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Ohio Sports Betting Revenue Sees Mixed Results in February

The Ohio Casino Control Commission and Ohio Lottery released their latest figures, revealing a combined adjusted gross sports betting revenue of $67.7 million for February. While this represents a substantial sum, the numbers also indicate a double-digit hold for the month.

Handle from all sources amounted to $672 million, marking a 5% increase compared to February 2023. The rise in wagering activity signals continued interest in sports betting in the Buckeye State, especially considering that February 2023 was only the second month of wagering following its launch on New Year’s Day.

Of the total handle, sports betting apps accounted for $657.7 million, while retail handle reached $13.4 million. Betting through kiosks contributed the remaining $892,000. However, handle experienced a 20.8% decline compared to January, while revenue saw a more significant drop of 40%, primarily due to the lower hold rate of 10.1% compared to the nearly 14% seen in January.

Although the 10.1% hold marked the 12th time in 14 months it reached double figures, revenue was 18.4% lower than the previous year. Notably, promotional spend decreased significantly from last year, totaling $28.3 million, a 52.2% decrease from the $59.1 million provided in credits and bonuses to bettors.

Despite the revenue downturn, state taxes increased to $13.5 million, up $5.2 million from February 2023. This boost can be attributed to Ohio Gov. Mike DeWine’s decision to double the tax rate to 20% at the start of the fiscal year last July. Since then, state coffers have benefited from an inflow of $115.5 million in the eight months since the new rate took effect.

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