OH sportsbooks generated their lowest taxable revenue since August. The bookies reported $68.1 million in taxable revenue and paid $13.6 million in taxes on a 20% tax rate.
The November betting handle improved from the $746.3 million wagered during October and was the second-highest betting handle in state history, falling well short of the $1.03 billion wagered during January 2023.
FanDuel, DraftKings Top Mobile Destinations
Online wagering is the overwhelming choice for Ohio bettors, and they wagered $841.1 million through online betting apps and websites.
FanDuel Ohio topped the mobile operators with a reported $293.2 million in November handle. The NYC-based bookmaker paid out $271.6 million in winnings while generating a second-best $20.9 million in taxable revenue on $8.9 million in promotional spending.
DraftKings Ohio finished second to the NYC rival, accepting $275.7 million worth of bets. DraftKings paid $252.8 million in winnings while doling out $10.5 million in promotional freebies. That generated a state-best $22.5 million in taxable revenue for November.
ESPN BET
November signified the much-anticipated arrival of ESPN BET to the Ohio sports betting landscape, and they failed to disappoint.
ESPN BET, formerly Barstool Sports, helped fuel the second-highest monthly betting handle by accepting a third-best $70.8 million in wagers. Their $11.9 million in taxable revenue was also third in the state behind FanDuel and DraftKings.
As impressive as that sounds, ESPN BET Ohio gave out a state-most $29 million in betting credits and other promotions, proving once again that if you hand free money to an Ohioan, they will stay, but how long they remain once the free $200 in betting credits are exhausted is the real question.
The Rest of the Mobile Betting Landscape
BetMGM, bet365, Caesars, and Fanatics each boasted double-digit betting handles into the millions, but they would be the aberration.
Ohio has seven sportsbooks that understand the Buckeye State betting landscape and are willing to do what it takes to compete with FanDuel and DraftKings, while some are barely staying afloat.
Bally’s Interactive, Superbook, and MVGBet failed to generate any taxable income, while Betway, BetFred, Prime Sports, Betr, Rush Street Interactive, and PARX failed to clear $100,000 in taxable November revenue.
