October has proven to be a robust month for wagering across the nation, and Ohio was no exception as the sports betting handle in the Buckeye State soared to over $900 million.
Handle Booms in October
A report issued by the Ohio Casino Control Commission revealed Ohio’s sportsbooks accepted $901.4 million in wagers, the second highest in the state’s nearly two-year history, trailing only the $1.1 billion wagered in the state’s debut month of January 2023.
It was only the second time that Ohio’s sports betting handle eclipsed $900 million and revealed an impressive 20.8% year-over-year increase. But despite the towering handle, the hold (win rate) for sportsbooks across the nation in October was precipitously lower than in September due to customer-friendly outcomes.
Ohio proved to be no exception, although the US hold in many states in October was two points below the Buckeye State’s 9% hold, leading to adjusted gross revenues of $81.2 million for the month. Due to the voluminous handle, the revenues were up 1% from a year ago despite a lower hold but down 23% from September 2024, whose hold topped 12%.
The state collected $16.3 million in taxes for October and over $146 million this year, which is already $13 million more than the tax revenue generated in all of 2023, with still two more months to go. The state legislature decided to double the tax rate on sportsbook revenues from 10% to 20%, and that has paid off handsomely, exceeding the $100-$130 yearly million projections.
FanDuel Tops All Challengers
Although DraftKings has recently reported higher handles than FanDuel in many states, such was not the case in Ohio during the month of October. FanDuel led the field in handle ($307.2 million) and revenue ($34.5 million), while DraftKings’ handle came a close second with $298 million in wagers generating $25.7 million.
After that, it was a rather steep decline to the tier-two sportsbooks in the state, with British bookmaker Bet365 posting a $72.2 million handle, delivering revenues of $6.1 million. Las Vegas-based BetMGM was next with $59.5 million in accepted wagers, which produced $3.9 million in revenues for the month.
Fanatics Sportsbook reported $41.7 million in sports bets with $3 million in profits, while Caesars Sportsbook was the last of the major sportsbooks to post significant numbers, generating a $29 million handle with revenues of $2.4 million.
In the tightly regulated US gaming industry, not much gets past the state regulatory bodies that govern and police the sports betting platforms that operate within their boundaries. DraftKings was the latest to feel the wrath of the Ohio Casino Control Commission (OCCC) as it meted out a fine of $425,000 to the Boston-based bookmaker for accepting an undisclosed number of college player prop bets between March 14 and March 19, 2024, which was in violation of the state’s revised statute of banning such wagers.
“The Commission communicated with the regulated community, including providing an opportunity for comment prior to deciding whether to prohibit NCAA player proposition wagers in Ohio,” says the notice of violation that was sent to DraftKings in June. “DraftKings participated in the comment period and was provided notification of the wagering catalog change in advance of the March 1, 2024, implementation date.”
