Ohio Reports Over $1 Billion in Sports Betting Wagers for November

The Buckeye State just enjoyed one of its busiest sports betting months to date.

The Ohio Casino Control Commission has reported a November sports betting handle of $1.03 billion. It is the second time the state has broken the $1 billion mark, falling just short of the January 2023 record of $1.1 billion. The impressive handle generated over $23.4 million in tax revenue.

With another big month expected for December, Ohio will smash the record set in its opening year.

FanDuel Leads the Way

Ohio has been one of the most competitive markets for FanDuel and DraftKings, but the former came out on top in November. FanDuel saw the most wagers during the month at over $351.1 million. DraftKings wasn’t far behind with over $329.9 million.

Bet365 continued to have success in Ohio in November, finishing in third with a handle of $76.6 million. Only MGM came close to beating them with a handle of $72.3 million.

Fanatics finished in fifth, beating out Caesars and ESPN Bet by a significant amount. The sportsbook has been competing with those rivals since its launch and is starting to surpass them in most markets.

Football Driving Success

While Ohio has multiple teams across many leagues, football remains the most popular sport. Although the state’s NFL teams have had disappointing seasons, that hasn’t stopped fans from placing their bets ahead of Sunday’s games. 

College football is almost incredibly popular, thanks to the success of Ohio State University. The Buckeyes have had an incredible season and played two games against top-ten teams during November. They also played arch-rival Michigan, one of the biggest games of the entire college football season. 

Debate Over Tax Rate Continues

Ohio doubled its sports betting tax rate to 20% last year, helping fuel a very profitable 2024. However, a new bill proposes returning the rate to the original 10%. Supporters of the bill believe that a higher tax rate is hurting the market's long-term health, leading operators to offer fewer promotions and more sportsbook-friendly odds.

The bill has some support, but the numbers Ohio has seen in 2024 will hinder the effort. The Buckeye State is proving to be one of the largest sports betting markets in the US, which will incentivize sportsbooks to stay competitive. 

Ohio is one of the only markets to have successfully raised its tax rate on sports betting operators. Many other states have seen proposals to increase the rate as the industry grows but have overcome opposition from operators. Ohio’s success could change that, giving other markets a roadmap to follow.