There are two O’s in Ohio, but lots of zeroes involved when you’re talking about the Buckeye State’s sports betting revenue.
Ohioans’ interest in sports betting continues to surge year-over-year. According to figures released by the Ohio Casino Commission control, in the first half of 2024, over $4.1 billion was wagered on sports, up from $3.8 billion during the same period in 2023.
Buckeye State bettors Ohioans wagered a staggering $529 million, marking a remarkable 46% increase compared to the previous year’s $362 million. Online betting remains dominant, with 97.4% of wagers placed electronically. Betting companies reported $51 million in revenue in June, up from $32.6 million last year.
Online Sports Betting Big in Ohio
Online continues to be the most favorite way to bet in Ohio. Most bets go to mobile apps, which have accounted for $4 billion of bets and $429 million in revenue. Apps account for 97% of the bets and 98% of all revenue.
FanDuel and DraftKings collectively captured 66% of online bets. But it was FanDuel that bounced back to reclaim the top spot in Ohio after finishing second in May. The sports betting operator hit $22.7 million in online gross gambling revenue from $159.4 million in bets.
DraftKings, which held the first position in May, slipped to second place with $15.3 million in online revenue. Interestingly, DraftKings had a larger betting handle of $165.2 million compared to its rival, FanDuel.
Among other operators, Bet365 performed well, earning $4.6 million in revenue from a $52 million handle. BetMGM followed with $2.5 million from $31.5 million, and ESPN Bet generated $1.7 million from $18.2 million in bets. Fanatics was the only other operator to surpass $1 million in online revenue, reporting $1.4 million from an online handle of a little more than $16 million.
Brick and Mortar Sportsbooks Hold Their Own
Meanwhile, MGM Northfield Park stood out among brick-and-mortar sportsbooks.
Physical betting lounges took in just over $101 million of bets and reported $7 million in revenue.
Seminole Hard Rock Digital was the top performer in the retail market, generating $152,951 in revenue from a handle of $1.1 million. Hollywood Columbus secured second place, earning $119,198 from the same handle of $1.1 million. Hollywood Gaming at Mahoning Valley followed with $93.7 million in revenue, based on a handle of $911,127. While the Ohio Lottery’s betting kiosks account for just $6 million of bets, and just under $600,000 in revenue.
Not All the Ohio Sports Betting News Is Good
However, sports-betting companies saw a decline in revenue, reporting $436 million for the first six months, compared to $540 million in 2023—the net amount they retained after paying out winnings and voided bets.
Sports gambling revenue is taxed at 20% in Ohio, and the state will get about $87 million in tax revenue from 2024′s betting so far.
With football season underway and passionate Browns, Buckeyes, and Bengals fans ready to wager, you can only expect revenue to remain strong for the rest of the year.
iGaming Could Be On The Way Next in Ohio
It appears that the biggest challenge facing the Ohio lawmakers in the coming year is whether or not to proceed with iGaming and, if so, how that would be structured.
The Ohio Casino Control Commission and members of the Sports Betting Alliance discussed the potential at a recent meeting. According to the Sports Betting Alliance, legalizing online casinos in Ohio could generate annual tax revenue ranging from $205 million to $410 million.
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