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In the middle of a booming sports betting market, Ohio saw a notable increase in sports wagering volume, exceeding $800 million in March. Notably, with record-breaking monthly handle statistics, Bet365 emerged as the third-largest sportsbook in the state.
According to the most recent data from the Ohio Casino Control Commission, sports bets placed in March 2024 totaled an incredible $808.2 million, a significant increase of 20.4% over February. Even with this increase, revenue from sports betting decreased in comparison to the previous year.
March’s handle, predominantly driven by online wagering, witnessed a significant uptick, constituting 97% of the total handle. However, despite the substantial handle, adjusted gross revenue dipped to $63.8 million due to a modest sports betting hold of around 8%.
The state garnered $12.8 million in taxes from sports betting activities in March, contributing to a cumulative tax collection of nearly $50 million in the first quarter of 2024. Notably, Ohio’s sports betting tax rate doubled from 10% to 20% in July last year, altering year-over-year comparisons.
In March, Bet365 had its highest-ever monthly handle of $57.3 million, demonstrating its strength as a major participant in the Ohio sports betting market. Even if its income of $4.6 million places it third in the revenue rankings, Bet365’s success shows that it is becoming a more significant player in the market.
With a $53.9 million handle, BetMGM trailed closely behind, while ESPN Bet also made notable progress, bringing in $3.3 million from a $44.3 million handle. The market also had a lot of Caesars and Fanatics, which illustrated the variety of sports betting options available in Ohio.