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March brought a wave of betting activity to Ohio, nearly hitting the $1 billion mark for total wagers. The NCAA tournament helped fuel this surge, with strong showings by online sportsbooks and some changes in revenue dynamics.
Good to know
Sportsbooks operating in Ohio accepted $993 million in bets during March, just shy of the billion-dollar threshold crossed earlier in the year. Online wagers contributed $972.9 million, while retail outlets took in $19.1 million.
FanDuel accepted $327 million in bets and brought in $26.4 million in revenue, making it the top performer in the market. DraftKings followed closely with $318.1 million in handle and $22.7 million in revenue. Together, these two operators were responsible for the majority of wagers placed during the month.
Bet365 came in third, recording $89.9 million in handle and $4.6 million in income. Other operators included BetMGM with $79.2 million in bets and $3.4 million in revenue, and Fanatics with $49.8 million in wagers generating $2.5 million.
The total revenue across all operators was $66.5 million. That amount represented a 4.1% increase over March of the previous year, though it was down 11.7% from February. The hold rate dropped to 6.7%, the lowest since December, and well below February’s 9.9%.
March Madness played a key role in raising activity, pulling betting volume up by 30.2% from February and by 22.6% compared to the same month last year.
Among other major players, Caesars posted $40.4 million in handle and $2.3 million in revenue, PENN Interactive (operating ESPN Bet) saw $40.9 million in bets and $2.1 million in profit, while Hard Rock brought in $17.9 million with $1.1 million in earnings. betJACK recorded $9.2 million in handle and $681,504 in revenue.
Most of the state’s sports betting came through online platforms. Online operators accounted for 98.1% of the total handle and 96.6% of the revenue, according to the March update from the Casino Control Commission.
Operators such as Hollywood Gaming, Prime Sports, Bally’s, MVG Bet, and Betr each generated less than $500,000 in revenue, further showing the dominance of top-tier competitors.
On the matter of prediction markets, there continue to be concerns about these unlicensed platforms operating without proper oversight. Ohio regulators issued cease-and-desist letters to Kalshi, Robinhood, and Crypto.com on March 31, ordering them to stop offering event contracts in the state, following similar moves by Nevada and New Jersey.