Ohio’s Sports Betting Slumps, Casinos Hold Steady
Ohio sports betting revenues experienced a significant downturn in June. But income at the state’s four casino venues held up with modest growth. That’s according to the latest figures from the Ohio Casino Control Commission.
The state’s four legal casinos saw slight increases year-on-year, posting $82.8 million in revenue collectively compared to $81.5 million in June last year.
MGM Northfield Park (pictured) was the state’s most popular casino venue, with $23.5 million in revenues for the month. It was also the most popular retail sports betting venue, too.
On that front, Ohio’s sports bettors wagered a total handle of $362.1 million in June, a decrease of 18.9% from May’s $446.2 million handle. This is the lowest monthly handle since the legalization of sports betting in the state at the beginning of the year.
However, without year-on-year figures, the seasonal nature of U.S. sports betting means meaningful comparisons are limited.
The revenue sports betting operators held on to was $32.6 million, a 43.7% decrease from May’s $57.8 million.
Nationwide, sportsbooks had a rough June, with upset championship wins for the NBA’s Denver Nuggets and the NHL’s Vegas Golden Knights meaning high payouts for many bettors, such as in Las Vegas, where sportsbooks paid out $6.6 million on NHL bets over the month.
A Closer Look at Sports Betting
Sports betting operators in Ohio were particularly down in June.
The Ohio Casino Control Commission’s monthly report showed that the state’s 18 online sportsbooks and 14 retail venues had a total statewide handle of $362.1 million in June, with a combined revenue of $32.6 million. These are the lowest monthly figures since sports betting was legalized in the state on January 1.
As usual, mobile betting dominated the market, with 96% of customers preferring to bet online over retail venue visits.
FanDuel remained the top sports betting operator for Buckeye State bettors with a $120.3 million handle, although that was down 24.1% from May. Second place DraftKings also declined on May’s figures, but closed the gap on its rival with $117.5 million in revenues for the month.
FanDuel and DraftKings cornered the mobile market, but MGM Northfield Park blitzed to the lead as the most popular retail sportsbook. Its total handle was $4.7 million, but that’s $3 million more than any of its competitors in the state.
Rounding out the bottom of the online operators list was struggling Jake Paul-backed sportsbook app (and, as of this week, fantasy sports operator) Betr. It kept just $26,301 in revenues on a $469,586 handle, despite the advantage of being in its social media star cofounder’s home state.
The decline in sports betting activity and revenue in Ohio in June is partly due to a reduced sports calendar and shrinking promotional offers from operators.
The level of promotional credits from online sportsbooks to attract bettors fell to $14.9 million, far less than in any previous month.
Despite the decline in the past couple of months, Ohio’s sportsbooks have still performed impressively in the first six months as a legal market, reaching a combined $3.82 billion in handle and $539.4 million in revenue.
The state received about $54 million as its share of proceeds at the 10% tax rate that ended on June 30. The rate doubled to 20% starting July 1 as a result of action by the legislature and Governor Mike DeWine, which will be reflected in the next monthly report.
Casinos Hold Up Better
The casino operators in Ohio held up better than their sports betting counterparts in June, posting modest growth.
The total revenue from casinos in June was $82 million, an increase of about 2% on last June. This is still the lowest monthly figure since the beginning of the year.
Ohio’s casinos have also performed impressively in the first six months of the year, reaching a combined $1.01 billion in revenue.
The state’s coffers have thus benefited to the tune $302.8 million from the four casinos at a 33% tax rate.