October 2024 marked another significant milestone for Ohio’s rapidly growing sports betting market, as bettors wagered a staggering total of $901.4 million. This impressive figure represents the second-highest monthly handle in the state’s history, falling just short of the $1.1 billion recorded in January 2023, the first month since the state launched its legal sports betting market.

Ohio’s sports betting scene has flourished since its launch, and the record-breaking figures in October reflect the increasing popularity of both in-person and online wagering options. Despite a slight dip in taxable revenue compared to September, October remains one of the state’s most profitable months in 2024.

Online Betting Dominates the Market

The lion’s share of the October sports betting handle came from online platforms, which accounted for a remarkable $881.7 million of the total. This demonstrates the continued dominance of digital sportsbooks in Ohio’s betting landscape, with more and more bettors turning to mobile apps and online platforms to place their wagers. The shift towards online betting is a national trend, and Ohio is no exception.

With the convenience of mobile apps, bettors can place bets anywhere within the state, which has made online sportsbooks the preferred choice. The ease of access, wide variety of betting options, and competitive odds have attracted a large number of users, contributing to the overall success of the market.

A Profitable Month Despite a Revenue Decline

The Ohio Casino Control Commission also reported that the state earned $81.13 million in taxable revenue from sports betting in October. This figure resulted in $16.3 million in state tax revenue for the month, which helps fund various state initiatives. Although the month was profitable, there was a noticeable decline in taxable revenue compared to September’s impressive $106.1 million. This drop of nearly $25 million highlights the variability of sports betting revenue, which can fluctuate due to factors like team performance, major events, and seasonal changes.

Despite the dip, October still ranks as the third most profitable month of 2024, showcasing the strength of the market. For comparison, January 2024 remains the most lucrative month of the year, with over $113.76 million in taxable revenue. However, Ohio has already surpassed $730.1 million in taxable revenue for 2024, with online sports betting contributing a significant portion, accounting for $712.13 million of the total. This demonstrates the sustained success of Ohio’s sports betting industry and its ability to generate substantial tax revenue for the state.

The Leading Operators in Ohio’s Sports Betting Market

As of October 2024, FanDuel maintained its position as the leading sportsbook in Ohio. The operator recorded a handle of $307.2 million and reported nearly $34.5 million in taxable revenue for the month. FanDuel’s dominance in the Ohio market has been consistent since the state’s launch of sports betting, thanks to its strong reputation, user-friendly interface, and extensive promotional offerings.

DraftKings ranked second, reporting $297.9 million in handle and $25.7 million in taxable revenue for October. Known for its innovative features and large-scale marketing efforts, DraftKings continues to be a popular choice for Ohio bettors, particularly in the daily fantasy sports segment, which overlaps with its sports betting operations.

Bet365, another major player in Ohio’s sports betting landscape, remained in the top three. The sportsbook reported $72.2 million in online handle and $6.1 million in taxable revenue for October. Bet365 has steadily grown its presence in Ohio since launching in 2023, offering a broad selection of betting markets and an appealing rewards program.

Other operators also reported strong numbers for the month, including BetMGM with $59.5 million in handle and $3.9 million in taxable revenue, and Fanatics, which generated $41.7 million in handle and $3 million in taxable revenue. Caesars Sportsbook rounded out the list of top operators, with $29 million in handle and $2.4 million in taxable revenue.

The Growing Impact of Sports Betting in Ohio

The success of Ohio’s sports betting market in October highlights its growing importance both as a source of tax revenue and as a form of entertainment for residents. As more operators enter the market and Ohio bettors continue to engage with the legal betting options available, the industry is expected to grow even further.

Ohio has emerged as one of the leading states in the U.S. sports betting industry, with a wide variety of sportsbooks offering competitive odds, diverse betting options, and promotions. Moving forward, the state will likely continue to see strong growth in sports betting revenue.

However, the continued success of Ohio’s sports betting market will depend on effective regulation, responsible gambling initiatives, and the ability to adapt to evolving market trends. The state’s commitment to maintaining a safe and legal sports betting environment will be essential for sustaining its current momentum.

In conclusion, Ohio’s sports betting market has made remarkable strides in just under two years since its launch, and the October numbers further cement the state’s position as a key player in the industry. With robust figures across the board, including a thriving online betting segment, Ohio’s future in sports betting looks bright.