Ohio’s sports betting market faced a noticeable decline in February as revenue plummeted by a stark 41.4% to $66.3 million, a sizeable drop from January’s $113.1 million. Comparative to the same period the previous year, when Ohio had just introduced sports betting, the numbers were also down by 18.5%, with last year’s February revenue being $81.3 million.
Adding to the decline, Ohio noted a 17.2% decrease in the betting handle, the total amount wagered, from January’s $810.4 million to February’s $671.1 million. On a slightly positive note, this figure did represent an increase of 5% over February from the previous year, which had seen $639 million in wagers.
Out of this handle, players won back a total of $599.7 million in February, leaving the taxable revenue at $67.6 million after accounting for $28.3 million worth of promotions that operators wrote off.
Dominating the state’s online betting sector were the usual suspects in the US sports betting landscape: FanDuel and DraftKings, leading the market by a substantial margin. FanDuel, operating with Belterra Park, narrowly maintained its top position with a handle of $222.2 million against DraftKings’ $222 million, who is in partnership with Hollywood Toledo. Combined, these two giants accounted for two-thirds of the entire monthly handle in Ohio. FanDuel also led revenue generation with $28.1 million, surpassing DraftKings’ $24.2 million by nearly $4 million.
Other notable performers in the market were Bet365, BetMGM, and ESPN Bet, which generated handles of $44.6 million, $42.6 million, and $40.9 million, respectively, in February’s online sports betting sector.
Interestingly, this downturn comes despite the Super Bowl occurring in February, where the Kansas City Chiefs faced off against the San Francisco 49ers in Las Vegas. The event, which drew immense viewer engagement rivalling historic events like the moon landing, failed to buoy Ohio’s betting revenues. The American Gaming Association had predicted record-breaking betting participation for the Super Bowl, estimating a 35% increase from the previous year with an expectation of 67.8 million American adults – about 26% of the adult population – placing bets and an approximate $23.1 billion being wagered on the game.
Ohio’s decline was not an isolated case. Other states like Washington D.C., Maryland, and New York also reported drops in sports betting handle for February, with Michigan and Mississippi witnessing dips in both handle and revenue.
Contrasting with the betting scene, Ohio’s casino industry saw a recovery in February, rebounding from one of its lowest revenue months in nearly three years reported in January. The casino revenue for February was $83.5 million, an 11% increase from January’s $75.2 million. This figure also represented a stable year-on-year gain of 1.1% from the $82.6 million posted last February.
Leading the revenue charge among casinos were Jack Cleveland and Hollywood Columbus, earning $42.8 million and $42.3 million, respectively. Hard Rock Cincinnati and Hollywood Toledo weren’t far behind, generating $37.9 million and $35.8 million, respectively.
Despite the online betting sector’s dominance with $66.4 million in revenue and $657.7 million in handle (98% of the state’s total for the month), the retail betting segment actually incurred a loss of $122,288 during February.
In summary, while the Super Bowl generated significant anticipatory buzz, its effect on Ohio’s sports betting revenue didn’t manifest as expected. Instead, the state experienced a slump in numbers while its casino industry displayed resilience and signs of potential recovery.
