Ohio sports bettors made it a November to remember as the handle topped $1 billion while revenues soared above $100 million, both of which were higher than any month in the state’s history except for its inaugural month of January 2023.
Stellar November
Sports betting began in the Buckeye State in January 2023, and there has been no month since then that has surpassed the $1.13 billion wagered or the $208.5 million in combined revenues.
However, the last two months have been impressive nonetheless, with October’s numbers revealing a $901.4 billion handle, the second highest before November quickly took its place with $1.03 billion in accepted wagers, along with the second highest revenues recorded in Ohio with over $117 million in profits.
Revenues rose 43.6% from October’s $81.4 million and revealed a whopping 71.6% year-over-year increase. It was no surprise that the vast majority of the bets were placed online, with mobile sports wagering accounting for over 98% of the handle and 97.6% of the revenues. Mobile sportsbooks posted $114.2 million in November revenues while retail sportsbooks contributed just $2.6 million.
That has been the industry norm throughout the country, and it is for that reason that Caesars decided to shutter its retail sportsbook at Rocket Mortgage FieldHouse, home of the Cleveland Cavaliers. Anyone who has a Caesars sports betting app can simply make a bet on their mobile device from the comfort of their seats.
Caesars Bets on Change
Before the start of the season, Caesars decided to convert the retail sportsbook to a Caesars Rewards Club after losing money in 10 of the 21 months it was in operation.
A spokesperson for the Cavaliers said, “Rocket Mortgage FieldHouse prides itself on keeping our fans’ needs top of mind. With that, we were able to reimagine the Caesars Sportsbooks to become a new, premium space for Cavs United Members.
JACK Entertainment’s Senior V.P. of Government Affairs, Dan Reinhard, said the overwhelming activity via online sports betting versus a brick-and-mortar location is a microcosm of the new economy. “Look at any of our local malls; look at our empty storefronts. When the younger generation becomes accustomed to online shopping, online this, online that, retail suffers,” he said.
FanDuel Wins Popularity Contest
FanDuel reported the highest handle in October, and it was the people’s choice in November as well, boasting $351.1 million in accepted wagers, while Boston-based DraftKings was second with a $329.6 million handle. A steep drop to third showed bet365 with a $76 million handle while BetMGM came fourth with $72 million in November wagers.
November’s full handle report is as follows:
- FanDuel: $351,149,157
- DraftKings: $329,862,262
- bet365: $76,634,065
- BetMGM: $72,290,339
- Fanatics: $54,633,693
- Caesars: $35,236,203
- ESPN BET: $32,267,663
- Hard Rock Bet: $23,301,320
- Prime Sports: $8,077,557
- BetJack: $7,769,337
- BetRivers: $5,642,694
- Bally Bet: $4,690,965
- Betr: $1,016,973
- MVGBet: $508,273
- betPARX: $361,625
Total November Handle: $1,003,442,126
