Total handle for May topped $611.6m, up 37.0% year-on-year in May. The Cleveland Cavaliers progressed to the NBA Conference Semifinals, losing to the Boston Celtics. Handle, however, was 9.2% down on the $673.2m wagered on Ohio sports betting in April.
Online betting accounted for the vast majority of amounts wagered, contributing $595.2m, with a further $16.4m staked at retail sportsbooks across the state. After customers won $538.3m, gross gaming revenue for the month was up 16.4% to $67.4m – suggesting a market hold of 11.0% – with online accounting for 98% of GGR.
Ohio sportsbooks cannot deduct promotional spend until 2027. The state’s sports betting law allows for 10% of promotional spend to be deducted beginning in 2027 and 20% to be deducted beginning in 2032.
Despite reporting year-on-year growth, revenue was 8.8% behind the $73.9m posted in April. Of the total taxable revenue generated in May, $66.1m came from online betting and $1.2m retail.
These figures mean year-to-date revenue in Ohio – covering the five months to the end of May – stands at $386.2m. This includes $378m in online revenue and $6.4m retail.
DraftKings takes top spot
DraftKings ended FanDuel’s winning streak in the state in terms of amount wagered with the brand, with the latter reporting $199.8m in handle. The Flutter-operated firm saw $30.6m of that generated as taxable revenue. It was the first time in 2024 that FanDuel did not lead in handle and revenue.
Bet365 continued its strong presence in Ohio. The British company came in third with handle of $45m, followed by BetMGM at $41.3m. Caesars and Penn’s ESPN Bet came in at fifth and sixth place.
Fanatics maintained a 3% market share of the Ohio online betting space, despite being live in the state for less than a year.
ESPN Bet, which has faced criticisms from analysts over a lack of digital strategy from its parent operator Penn Entertainment, maintained a 7% market share.
Rhode Island revenue dips despite handle increase
In Rhode Island, the $3.3m reported in revenue in May was down year-on-year. However, it was 22.2% ahead of the $2.7m posted in April this year.
The total includes $2.8m from online sports betting and $569,725 from the retail market. Retail revenue covers operations at the Twin River ($341,428) and Tiverton Casino ($228,297) sportsbooks.
As for player spending, monthly handle in Rhode Island hit $37.3m. This is 21.8% more than $30.8m last year and only marginally behind April’s $37.7m total spend.
Consumers wagered $30.5m online and $6.8m across the retail sportsbooks at Twin River ($5.0m) and Tiverton Casino ($1.8m). Player winnings for the month hit $33.9m.
As for the year-to-date in Rhode Island, total revenue for the 10 months to the end of May stands at $35.9m. Player spending in this period amounted to $425.8m, with winnings at $389.9m.
Original article: https://igamingbusiness.com/sports-betting/growth-in-ohio-sports-betting-mixed-month-for-rhode-island/
