Ohio November Sports Betting: $1.02B Handle Highlights Online Surge
Ohio once again takes in over $1 billion in sports bets in November.
Ohio posts over a billion dollars in sports wagers in November. © Pixabay
Key Facts:
- Sports bettors in the Buckeye State wagered $1.02 billion in November
- In November of 2023, players gambled $864 million, putting this month 18.5% up over last year
- In October of 2024, they bet $901 million, November gains 13.6% percent from last month
- January of 2023 still holds the all-time wagering record with $1.11 billion
Ohio once again found itself in the 10-digit club in November, raking in more than $1.02 billion in sports wagers.
This was no doubt aided by the kickoff of College basketball on November 4th, five full Saturdays of College football, College bowl games, and three NFL games on Thanksgiving.
On top of the eye-watering handle, the sportsbooks also played lucky in November, bringing in $117 million in revenue. That was after more than $32 million in promotional wagers were accounted for.
That’s a hold of 11.4%, which will bring smiles to the executives at DraftKings and FanDuel, who control about 70% of the market between them and whom both struggled with a low hold number in October.
With net revenue of only $81.4 million in October, the state’s 15 online operators saw a whopping 43% spike in wins and an even more impressive 71% year-over-year jump.
The only small downside to the month was that they once again barely missed breaking the all-time record for sports betting in the state.
January of 2023 was Ohio’s first full month of online sports betting, and bettors took full advantage. The $1.12 billion wagered that first month has never been surpassed, nor has the record revenue number of $208 million ever even been close to being beaten.
The Struggle of Retail Sportsbooks in Ohio Continues
A little deeper dive into the Ohio Casino Control Commission November report reveals a darker side to these extraordinary numbers though. The 14 remaining retail sportsbook operators only contributed $20 million to the handle and $2.6 million to the overall win.
Caesars shuttered its sportsbook at Rocket Mortgage Field House in August, and there are rumors that others are not far behind. In its statement at the time, Caesars said it lost money 10 months out of the 21 it opened. And they are unlikely to be the only ones.
Most sportsbooks point to the ubiquitous use of phones for sports betting, with many reporting that even those who frequent their glamorous and costly sportsbooks place bets online from their seats rather than the kiosks or betting stations set up for them.
While the current tax rate is 20% on all revenue, whether from online or retail betting operations, some, like State Senator Niraj Antani, have raised the possibility of cutting taxes to 10% for retail operators.
This could allow them to operate on a bit more of an even footing and to preserve jobs that may be lost if more operators decide to shut down retail operations.
Conclusion
If anything, Ohio’s sports betting numbers show the continued dominance of online operators who benefit from the ease of use and accessibility of mobile wagering. While billion-dollar handles become commonplace, retail operators struggle to survive.
Without a level playing field, it remains to be seen whether these operations can adapt or will become a relic of the past. Either way, Ohio will likely find itself attempting to balance innovation and tradition in a rapidly changing industry.
