Ohio Reports $55.4 Million in Sports Betting Revenue for July 2024

Strong July Revenue Despite Decreased Handle

Despite the impressive revenue figures, Ohio experienced a 10% decrease in the total amount wagered, or handle, compared to the previous month.

Ohio’s sports betting revenue for July 2024 was 48.7% higher than in July 2023. Since the market’s inception, Ohio has collected over $1.43 billion in total revenue. The state also reported $11.1 million in tax revenue from its 20% tax rate on sports betting, bringing its year-to-date total to $98.7 million.

FanDuel Leads Ohio’s Sportsbooks in Profitability

FanDuel continued its dominance in Ohio’s sports betting market, recording $20.8 million in taxable winnings for July. FanDuel’s revenue reached 14.9% from a $139.4 million handle.

DraftKings, while leading in terms of handle with $160.2 million in accepted wagers, posted $17.9 million in revenue for July, trailing only slightly behind FanDuel.

Bet365 rounded out the top three sportsbooks in Ohio for the month, with $51.9 million in wagers and a 9.8% hold, leading to $4.8 million in revenue.

For the first time since January, BetMGM achieved a double-digit hold in Ohio, posting a 10.2% hold on $29.2 million in accepted wagers. This resulted in $3 million in winnings, pushing BetMGM’s all-time handle in Ohio over $800 million.