Ohio May Sports Betting Handle Increases By 37% From Previous Year

The Ohio sports betting market reported in May, that the total handle for sports betting in the state surpassed $611.6 million, representing 37.0% year-on-year increase.

The most significant development in the Ohio sports betting market during May was the shift in the competitive landscape. DraftKings, the well-established sports betting giant, has emerged as the new market leader, toppling the previously dominant FanDuel. DraftKings reported a handle of $199.8 million, surpassing FanDuel’s $30.6 million in taxable revenue. This marked the first time in 2024 that FanDuel did not lead in both handle and revenue.

While DraftKings and FanDuel battled for the top spot, Bet365, the British sports betting brand, maintained a strong presence in the Ohio market. The company reported a handle of $45 million, as the third-largest operator in the state.

Alongside the top players, the Ohio sports betting market has also witnessed the rise of several emerging challengers. BetMGM, the joint venture between MGM Resorts and Entain, reported a handle of $41.3 million, positioning itself as a formidable competitor. Caesars and Penn’s ESPN Bet also made their presence felt, occupying the fifth and sixth spots in the market, respectively.

The shift in the market dynamics has been particularly noteworthy for FanDuel, the once-dominant player in the Ohio sports betting landscape. The Flutter-operated brand’s winning streak in the state came to an end in May, as it lost its top spot to DraftKings in terms of both handle and revenue. This development underscores the intensifying competition and the need for operators to continuously adapt and innovate to maintain their market share.

Amidst the fierce competition, Fandatics, a relative newcomer to the Ohio sports betting market, has managed to carve out a modest 3% market share despite being live in the state for less than a year. This achievement highlights the potential for new entrants to disrupt the established players and gain a foothold in the rapidly evolving landscape.

Another notable player in the Ohio sports betting market is ESPN Bet, the sports betting venture of Penn Entertainment. Despite facing criticism from analysts over its perceived lack of digital strategy, ESPN Bet has maintained a 7% market share.

While the spotlight has been on the Ohio market, it’s worth examining the performance of sports betting in neighbouring Rhode Island. In May, the state reported a year-on-year dip in revenue, despite an increase in overall handle. The $3.3 million in revenue represented a 22.2% improvement over the previous month, but a decline compared to the same period last year.

The Rhode Island sports betting market is divided between online and retail operations. In May, online sports betting accounted for $2.8 million in revenue, while the retail market, comprising the Twin River and Tiverton Casino sportsbooks, contributed $569,725. This data highlights the growing preference for online sports betting among Rhode Island’s players, a trend that is likely to continue as the industry evolves.

Looking at the year-to-date performance in Rhode Island, the total revenue for the 10 months ending in May stands at $35.9 million. Player spending during this period amounted to $425.8 million, with winnings reaching $389.9 million. These figures provide valuable insights into the overall health and trajectory of the Rhode Island sports betting market.