The total number of sports bets taken in Ohio slipped 19% in June. Figures recently released by the Ohio Casino Control Commission revealed that just $363 million was taken by the state’s physical and online sportsbooks. This was a big drop compared to the $447.4 million enjoyed by operators in the Buckeye State in May 2023.
June is traditionally one of the slowest months for sports betting due to the relative scarcity of major sporting events. This meant that the 18 online sportsbooks in Ohio managed to produce $32.5 million in revenues producing $3.2 million for the state coffers.
It was the last month that that state’s sportsbooks have had to pay the 10% tax rate. From July 2023, any operators in Ohio will have to pay a 20% tax rate on their revenues. This measure was put into place by Governor Mike DeWine earlier this summer, although there is the potential for further negotiations.
No prizes for guessing that FanDuel and DraftKings are sitting pretty at the top of sports betting handle in Ohio. But what’s interesting is the fact that DraftKings is gradually catching up with its rival. This is because June saw DraftKings narrowing the betting handle gap to just $2.8 million.
With a sports betting handle in June of $117.5 million, DraftKings saw its market share jump by 2% to 34% of all of the sports bets taken in the Buckeye State. This was just behind FanDuel who took in $120.3 million in sports bets which accounted for 35% of the market – a 2% fall from the 37% enjoyed in May.
Still, DraftKings will have to work much harder if it aims to close the revenue gap between the two rival brands. This is because the $9.3 million in revenues recorded by DraftKings accounts for just 29% of the total market, which is just a shade of the 44% held by FanDuel with its $14 million in sports betting revenues.
As for the remaining competitors, Bet365 enjoyed a relatively strong month taking in $26.5 million in sports bets in June. Close behind was BetMGM who recorded a sports betting handle of $25.6 million. This helped BetMGM increase its share of the total handle to 7.4% compared to 6.9% the previous month.
It wasn’t such good news for SuperBook who lost $26,000, following on from a similar negative report in May. Watching on with interest will be Fanatics who recently made the move to partner up with Columbus Blue Jackets. The sports betting brand will be opening up its physical sportsbook next to the NHL teams’ stadium this August.
It’s too early to see how Fanatics’ move into Ohio will shake up the market, but with 18 online sportsbooks already in operation, it means that sports fans in the Buckeye State are currently spoiled for choice and that things could be getting even better.
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