The Ohio Casino Control Commission and Ohio Lottery reported a combined $67.7 million in adjusted gross sports betting revenue for February on Monday, narrowly eking out a double-digit hold for the month.

Handle from all sources totaled $672 million, up 5% from February 2023, which was the second month of wagering in the Buckeye State following its launch on New Year’s Day 2023. Wagering via sports betting apps totaled $657.7 million; retail handle was $13.4 million; and betting through kiosks accounted for the remaining $892,000. Handle was down 20.8% compared to January, while revenue slacked 40% as the hold for the opening month of 2024 nearly touched 14%.

The 10.1% hold marked the 12th time in 14 months it reached double figures, with only June (9%) and November (7.9%) falling short. It was the ninth-highest revenue haul for operators, but 18.4% lower compared to last year, as the win rate 12 months prior was just shy of 13%.

Promotional spend in Ohio was also down notably compared to last year at $28.3 million, 52.2% lower than the $59.1 million in credits and bonuses operators provided bettors as part of a wild spending spree the first three months in which $423.6 million worth of goodies were offered.

Despite the downturn in revenue, the $13.5 million in state taxes was $5.2 million higher than February 2023, when the levy was just 10% on AGR. Ohio Gov. Mike DeWine doubled the tax rate to 20% at the start of the fiscal year last July, and coffers have seen an inflow of $115.5 million in the eight months since the new rate took effect.

FanDuel and DraftKings tag bettors with a 1-2 combo

FanDuel and DraftKings accounted for nearly 80% of February’s revenue as both notched double-digit holds. FanDuel narrowly completed the double of leading Ohio’s 19 mobile operators in handle and revenue; the online titans were only $211,648 apart in handle as FanDuel accepted $222.2 million worth of bets.

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FanDuel, though, found separation when it came to revenue, totaling $28.1 million while crafting a 12.6% win rate. DraftKings also had a successful February with a 10.9% hold that provided $24.2 million in winnings.

FanDuel thrived despite cutting back on promotional spend by more than 50% compared to January, offering $8 million in bonuses and credits. DraftKings’ outlay was nearly identical — its $10.4 million was $37,200 less than the opening month of 2024.

Unsurprisingly, the top five mobile sportsbooks for handle in February also comprised the top five in promotional spend. Bet365 took the final podium spot with $44.6 million handle while furnishing $2.6 million worth of credits.

That was 36.4% lower than the $4.1 million outlay in January, and bet365 had a solid February with a 9.4% hold to claim $4.2 million in AGR.

BetMGM scaled back its promotional spend by 35% to $2.7 million as it generated $42.6 million handle. Its win rate plunged more than 4.5 percentage points to a modest 7.3% in collecting $3.1 million in revenue.

ESPN BET‘s $2.4 million promotional outlay was down nearly 7% from January, but month-over-month handle dipped nearly one-third to $40.9 million. The PENN Entertainment licensee had an 8% hold to garner $3.3 million in AGR.

Caesars was the only other book to surpass $25 million handle, landing at $29.3 million while clearing $400 million in all-time action in Ohio. Bettors limited Caesars to a 3.3% hold, keeping it $37,000 shy of $1 million in revenue.

Fanatics Sportsbook, Hard Rock Bet, and Prime Sportsbook all reached eight-figure handle totals for February, with Fanatics faring the best of the trio with an 8.9% hold to claim $1.3 million in revenue.

Prime Sportsbook was one of two digital books to post a loss in February as bettors came out $583,149 ahead on $10 million-plus handle. Hard Rock Bet landed between the pair for both handle and revenue, attaining a 6.7% win rate while collecting $794,500 from $11.8 million worth of wagers.

SuperBook was the other online operator to finish in the red for February as bettors won $8,109 on top of their $591,400 worth of bets placed.

Stadium sportsbooks primary reason for retail loss

Brick-and-mortar sportsbooks in the Buckeye State finished a combined $122,288 down for February, but the four stadium venues paid out $322,168 above the $1.2 million handle they generated.

Bettors who wagered at Progressive Field were the biggest winners, coming out $234,793 ahead against $278,908 handle in creating a minus-84.2% hold for the Fanatics Sportsbook. It was the fourth time in five months of operations Fanatics finished with a loss, and it has an all-time win rate of minus-55.8%.

The Fanatics Sportsbook at Nationwide Arena had a loss of only $30,090 for February, finishing with a minus-5.8% hold from $521,200 handle. It was the second monthly loss at the home of the Blue Jackets, with the other coming during their launch last October, as bettors finished $214,502 ahead.

Caesars also endured a rough February. Bettors who came to Rocket Mortgage FieldHouse won $67,749 on top of the $240,800 wagered. It was the third-worst loss for Caesars at the home of the Cavaliers as they fashioned a minus-28.1% hold.

Ohio’s four sportsbooks at casinos combined for a 1.6% hold, winning $91,249 against $5.7 million handle, while brick-and-mortar venues at racinos statewide had a 1.7% win rate after claiming $112,000 in winnings from $6.5 million worth of wagers.





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