Despite a year-on-year uptick, Ohio’s sports betting revenue for May saw an 8.8% dip from the $73.9 million recorded in April. The state’s taxable revenue for May amounted to $66.1 million from online betting and $1.2 million from retail betting.
As it stands, Ohio’s year-to-date sports betting revenue — spanning the first five months of the year — has reached $386.2 million. A significant portion of this, exactly $378 million, is derived from online betting channels, while retail betting accounts for $6.4 million.
The consistent growth year-on-year demonstrates a robust appetite for sports betting in Ohio, particularly in the digital landscape. However, the month-to-month decline in May suggests seasonal fluctuations or other market dynamics could be influencing bettor behavior.
Stakeholders remain optimistic, focusing on the sizable cumulative revenue, which indicates a strong foundation for continued expansion in the sports betting sector. Understanding these trends is crucial for operators looking to optimize their strategies in both the online and retail segments.
With the sports betting landscape evolving rapidly, Ohio’s data serves as a valuable barometer for the industry, offering insights into consumer preferences and market performance. Industry experts will be closely watching the upcoming months to gauge whether this decline is an anomaly or indicative of a larger trend.
DraftKings breaks FanDuel’s winning streak in Ohio sports betting
DraftKings has broken FanDuel’s impressive winning streak in Ohio, surpassing its rival in the amount wagered during the latest reporting period. FanDuel reported a handle of $199.8 million, falling behind DraftKings in both handle and revenue for the first time in 2024. The Flutter-operated FanDuel still managed to generate $30.6 million in taxable revenue.
Competition heats up among leading sports betting operators
Bet365 maintained its solid position in the Ohio market, continuing to show strong performance among the state’s sports bettors. Close behind were industry giants BetMGM, Caesars, and Penn’s ESPN Bet, all vying for a greater share of the lucrative Ohio sports betting market.
This shift in market dynamics highlights the competitive nature of the sports betting industry in Ohio, as operators are continually striving to outdo each other in terms of handle and revenue. DraftKings’ recent success could signal a turning point in the market, potentially altering the landscape of sports betting in the state.
In Rhode Island, the sports betting market reported a revenue of $3.3 million for May, showing a year-on-year decline but an improvement from April. The revenue breakdown reveals a strong performance in online sports betting, which contributed $2.8 million, while retail sports betting generated $569,725.
Revenue breakdown
| Type | May 2023 |
|---|---|
| Online Sports Betting | $2.8 million |
| Retail Sports Betting | $569,725 |
| Total Revenue | $3.3 million |
Player spending
Player spending for the month reached an impressive $37.3 million. Online sports betting was again the leader, with players wagering $30.5 million. The retail market also saw significant activity, with a total of $6.8 million bet across retail sportsbooks.
Spending breakdown
| Type | May 2023 |
|---|---|
| Online Sports Betting | $30.5 million |
| Retail Sports Betting | $6.8 million |
| Total Spending | $37.3 million |
While the overall revenue showed a decline compared to the previous year, the month-over-month increase indicates a positive trend. Industry experts suggest this growth could be attributed to strategic marketing efforts and an increasing number of sports events during the month of May.
