Ohio’s sports betting industry is celebrating another landmark achievement. For only the second time since sports betting became legal in January 2023, the state has surpassed $1 billion in monthly handle, with November’s total reaching an impressive $1.02 billion. This performance underscores Ohio’s rapid ascent as a powerhouse in the U.S. sports betting landscape.
November Numbers Reflect Growing Industry Momentum
The November handle of $1,024,326,837 fell just shy of the record $1.11 billion posted during the industry’s launch month in January 2023. Despite this, the November figure represents a major milestone, with increased wagering activity across digital platforms driving the surge.
The Ohio Casino Control Commission also reported $117 million in taxable revenue for November, which contributed over $23.4 million in state tax revenue. This highlights the mutual benefits for both operators and the state, even though the tax figures didn’t quite match January’s record-breaking $41 million haul.
Breaking Down the Taxable Revenue:
- Total Taxable Revenue: $117,044,624
- State Tax Revenue (20% rate): $23,408,925
Ohio’s thriving sports betting market has already delivered nearly $170 million in tax revenue for 2024, showcasing its potential as a stable and lucrative revenue stream for the state.
The Big Players Continue to Dominate
As in previous months, FanDuel and DraftKings were the standout performers in November, reinforcing their dominance over Ohio’s online sports betting market. Combined, these two platforms accounted for over $680 million in handle, significantly outpacing their competitors.
| Operator | November Handle | Taxable Revenue |
|---|---|---|
| FanDuel | $351.1 million | $46.5 million |
| DraftKings | $329.8 million | $37.8 million |
| Bet365 | $76.6 million | $8.7 million |
| BetMGM | $72.2 million | $6.4 million |
| Fanatics | $54.6 million | $4.7 million |
FanDuel claimed the top spot with $351.1 million in bets placed, closely followed by DraftKings at $329.8 million. Bet365, BetMGM, and Fanatics rounded out the top five, but none managed to break the $100 million mark, demonstrating the gulf between the leading operators and the rest of the pack.
What’s Driving the Growth?
The impressive numbers from November can be attributed to several factors:
- Increased Access: Digital platforms have made sports betting convenient and widely accessible to Ohioans.
- Strong Competition: Operators like FanDuel and DraftKings have kept bettors engaged through aggressive marketing, promotions, and user-friendly experiences.
- Big Events: The month featured high-profile NFL and college football games, sparking a surge in betting activity.
Interestingly, Ohio’s steady growth bucks the trend seen in some other states, where betting activity plateaus after the initial excitement of legalization.
A Closer Look at 2024
Through the first 11 months of 2024, Ohio’s sports betting market has generated $847.1 million in taxable revenue, solidifying its position among the top markets in the U.S.
Year-to-Date Highlights (Jan–Nov 2024):
- Total Taxable Revenue: $847.1 million
- State Tax Revenue: Nearly $170 million
This sustained performance demonstrates the state’s ability to retain engagement from both seasoned bettors and newcomers, while operators continue to innovate to capture market share.
Challenges for Smaller Operators
While the big players dominate, smaller sportsbooks are finding it increasingly difficult to compete. With FanDuel and DraftKings commanding the lion’s share of the market, other operators are left to vie for a fraction of the handle.
Still, niche strategies and targeted marketing efforts may offer these smaller companies a way to carve out sustainable spaces in the crowded field.
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