Ohio Sportsbooks Enjoys 45% Year-Over-Year Growth in August Handle

The Buckeye State’s sports betting industry has continued its upward momentum, with online and retail operators collectively generating $548.7 million handle in August. The figure represents a 44.6% surge compared to the same period last year.

While the overall handle experienced a substantial year-over-year increase, Ohio’s sportsbooks faced some challenges in terms of profitability. The state’s operators reported a hold rate of 8.9%, marking the third-lowest since mobile betting commenced in January 2023 and the lowest since March’s 7.9%. This decline in hold rate allowed bettors to reduce the win rate by nearly two points from August 2022 and 2.7 points from the previous month.

Despite the lower hold rate, Ohio’s sportsbooks managed to generate $48.8 million in taxable revenue, a 19.6% increase from the same month in 2023 but a 12% decrease from July. This revenue stream translated into $9.8 million in tax contributions, and pushing the year-to-date total above $108 million.

The online sports betting segment continued to drive the majority of the handle, accounting for $534.9 million, or 97.5% of the total. Retail sportsbooks at casinos, racinos, and kiosks, on the other hand, generated a combined $13 million handle with a respectable 15.9% hold rate.

Ohio’s sports betting industry reached a significant milestone in August, surpassing $5 billion in wagers year-to-date. This achievement placed the Buckeye State among an elite group of states, including New York, New Jersey, and Illinois, to have reached this benchmark. The year-to-date handle of $5.1 billion represents a 13% increase from the $4.5 billion generated in the first eight months of 2024.

In the fiercely competitive Ohio sports betting market, two operators stood out as clear leaders. DraftKings maintained its position as the top online sportsbook, generating a handle of $178.9 million, a 11.7% month-over-month increase. Meanwhile, FanDuel followed closely with a handle of $165.7 million, securing the top revenue honor with $16.9 million, just edging out DraftKings’ $16.7 million.

The two dominant operators, DraftKings and FanDuel, accounted for over $10 million of the $15.6 million in August promotional credits, highlighting the intense competition for market share and customer acquisition in the Buckeye State.

Other notable performers included bet365, which reached a handle of $59.4 million, nearly $1 million more than in July, although its revenue fell from $4.8 million to $4 million. BetMGM finished fourth with a handle of $38.2 million, while Fanatics Sportsbook and Caesars trailed with $23.8 million and $21.5 million, respectively.

August also saw the departure of two online sportsbooks from the Ohio market. Betfred, which is also exiting Arizona and Maryland, ceased operations on August 14th after generating a meager $31,153 in handle and no taxable revenue in its final month. Similarly, SuperBook, associated with Cincinnati FC, pulled out of eight U.S. markets, including Ohio, where it had made less than $567,000 on a $15 million handle since launching.

Amid these exits, a new player entered the Ohio sports betting landscape. Betr, a microbetting and daily fantasy operator, began offering a full sportsbook in the state at the end of August. Despite its soft launch, Betr managed to claim $27,232 in revenue on a handle of $179,546, showcasing a promising 15.2% hold rate.