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.
