Ohio Sports Betting Handles $1.024 Billion in November 2024

Online Betting Drives the Numbers

Online platforms dominated Ohio’s sports betting activity in November, generating $1.003 billion, or 98% of the total handle. Retail sportsbooks contributed $20.9 million in wagers, but the state’s reliance on digital platforms was clear.

Among online operators, FanDuel led the pack with $351.1 million in wagers, earning $46.5 million in revenue with a hold rate of 13.24%. DraftKings followed with $329.9 million in bets and $37.9 million in revenue (11.49% hold). Other key performers included:

• bet365: $76.6 million handle, $8.7 million revenue (11.36% hold)
• BetMGM: $72.3 million handle, $6.5 million revenue (8.99% hold)
• Fanatics: $54.6 million handle, $4.7 million revenue (8.61% hold)

Retail operations, while a smaller part of the overall picture, showed solid results. Hollywood Columbus led the category with $3.3 million in wagers and $525,705 in revenue. Hard Rock Cincinnati followed, posting $1.9 million in bets and $401,604 in revenue.

Revenue and Tax Contributions

November’s taxable sports betting revenue totaled $117.04 million, generating over $23.4 million in tax revenue for Ohio based on the current 20% tax rate. This revenue model has made Ohio one of the highest-taxed sports betting markets in the U.S., ranked 6th among 38 states with legalized betting.

Proposal to Cut the Tax Rate

In November 2024, the issue of tax rates resurfaced as part of ongoing discussions about the future of Ohio’s sports betting market. State Senator Niraj Antani previously proposed reducing the tax rate from 20% to 10%, arguing it would boost competitiveness and attract more operators to the state.

Antani’s proposal noted that Ohio’s 20% rate, the sixth highest among 38 states with legalized sports betting, puts it at a disadvantage compared to neighboring states like Kentucky, Michigan, and Indiana, which impose lower rates.

Operator Breakdown

The competitive landscape in Ohio’s sports betting market is reflected in the detailed performance of each operator. The top five players accounted for the bulk of the activity:

• FanDuel: $351.1 million handle, $46.5 million revenue
• DraftKings: $329.9 million handle, $37.9 million revenue
• bet365: $76.6 million handle, $8.7 million revenue
• BetMGM: $72.3 million handle, $6.5 million revenue
• Fanatics: $54.6 million handle, $4.7 million revenue

Smaller operators like Caesars ($35.2 million handle, $1.7 million revenue) and ESPN BET ($32.3 million handle, $3.5 million revenue) also made their mark, while Hard Rock Bet, Prime Sports, BetRivers, and others added further contributions.