Ohio Posts Third-Best State Legal Sports Betting Handle for March 2024

The Ohio legal sports betting industry continues to be one of the strongest in the nation, evidenced by its fifth $800 million-plus monthly handle in its 15 months of operation. It was another banner month for our best sports betting sites in the Buckeye State.

The latest saw the March monthly sports betting total slot in third place among the U.S. legal sports betting jurisdictions. Only New York and New Jersey had better months in terms of overall sports betting handle. March's total put Ohio ahead of Pennsylvania and Nevada for overall sports betting activity.

Illinois, which has yet to report is a threat to Ohio's March podium finish, but there is no diminishing the accomplishments of the Buckeye State scene.

Unfortunately for Ohio sports betting apps and retail providers in the state, March revenues didn't necessarily impress. An underwhelming hold rate for Ohio sportsbooks were a drain on providers' bottom line.

$809.3 million March handle

The Ohio sports betting scene accepted $809.3 million in bets in March, marking the fifth time in 15 months of legalization that Ohio books have eclipsed the $800 million barrier. 

The March 2024 total is a 9.6% year-over-year improvement from the $732.9 million in Ohio sports bets from March 2023 and is over $154 million better than the $666.8 million handle taken in during February's 29-day sports wagering period. Ohio sports betting apps combined for 97% of March's sports betting handle.

With March's total added in, Ohio sportsbooks' lifetime handle just missed out on breaking the $10 billion milestone, coming just $34 million shy of that mark. Year-to-date, Ohio bettors have spent $2.3 billion with their sports wagering providers, down from $2.5 billion through the first three months of last year. However, Ohio bettors still take advantage of many Ohio sportsbook promos.

$64 million in adjusted gross income

Ohio sports betting sites, combined with retail providers reported about $64 million in taxable revenues in March. That's after paying out promotions, winning and other costs.

It represents about a 32% year-over-year revenue drop from almost $95 million posted in March 2023. It is also a slight $2.5 million drop from February's revenue totals.

The reason for the dip in year-over-year and month-over-month revenue totals is the underwhelming 7.9% hold rate for Ohio's best sportsbooks. Bettors simply did better in March. For comparison's sake, the Ohio February win rate was 10% and in March 2023 it was 12.9%. 

Thanks to Ohio's 20% tax rate, $12.8 million in taxes was collected from Ohio sportsbooks in March. It took the Quarter 1 tax contribution total to $49.1 million, $10.3 million higher than the same three-month period last year. That jump is in part dure to the doubling of the tax rate to 20% in July.

FanDuel comes out on top

The battle to be the best Ohio sports betting app was a close one in March, with a couple of surprises presented. FanDuel Ohio led the way with $265.9 million in accepted bets and $27 million in revenue from an impressive 10.2% hold. FanDuel, with March's numbers, surpassed $500 million in lifetime winnings in Ohio.

DraftKings Ohio came second in the Ohio market in March, with $260.6 million in accepted bets and just over $20 million in revenues, based on a 7.7% hold.

bet365 Ohio came in a somewhat surprising third in terms of handle in March with $57.3 million in wagers, its best-ever monthly performance in the Buckeye State. bet365 reported $4.6 million in taxable winnings for the month from an 8% hold.

BetMGM Ohio was fourth, with a $53.9 million March handle and $3.2 million in revenue. ESPN BET Ohio rounded out the Top-5 with $44.3 million in accepted bets in March and $3.3 million in revenues from a 7.5% hold.