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The Ohio Casino Control Commission and Ohio Lottery reported a combined sports wagering handle of $447.5 million for May, continuing the backslide from January’s $1 billion-plus debut. May’s handle is the lowest of the five months since the Buckeye State rang in 2023 with a massive simultaneous launch of retail and mobile wagering. Though spring is typically a slower period for betting with a limited inventory of sporting events, the 14.4% decline from April is notable, considering promotional credits and free bets dipped only 4.3% to $23.2 million.
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The OCCC’s release also showed another state’s books thumping the betting public in May. Sportsbook operators in Ohio reaped $57.8 million in gross revenue, fashioning a hold just under 13% that ranks third in Ohio‘s five months of action. While the state has had a monthly hold of 12% or higher on gross revenue all five months, the win rate for May ranks only ninth among 26 states to release figures.
Ohio’s numbers ticked the nationwide hold on gross revenue for May above 11.5%, continuing to threaten the all-time post-PASPA mark of 11.7% set in September 2018 — on $817.3 million handle. With Arizona, Colorado, and Illinois the states left to report, May’s commercial handle is nearly eight times $6.5 billion.
The overall adjusted gross revenue inched over $58 million for May when including sports betting kiosks run by the Ohio Lottery. The two entities generated $5.8 million of state taxes in May, with all but $31,323 coming from sportsbooks. As the debate in the Buckeye State legislature continues over raising the tax rate on sports wagering revenue to 20%, Ohio has already cleared $51 million in tax receipts since launch on Jan. 1 as total AGR has surpassed $500 million.
Nearly 88% of the promotional offers in May came from four mobile operators: FanDuel, DraftKings, bet365, and BetMGM. In the case of FanDuel, the $6.8 million outlay equated to 28% of its $24.3 million in adjusted revenue. The online titan cleared $25.2 million in gross revenue thanks to a 15.9% hold as it also moved within $3.5 million of $250 million since launch. After practically overwhelming the market with $168.7 million worth of promotional credits in January, FanDuel’s outlay has slowed to $22.1 million over the last three months combined.
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