Market Monitor: Ohio Sports Betting April 2023 Market Monitor: Ohio Sports Betting April 2023
Key Takeaways
  • This is the weakest month to date and represents a fall of 50% on the high set in the opening month of January.
  • Handle was down just fractionally on 12.9% reported the month prior.
  • European stalwart Bet365 joined the dozen books in the black last month, reporting a small profit of $121.5k after three months of multi-million dollar losses.
  • FanDuel did best in terms of net gaming revenue, reporting $21 million, over half of all NGR in Ohio

Regulated Ohio sports betting apps reported just over $500 million in handle in April, according to the latest figures from the Ohio Casino Control Board (OCCB). This is the weakest month to date and represents a fall of 50% on the high set in the opening month of January. However, a seasonal drop is to be expected with major US sporting events at the end of their season.

Gross revenue was $62.3 million, a hold of 12.3%. This is down just fractionally on 12.9% reported the month prior.

Net gaming revenue — the gross revenue minus promotions and free bets — was $38.8 million, behind March’s $53.6 million but higher than February. 12 operators reported a profit in April, one more than March. It was European stalwart Bet365 that joined the dozen books in the black last month, reporting a small profit of $121.5k after three months of multi-million dollar losses.

FanDuel and DraftKings remain by far the largest sports books by all metrics. In handle, they represented almost 70% of all bets collected last month, with FanDuel slightly ahead with 36.5% to DraftKings’ 31.9%. FanDuel did even better in terms of net gaming revenue, reporting $21 million, over half of all NGR in Ohio; DraftKings reported NGR of $11.8 million for a 30% market share.

There were half a dozen loss-making sports books in Ohio last month, including Fanatics, which reported a loss of $110k on $432k handle in its first month in the market.