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According to the Ohio Casino Control Commission, the handle of Ohio’s sports betting market increased by 24.6% in January to $1 billion. Only three times has the state’s monthly wager total exceeded ten figures, and two of those occurrences have taken place in the last three months.
With $992.2 million of the total handle, online sports betting was the most popular. Revenue, meanwhile, suffered, falling 21% year over year to $87.7 million. Due in large part to big payouts on Ohio State’s victory in the national championship in the first-ever 12-team College Football Playoff, retail sportsbooks were unable to make a profit.
Meanwhile, mobile operator promotions increased by 39% compared to December, reaching $37.5 million, though this remained lower than the $40 million in bonus bets recorded in January 2024. The month’s 8.7% hold rate fell sharply from the previous year’s 14% win rate, marking the third time in four months the figure dipped into single digits.
Sportsbooks had a stronger January compared to December, when NFL favorites covered at a high rate. Revenue climbed 58% month-over-month, and the hold rate improved by three points. The January handle also increased 3.7% from December, fueled by NFL playoffs and the conclusion of college football’s postseason.
| Operator | Handle | Revenue |
|---|---|---|
| FanDuel | $358.6M | $39.8M |
| DraftKings | $321.9M | $23.5M |
| bet365 | $83M | $9.9M |
| BetMGM | $71.9M | $4.6M |
| Fanatics Sportsbook | $37.9M | $3.6M |
| Caesars | $33.7M | $1.8M |
FanDuel led with $358.6 million in bets, its highest handle of the NFL season, generating $39.8 million in revenue from an 11.1% hold. DraftKings exceeded $300 million in handle for the third straight month, bringing in $23.5 million in revenue, a $2 million increase from December. bet365 secured third place with $83 million in bets and nearly $10 million in revenue.
BetMGM surpassed $70 million in wagers, while Fanatics Sportsbook edged out Caesars, bringing in $37.9 million compared to $33.7 million. ESPN BET followed closely with a $35 million handle, but Prime Sports and Betr finished the month in the red.
January’s taxable revenue totaled $81.1 million, contributing $16.2 million in tax revenue under Ohio’s current 20% tax rate. However, Governor Mike DeWine has proposed doubling the tax rate to 40%, a move that requires legislative approval.
If passed, this would mark the second tax increase since the market launched, following a July 2023 rate hike from 10% to 20%. The Sports Betting Alliance, which includes FanDuel, DraftKings, BetMGM, and Fanatics, has opposed the change. With Ohio’s betting industry growing, the tax debate will likely intensify in the months ahead.