Revenue from sports betting in Ohio in May also declined, but not as sharply. The state’s sportsbooks generated $57.8 million in revenue in May, down 9% from April’s total of $63.7 million.
The decline in handle and revenue is likely due to a number of factors, including the end of the NCAA basketball season. The Cleveland Cavaliers‘ first-round elimination slowed down NBA betting, and the lack of an NHL team in the playoffs was also seen as a culprit for the declining handle.
Despite the decline in May, Ohio sports betting has been very successful overall. Since launching on January 1, 2023, Ohio’s sportsbooks have generated over $3 billion in handle and $51 million in revenue. This ranks Ohio fifth overall through May, and a strong football season could find Buckeye State bookmakers reaching the top 5 post-PASPA.
FanDuel and DraftKings First Ohio Bookies to Handle $1 Billion in Wagers
FanDuel ($1.2) and DraftKings ($1.1) became the first Ohio sportsbook companies to handle over $1 billion in wagers. The two online goliaths are the state’s biggest and most well-known betting shops and handled a combined $295 of the $430.6 million May online handle. The top 5 in the online handle were;
- FanDuel ($158.5 million)
- DraftKings ($137 million)
- Bet365 ($32 million)
- BetMGM ($29.7 million)
- Caesars ($23.9 million)
FanDuel Ohio and DraftKings Ohio led their rivals in May revenue. The top 5 in Buckeye State revenue were;
- FanDuel ($24.2 million)
- DraftKings ($17.4 million)
- Bet365 ($4.4 million)
- BetMGM (3.9 million)
- Caesars ($2 million)
FanDuel and DraftKings also gave out the most promotional wagers and bonuses. The top 5 in promotional freebies spent were;
- FanDuel ($6.7 million)
- DraftKings ($6.4 million)
- Bet365 ($3.7 million)
- BetMGM ($3.2 million)
- Fanatics ($469,648)
FC Cincinnati (SuperBook) was the only online betting shop operating in the red for May.
Retail Numbers Look Promising
Ohioans seem to enjoy betting at the 14 retail shops scattered across the Ohio border. Barstool Sportsbook and its retail partner Hollywood Gaming took the lion’s share of the state’s May $15.5 million handle. The top five retail sportsbooks in betting handle were;
- Hollywood Columbus-Barstool ($3.2 million)
- MGM Northfield Park-BetMGM ($2.1 million)
- HardRock Cincinnati-Hard Rock ($1.5 million)
- Hollywood Dayton-Barstool ($1.3 million)
- JACK Cleveland-BetJACK ($1.2 million)
The retail revenue for May doesn’t appear to be as robust as their online counterpart’s revenue. Limited parlay cards offered by retail are the main culprit here. The top 5 retail shops in terms of May revenue were;
- Hollywood Columbus-Barstool ($359,575)
- HardRock Cincinnati-Hard Rock ($303,975)
- JACK Cleveland-BetJACK ($264,118)
- MGM Northfield Park-BetMGM ($191,748)
- Hollywood Mahoning Valley-Barstool ($154,493)
Scioto Downs (Caesars) was the only Ohio retail sportsbook operating at a loss during May.
State Approves 10% Tax Hike
The 17 online and retail sportsbook companies shelled out $5.8 million in taxes for May. The state of Ohio has already collected over $51 million in tax revenue from sports betting since it launched in January 2023.
The Ohio State legislature recently approved an addition to its budget, raising the state tax on sportsbook operators from 10% to 20%. The hike takes effect July 1 and will greatly impact bookmakers who are barely surviving, like Betway, Betr, MVGBet, and Parx.
