Ohio's March Betting Wagering Approaches Nearly $1 Billion Mark
Headline: Ohio's Online Sportsbooks Crush Betting Records in March, Led by FanDuel and DraftKings
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It's March Madness in Ohio, Y'all!
March sure was mad for Ohio, with a flurry of betting activity that comes close to reaching the $1 billion mark in total wagers! The NCAA tournament played a significant role in fueling this betting frenzy, providing a basketball bonanza for online sportsbooks.
The Finance Breakdown
Sportsbooks operating in the Buckeye State accepted a record-breaking $993 million in bets during March, smashing previous records. The vast majority of wagers—98.1% to be exact—came through online platforms. Only $19.1 million was placed at retail outlets.
FanDuel stormed to the top of the Leaderboard, with a handle of $327 million, and bringing home $26.4 million in revenue. They were followed closely by DraftKings, with $318.1 million in handle and $22.7 million in revenue. These two giants of the sports betting world accounted for the majority of wagers placed during the month.
Other major players included Bet365, BetMGM, Fanatics, Caesars, PENN Interactive (ESPN Bet), and Hard Rock. They generated substantial revenues, demonstrating the competitive nature of Ohio's online sports betting market.
Good to Know
- FanDuel dominated the market, leading in handle and revenue.
- DraftKings put up a tough fight, coming in a close second.
- Total revenue across all operators was up 4.1% over March of the previous year, but down 11.7% from February.
March Madness Made the Difference
The NCAA tournament played a significant role in raising betting volume, with March Madness pushing the handle up by 30.2% compared to February. It also showed a 22.6% increase compared to the same month last year.
Operators to Watch Out For
While most of the state's sports betting came through online platforms, some operators like Hollywood Gaming, Prime Sports, Bally's, MVG Bet, and Betr generated less than $500,000 in revenue. This highlights the dominance of top-tier competitors like FanDuel and DraftKings in the market.
Prediction Markets: A Matter of Concern
Outside of licensed operators, concerns about unregulated prediction markets continue to persist. Ohio regulators issued cease-and-desist letters to Kalshi, Robinhood, and Crypto.com on March 31, ordering them to halt their offerings in the state, following similar moves by Nevada and New Jersey.
Stay tuned for next month's update, as we march into the world of Ohio sports betting!
Sources:- Ohio Casino Control Commission monthly reports- ESPN BET revenue report- Sports Handle (sports betting news and information)- Legal Sports Report (sports betting news, analysis, and data)
- The surge in sports betting in Ohio, especially during March Madness, led to a significant increase in the handle for online sportsbooks, with FanDuel and DraftKings leading the way in both handle and revenue.
- The total betting volume in Ohio through sportsbooks reached a new record of $993 million in March, with the majority of wagers happening online.
- Ohio regulators have raised concerns about unregulated prediction markets, issuing cease-and-desist letters to several companies, including Kalshi, Robinhood, and Crypto.com, to halt their offerings in the state.
