For the second time since the legalization of sports betting in Ohio, the state achieved a remarkable milestone, with total wagers surpassing $1 billion in a single month. November 2024 saw Ohio sportsbooks collectively handle $1.03 billion in bets, making it the second-highest monthly total since the market launched in January 2023.

A flourishing market dominated by online betting:

Online platforms have firmly established their dominance in Ohio’s sports betting landscape. Of the total $1.03 billion handle, $1.003 billion—an overwhelming 98%—came from mobile and online operators. Leading the pack were FanDuel and DraftKings, accounting for $351 million and $329 million, respectively. In comparison, the state’s 16 retail sportsbooks contributed a modest $20.8 million, highlighting a significant preference for online betting.

This trend aligns with broader consumer habits, as younger generations increasingly favor the convenience of digital platforms. According to Dan Reinhard, Senior Vice President of Government Affairs at JACK Entertainment, this shift is evident not only in gaming but also in retail spaces like malls, where foot traffic has declined. “Retail situations are dismal,” Reinhard noted, emphasizing the challenge of attracting customers to physical sportsbooks despite offering Vegas-style experiences.

November 2024 also marked a significant achievement in terms of revenue and taxation. Sportsbooks generated more than $117 million in gross revenue, a 72.5% increase compared to November 2023. This translated into a $23.5 million tax windfall for Ohio, reinforcing its position as one of the most lucrative sports betting markets in the U.S.

With nearly $8 billion wagered through November, Ohio’s total handle for 2024 ranks fourth among all states, trailing only New York, New Jersey, and Illinois. Since its inception, the state has seen more than $15 billion in total wagers, underscoring its rapid growth and robust regulatory framework.

Competitive landscape among operators:

FanDuel and DraftKings continued to dominate Ohio’s market, but other operators also saw substantial growth. bet365, partnered with the Cleveland Guardians, recorded its best month in Ohio with $76.6 million in bets. Meanwhile, Fanatics posted $54.6 million, reflecting its growing presence.

Several other operators achieved personal bests in November, including Hard Rock with $23.3 million, betJACK with $7.8 million, and BetRivers with $5.6 million. The consistent growth across multiple platforms highlights the competitiveness and vitality of Ohio’s sports betting ecosystem.

While online betting thrives, retail sportsbooks face significant challenges. Caesars’ sportsbook at Rocket Mortgage FieldHouse, for instance, closed its doors after just 21 months of operation, citing lackluster performance and consistent losses. The space has since been repurposed as the Caesars Rewards Club, catering to the Cleveland Cavaliers fans in a premium setting.

Despite these setbacks, analysts suggest that adjustments to Ohio’s regulatory framework could encourage more retail sportsbook openings. According to News 5 Cleveland, Geoff Zochodne of Covers.com speculates that lowering the current 20% tax rate for physical sportsbooks could make them more viable. “These facilities provide jobs and entertainment options,” Zochodne said, emphasizing the potential benefits of such changes.

Ohio has demonstrated a willingness to adapt its regulatory framework to market dynamics. As Zochodne observed, “Once sports betting is legalized, that’s just the start. It’s an evergreen process where technology changes, betting changes, and new operators come in.” This adaptability positions Ohio as a model for other states looking to optimize their sports betting markets.