Sports betting revenue dropped 41.4% to $66.3m (£52.8m/€61.5m) in February from January’s figure of $113.1m. February’s revenue was also 18.5% down year-on-year, with Ohio accumulating $81.3m in the same month last year, which was the second month of its sports betting market launching.
Ohio also saw a 17.2% decrease in handle, from $810.4m in January to $671.1m in February. However, February’s handle amount was 5% more than the $639m in bets received in the same month last year.
$599.7m was paid out in winnings during February, while $28.3m was written off as promotions. Taxable revenue amounted to $67.6m.
Ohio’s online sports betting sector continues to dominate the market. It was responsible for $66.4m in revenue and $657.7m in handle, the latter of which accounts for 98% of the monthly total. Retail actually finished in the red for the month, losing $122,288 during February.
FanDuel and DraftKings neck and neck in Ohio
As is commonly the case throughout the US, FanDuel and DraftKings are battling it out at the top of the Ohio online sports betting market. FanDuel is based at Belterra Park, while DraftKings is partnered with Hollywood Toledo.
FanDuel has retained its lead, but only just, accumulating $222.2m in handle to DraftKings’ $222m. The two alone combined for 66.2% of Ohio’s monthly handle. The disparity was wider in revenue, with FanDuel’s $28.1m exceeding DraftKings’ $24.2m by $3.9m.
The closest competitors to the top two were Bet365, BetMGM and ESPN Bet, which generated $44.6m, $42.6m and $40.9m in online sports betting handle respectively for February.
Handle and revenue drop despite Super Bowl
Ohio’s declines in both handle and revenue happened in spite of 11 February’s Super Bowl. The game was played between the Kansas City Chiefs and San Francisco 49ers in Las Vegas.
The game was the most-watched American television broadcast since Neil Armstrong walked on the moon, amassing significant betting interest.
The American Gaming Association (AGA) claimed a record number of 67.8 million Americans, or 26% of the country’s adult population were predicted to bet on the Super Bowl, a 35% year-on-year increase. The AGA estimated $23.1bn would be gambled on the game.
Ohio isn’t on its own in recording drops in sports betting interest during February despite the Super Bowl. Sports betting handle dropped for the month in Washington DC, Maryland and New York while Michigan and Mississippi also saw their handle and revenue decline.
Casino halts decline in February
Although Ohio saw stagnation in its sports betting market, its casino industry rebounded. This was after reporting its lowest monthly revenue total in almost three years in January.
February’s casino revenue was $83.5m, 11% up on January’s total of $75.2m, which was Ohio’s second-lowest monthly report ever.
Ohio’s February casino revenue was stable year-on-year, increasing by 1.1% from the total of $82.6m in the same month last year.
Jack Cleveland and Hollywood Columbus led the way with $42.8m and $42.3m in revenue respectively. Hard Rock Cincinnati generated $37.9m, while Hollywood Toledo reported revenues of $35.8m.
Original article: https://igamingbusiness.com/sports-betting/ohio-sports-betting-revenue-down-despite-super-bowl/
