Ohio sportsbooks witness growth despite revenue decline in November

Lea Hogg January 3, 2024

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Ohio sportsbooks witness growth despite revenue decline in November

In the latest monthly report from the Ohio Casino Control Commission, the state’s sports betting market showcased remarkable resilience, generating a substantial handle of $864.2 million in November. This marked the second-highest amount wagered for the month, demonstrating a robust 15.8 percent increase from October and reaffirming Ohio’s evolving position in the sports betting landscape over the past 11 months.

Betting Surge

A diverse array of sporting events, including NFL, college football, MLB, NBA, college basketball, and NHL, fueled the surge in betting activity among Ohioans. Despite the heightened engagement, sportsbooks faced challenges as gross revenue experienced a 15 percent dip to $68.2 million. The win rate dwindled to 7.9 percent, hitting a historic low in Ohio, signalling that bettors gained a favourable edge over sportsbooks during the month.

Tax contribution of nearly $120 Million in 2023

Promotional credits, notably from the recently launched ESPN Bet by Penn Entertainment, surged by 52 percent from October, reaching $29 million post-launch on November 14. Although Ohio’s average win rate for 2023 remains above 12 percent in a maturing market, November concluded a streak of consecutive months with revenue surpassing $80 million.

Despite the decline in monthly profits, Ohio sportsbooks have accumulated nearly $850 million in taxable revenue for the year. They contributed $13.6 million in tax revenue for November alone, reaching a commendable total of almost $120 million in 2023. Notable newcomers, including ESPN Bet, secured the third-highest amount wagered at $70.8 million with a 16.9 percent hold before promotions.

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