This period is particularly significant as it offers the first opportunity for year-on-year comparisons since the market’s inception in January 2023.
The lion’s share of revenue, totaling $110.6 million, was generated through online and mobile platforms, leaving a modest $2.5 million to retail.
FanDuel and DraftKings emerged as the market leaders, with FanDuel generating more than half of the total revenue at $53.0 million and DraftKings contributing $34.0 million. This dominance underscores the pivotal role of online sportsbooks in Ohio’s betting ecosystem.
Tax Revenue and Promotional Spending
Despite the mixed results in handle and revenue, Ohio saw a substantial $22.6 million in tax revenue in January 2024, contributing to the over $187 million collected in 2023.
The Ohio sportsbooks have significantly reduced their promotional spending, with January 2024 witnessing a $40 million expenditure compared to the nearly $320 million splurge to capture market share at launch.
Ohio’s sports betting market has only seen nine-figure revenues in two months since its launch: January 2023 and January 2024.
The aggressive initial promotional spending has tapered, indicating a maturation of market strategies as operators focus on sustainable growth.
FanDuel and DraftKings continue to lead, with ESPN BET, BetMGM, and bet365 rounding out the top five, showcasing a competitive but stable market landscape.
