New Ohio Sports Betting Report: Revenue Declining Compared To Last Year
Ohio has released the May 2024 sports betting revenue report, which shows that Ohio sportsbooks have seen $611,615,891 in betting handle. This is a 34% increase in betting handle vs. the same month last year. However, sports betting revenue has seen a decline in 2024, falling behind compared to 2023 levels.
Ohio May Sports Betting Revenue Report Examined
The report shows that sportsbooks saw $67,438,379 in taxable revenue. Online sportsbooks contributed $66,051,615 of that. From January to May 2024, online sportsbooks have seen $378,002,757 of the total $386,194,525 in taxable revenue.
While strong numbers, revenue is actually down 24% compared to the first five months of 2023. Sportsbooks saw more than $506.1 million in taxable revenue from January to May 2023. With the 34% year-over-year increase in May in terms of betting handle, so far in 2024, the total handle is only up 3.4%.
Operators saw $3,456,918,229 in betting handle for the first five months of the year in 2023 and have seen $3,574,504,125 in betting handle for 2024 so far.
Ohio Revenue Dips As Market Sees Nationwide Highs
What makes Ohio’s betting numbers stand out is that the online betting market has shown growth nationwide. Online sports betting has seen a 36.2% increase in revenue in 2024 through April, according to a report from the American Gaming Association. Online sports betting growth has helped lead to an overall 30.9% in the online gaming space.
Ohio is expected to see its betting market pick up in the coming months. The summer months tend to be the slower months in sports betting, with most markets seeing a decline in activity during this time. North Carolina’s recent reports show a 19% decline in betting activity for May 2024.
By fall, when the college football and NFL seasons return, Ohio’s market is expected to grow. Ohio’s betting handle saw an increase year over year for May. If this trend continues, the market can make up for the gap between 2023 and 2024 in revenue. Strong revenue numbers in the fall could still make 2024 an overall growth year for Ohio’s betting market.
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