Second Month Of Ohio Sports Betting Slower But Still Strong

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Ohio sports betting

Ohio sports betting hit $638.8 million in February handle, a far cry from its opening boom but still strong.

Around 97% ($621 million) was bet online, according to figures released recently by the Ohio Casino Control Commission. FanDuel ($232.7 million) and DraftKings ($214 million) handled the most money for a second consecutive month.

Total Ohio sports betting revenue in February was $82.9 million.

Bet365 making up ground in Ohio

The two US sports betting juggernauts, FanDuel and DraftKings, combined for 72% of market share in February, which is down from 76% the month before. BetMGM ($46.1 million) was third at 7%.

Bet365 ($31 million) made up ground in the OH sports betting market in February, in part because $9.65 million in promotional credits.

The UK-based sportsbook, which only recently began spending promotional dollars to gain more traction in the US, moved ahead of Caesars ($28.4 million) and Barstool ($28 million.)

Overall promo spending slows in second month

As expected, promotional spending dropped significantly following a launch in a new market. Operators gave out $59 million in promotional credits in February, compared to $320 million in January. Sportsbooks cannot deduct promotional spending from their taxable revenue in Ohio like in some other states.

Jake Paul‘s microbetting platform, Betr, finished near the bottom of the Ohio sports betting market for the second consecutive month. Betr handled $725,900, down from $1.09 million the month before.

Paul and other celebrities recently agreed to a $400,000 settlement with the SEC for promoting a cryptocurrency on Twitter without disclosing he was being paid to do so. The SEC investigation could adversely affect Betr’s Massachusetts sports betting license.

Ohio sports betting market no flash in the pan

The Buckeye State followed its $1.1 billion January launch with a solid second month. Ohio sports betting posted the fourth-highest handle amongst legalized sports betting markets in February.