Ohio Sportsbooks Collect $209 Million During First Month
The first month of legal Ohio sports betting is now a matter of public record. The launch of sportsbooks in the state was a welcome event in the Buckeye State, as the dollars suggest residents and visitors took part avidly.
Altogether, Ohio’s online and physical sportsbooks collected $209 million in revenue on $1.1 billion in bets during January 2023. It’s a great start for the new market, albeit one that sportsbooks probably won’t replicate as 2023 wanes on.
Breaking down the first-ever Ohio sports betting revenue report
The Ohio Casino Control Commission released its first report on sports betting activity on Tuesday afternoon. The pertinent numbers for January 2023 at a glance are:
- $1.1 billion total dollars gambled between physical and online sportsbooks in the state
- $208.9 million total in win for licensed Ohio sportsbooks after promotional deductions
- 90.9%, or $1 billion, of the dollars bet, was handed over online
- Online sportsbooks made $205.6 million during the month
It looks like FanDuel Sportsbook is primed to extend its dominance to yet another state. FanDuel took $494.1 million in bets online during the month, over $100 million more than second-place DraftKings Sportsbook did during the month. Additionally, FanDuel was the only Ohio online sportsbook in January 2023 to collect over $100 million in revenue.
As far as physical sportsbooks went, the Hard Rock Cincinnati won the month in terms of both the dollar amount of bets accepted and win. Hard Rock Cincinnati took $4.4 million in wagers and won $792,713 on that money.
At a 10% rate, that means January 2023 sports betting activity produced almost $20.9 million in revenue for the state. However, these numbers don’t represent the full picture of Ohio sports betting.
Kiosks add another $100,000 in Ohio sports betting revenue
In Ohio, the state lottery regulates sports betting activity at kiosks inside businesses like bars and convenience stores. The Ohio Lottery released January figures for those terminals earlier this month. According to Matthew Waters of Legal Sports Report, the nearly 800 active kiosks during January saw $850,336 in bets during the month
That translated to $116,040 in revenue, of which the Ohio Lottery made $28,376. The month represented a spectacular beginning for Ohio sportsbooks. For that reason, however, it’s a one-time event.
Why it will be hard to follow the opening act
In the sports betting industry, there’s nothing like a launch in a new market. Sportsbooks benefit from all the anticipation and hype over the chance to partake in the activity for the first time legally. For Ohio, this coincided with the NFL playoffs for the 2022-23 season, too.
Furthermore, one of the Ohio teams was involved in that tournament. Those factors combined to generate well over a billion in bets during the month. January is typically one of the busiest months for legal sportsbooks in most states.
Revenue numbers for January 2024 will be a more accurate gauge of the demand for sports betting in Ohio when the newness has worn off. At the same time, the Ohio gambling industry couldn’t have asked for a better beginning.