Sports Betting
In October, Ohio sportsbooks saw their handle grow 20.8% year-over-year
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished04 Dec 2024
The Ohio Casino Control Commission recently reported a $909.2 million handle for October 2024. That is the state’s second-highest total ever, behind $1.1 million in January 2023. Additionally, Ohio’s handle in October was a 20.8% year-over-year growth. They are also the only other amount wagered to reach $900 million.
In October, online and retail sports betting combined for $81.2 million in gross revenue. That was up more than 1% year over year but down 23% from September’s figures. Ohio’s 9% hold in October was three percentage points less than their figures from the previous month. However, their 9% hold in October was far more than the average of 7% that most states reported. Sportsbooks had smaller holds due to favorable NFL outcomes.
What type of tax return did the Buckeye state see in October?
With $81.5 million in taxable revenue during October, sports betting operators sent $16.3 million to the Buckeye State. Ohio is now over $146 million in tax revenue year-to-date. In 2023, the state collected $133 million in taxable revenue. They’ve already broken that number in 2024 with two months left. Ohio currently has a 20% tax rate on sportsbooks but legislators want to get that number closer to 10%. That would help keep the 15 online and 14 retail sportsbooks in business.
Which Ohio sportsbooks were the most successful in October?
During October, Ohio sportsbooks reported a $909.2 million handle. Online sports betting accounted for $881.7 million of the total handle in Ohio. Mobile operators combined for $37.7 million in promotional bets. They finished with $80.3 million in adjusted revenue. The largest handle of any online operator in Ohio was FanDuel at $307.2 million. That was roughly $1.5 million less than September.
FanDuel’s $34.5 million in revenue was $3 million fewer than September 2024. However, their 11.2% hold pushed the online operator’s streak of double-digit holds to 11 months. DraftKings was second in Ohio with a $298 million handle. They’ve surpassed $2 billion in year-to-dare wagers and are closing in on $5 billion all-time. Bet365 was third a $72.2 million handle in October.
That was slightly higher than their $68 million from the previous month. BetMGM was fourth with $59.5 million worth of wagers in October. Fanatics Sportsbook rounded out the top five with a $41.7 million handle.
