The state of Ohio’s sports betting revenue underwent a significant dip in March 2024. Revenue was recorded at $66.3 million in February and $63.8 in March, reflecting a significant decrease of 3.8%.
Betting revenue in March 2024 was also 33.1% lower than the same time the year before. March 2023 – which was only the third month following the state’s sports betting market launch – recorded a betting revenue of $95.3 million.
Despite the drop in revenue, Ohio’s handle for the month reached $808.2 million – significantly higher than the $671.1 million handle for February 2024. Overall, online sports wagering levels were much higher than in-person levels.
Online betting accounted for $784.8 million, reflecting 97.1% of the total. Ohio bettors were mostly turning to online gambling platforms due to their rewards, sign-up bonuses, and wide cryptocurrency acceptance.
In terms of which sports betting company was the most popular, FanDuel took the biggest share of the handle overall, with $265.9 million. They were also the leading company in terms of revenue, achieving a total of $27.0 million.
DraftKings finished in second place with $260.6 million worth of the handle and $20.3 million in revenue. Bet365 was in third place with a $57.3 million handle for March.
The drop in revenue but the rise in the handle can be blamed on various factors that have impacted sports betting in Ohio in 2024.
The drop in revenue has been blamed on the state’s banning of college prop betting which came into effect on 1 March. The Ohio Casino Control Commission (OCCC) decided to ban prop betting on college-level games after several players reported being harassed and receiving threats from bettors.
Ohio is one of 25 states that has limited or completely banned prop betting. Both Maryland and Vermont banned prop betting at college level at the same time as Ohio. They joined other states that had implemented similar laws, such as New York, Arizona, and Massachusetts.
More states decided to limit or ban college prop betting after the National Collegiate Athletic Association (NCAA) requested it. According to the NCAA, one in three college students has been harassed by bettors.
In addition to preventing players from being harrassed, the move away from prop betting will prevent match-fixing, which is when games are rigged to play out a certain way for the benefit of a bettor.
In terms of why the handle has increased while revenue has decreased, March’s NCAA Division 1 Basket Ball Tournaments definitely kept people betting, which drove up the handle. Viewership was up for both the male and female tournaments, with the women’s title game reaching a peak viewership of 24 million.
However, with no prop betting opportunities available, bettors may have limited the amount they bet.
While sports betting in Ohio remains turbulent, online casinos are experiencing a resurgence. In March, online casinos in Ohio recorded a revenue of $94.7 million, which was a jump up from February’s $83.5 million.
