Ohio Sportsbooks Surpass $600M Handle for Ninth Consecutive Month

Even though May 2024 was the month with the least amount of wagering activity in Ohio this year, there were still some noteworthy successes. The statistics presented by the Ohio Casino Control Commission indicates a noteworthy rise in comparison to the previous year. Currently, wagers made at Ohio sportsbooks total $11.3 billion since the market’s launch in January 2023.

The handle increased significantly from $447.5 million wagered in May 2023 to $612.7 million in May alone. Additionally, operator winnings increased by 16.4% over the previous year. With an 11% combined hold, Ohio sportsbooks collected in $67.4 million in revenue, little less than the 13% hold from May 2023. Remarkably, in 13 of the 17 months since sports betting was legalized in the state, sportsbooks in Ohio have held a 10% or more market share.

Tax Revenue and Monthly Trends

With the new 20% tax rate on sports betting revenue implemented by Governor Mike DeWine’s FY2024-2025 budget, Ohio collected approximately $13.5 million in taxes from May’s activities. To date, Ohio sportsbooks have contributed over $210 million in tax revenue to the state.

Despite a month-over-month decline in both handle and revenue from April, the hold percentage remained steady at 11%. Online sportsbooks dominated, capturing $595.2 million in bets in May and earning $66.2 million in revenue with an 11.12% hold. Retail sportsbooks collected $16.4 million in total handle, generating $1.26 million in taxable revenue.

DraftKings led the market, securing $204.2 million in wagers and generating $20.1 million in revenue. FanDuel followed closely with a $199.8 million handle and $30.6 million in revenue. Other notable performers included bet365, BetMGM, Caesars Sportsbook, and ESPN BET, although they lagged significantly behind the top two.

In addition to sports betting, Ohio’s casino gaming sector also saw robust activity. Gamblers wagered $421.5 million year-to-date at Ohio casinos, with $84.6 million bet in May, making it the second-highest month in 2024 so far. The four casinos in Ohio had fairly evenly distributed action, with Hollywood Columbus leading at $23.6 million and Hollywood Toledo at $19.2 million.

Slot machines were particularly popular, with $828.9 million wagered in May alone, generating $62.4 million in revenue. Table games also saw significant play, with a $100.2 million table drop yielding $22.2 million in revenue.