BetMGM notched its first double-digit hold since January at 10.2%, helping it claim close to $3 million in winnings from $29.2 million in handle. BetMGM eclipsed $800 million in all-time wagering thanks to July's numbers and is $40,000 shy of $25 million in revenue for 2024.
ESPN BET rounded out the top five for revenue, topping $2 million by $517. The PENN Entertainment-owned sportsbook had its highest win rate of the year at 11.6%, accepting a year-low $17.2 million worth of bets. That handle was still 73% higher than what predecessor Barstool Sportsbook achieved in July 2023, though ESPN BET's $420,700 in promotional credits was 7.5 times higher than the $55,400 doled out by Barstool.
Caesars ranked fifth in handle at $27.4 million and missed out on the $2 million club for revenue by $97,500. Its 6.9% hold was the lowest among the seven mobile operators to generate an eight-figure handle in July and marked the 10th month in a row it failed to reach the 7% industry standard.
Fanatics Sportsbook was one of four digital sportsbooks to have a $1 million promotional spend in July as it claimed $1.7 million in winnings from nearly $19 million in bets — good for a 9% win rate. Its outlay dipped 7.6% from last July, but was also the ninth time in the past 13 months it cleared $1 million.
The $13.3 million in total promotional credits was up 24.6% year-over-year, but it was also the second-lowest total in state history. FanDuel and DraftKings accounted for the majority of the spend at nearly $8.7 million combined, with FanDuel totaling $5.1 million.
SuperBook, which shuttered mobile operations outside Nevada in late July, totaled $9,075 in revenue from $236,600 handle in its final month. Overall, it had a 4.6% win rate in claiming $699,000 in revenue while accepting $15.1 million in bets, but its promo spend was slightly higher at $724,200.
Year-over-Year Handle Up, Revenue Down
Ohioans wagered $4.59 billion through the first seven months of 2024, up 10.3% from last year. They have also wagered more of their own money as the $160.2 million in promotional credits and bonuses account for 3.5% of all wagering.
That pales in comparison to the $496.5 million in the first seven months of last year, which accounted for 11.9% of the $4.16 billion handle. That amount was greatly inflated by the whopping $320 million spent by operators to get a foothold in the Buckeye State when launching in January 2023.
The $493.5 million in adjusted gross revenue is down 14.8% compared to 2023, but operators also had a very high bar to reach after crafting a 13.9% hold. This year's win rate is still an impressive 10.8% — more than 50% higher than the 7% industry standard.
