Ohio Sports Bet Sales Down 41.4% On Super Bowl, Too
Last updated
Last updated
February sports betting sales fell 41.4% to $66.3 million (£52.8 million/€61.5 million) from January's $113.1 million. February sales were also down 18.5% year over year, with Ohio piling up $81.3 million in the same month last year, the second month of the sports betting market launch.
Ohio also saw its handle drop 17.2% to $671.1 million in February from $810.4 million in January. However, the handle amount in February was 5% more than the $639 million bet it received in the same month last year. During February, $599.7 million was paid out as a jackpot, while $28.3 million was written off as a promotion. Taxable income amounted to $67.6 million.
Ohio's online sports betting division continues to dominate the market. It has $66.4 million in revenue and $657.7 million in handling, the latter accounting for 98% of its monthly total. Retail actually ended the month in the red, losing $122,288 during February.
Ohio State's FanDuel vs. DraftKings neck-and-neck
As is common across the U.S., FanDuel and DraftKings are battling the issue at the top of the Ohio online sports betting market. FanDuel is based in Belterra Park, and DraftKings is partnered with Hollywood Toledo.
Although FanDuel remains in the lead, it accumulates handling storage at $222 million for DraftKings. Together, the two accounted for 66.2% of Ohio's monthly handling storage. The gap widened, with FanDuel's $28.1 million exceeding DraftKings' $24.2 million by $3.9 million.
The closest rivals to the top two were Bet365, BetMGM and ESPN Bet, which earned $44.6 million, $42.6 million and $40.9 million in February's online sports betting handle, respectively.