The 18 Ohio sportsbooks reported a 19% decline in June betting handle, taking in just $362.1 million in June bets. That’s the fifth consecutive Ohio sportsbook companies that have reported a decrease in monthly wagers.
The bookies also reported a whopping 43.7% decline in revenue from a month ago. The $32.4 million reported earnings was the lowest total since sports wagering went live on January 1.
The state of Ohio continues to be the primary winner, earning $32 million in tax revenue for June. The bookmakers have paid the state $534 million in taxes since January 1.
FanDuel, DraftKings Continue to Dominate Ohio’s Online Markets
DraftKings’ $117.4 million June betting handle allowed the Boston-based bookmaker and DFS operator to join FanDuel in handling over $1 billion in Ohioan wagers since January 1.
- FanDuel OH continued to lead all Ohio bookies in betting handle and revenue, accepting $120.3 million in wagers while reporting $14 million in revenue.
- Bet365 is rising in Ohio, reporting a third-best June betting handle and revenue. The Cleveland Guardians partner handled $26.5 million while reporting $2.6 million in June revenue.
- BetMGM remained steady in June, accepting $25.8 million in wagers while earning a reported $2.2 million in revenue.
- Caesars OH holds the fifth spot in the state, with Ohio residents plunking down $20.4 million through its app, with the sportsbook giant earning $1.1 million in June revenue.
Superbook was the only online sportsbook operator reporting a loss in revenue for June.
BetMGM Leads in Retail Betting Handle
BetMGM and its Northfield racino led the state’s 14 retail operators, accepting $4.7 million in wagers. The Racinos sportsbook reported a $30 070 loss for the month and joined a growing list of Ohio retail operators, including Caesars, Hard Rock Cincinnati, and Hollywood Columbus, to operate in the red.
What’s Going On in Ohio?
The short answer is nothing is out of the ordinary in Ohio. June is traditionally an awful month for sports betting companies.
The NBA and NHL Finals are wrapping up. With the Cleveland Cavaliers and Columbus Blue Jackets out of action, Ohio hadn’t much instate sports activity other than the Cleveland Guardians and Cincinnati Reds.
Both MLB teams were playing poorly through June, but the recent success of the Reds could lead to higher handle numbers for July.
Typically, a sportsbook company would be happy with a hold rate of between 4-8%, but Ohio bookmakers before June have enjoyed a whopping 14% through the first five months, but in June, the hold rate fell to just 9%.
The vast $1 billion-plus January was fueled by promotional wagering. Ohio online sportsbooks doled out nearly $320 million in promotional wagers during January – in June, the sportsbooks handed out just $14.8 million in freebies.
Finally, January and February were the best two months for Ohio betting apps, fueled mainly by promotional wagers and NFL football. It will be interesting to see what the states’ bookmaking companies can accomplish with a full college and NFL football season.