UK Giant Bet365 Cracks Ohio Sports Betting Market Top Three

Written By

Updated on

Ohio sports betting

The first major US push by Bet365 helped the sportsbook claim the third-most online market share in Ohio sports betting handle in May.

The UK-based operator handled $32 million, or 7.5% of all bets, during the month. Over three months beginning in March, bet365 trails only FanDuel Sportsbook and DraftKings Sportsbook in overall Ohio sports betting handle, although by a wide margin.

According to figures released last week by the Ohio Casino Control Commission, BetMGM and Caesars Sportsbook round out the top five over that time:

OH sports betting promotional spend

Bet365 continues to outspend most of its competitors with promotional dollars as a percentage of overall Ohio sports betting handle as it makes 2023 its year to appear in the US. In May, bet365 doled out $3.7 million in bet credits, nearly 12% of its monthly handle.

Sports betting by the numbers in May

In May, Ohio sports betting handle reached $447.4 million, a 14% decline from April when sports bettors wagered $521.7 million.

Monthly sportsbook revenue dipped in May to just under $58 million, down from $63.8 million the month before.

The Buckeye State collected $5.8 million in May. It has received more than $51 million in taxes since legal sports betting began on January 1.

Tax talk for state regulators

Gov. Mike DeWine signed on Tuesday the state’s biennial budget for fiscal years 2024 and 2025. The budget included a tax increase on sports betting revenue. Ohio sportsbooks will now pay a 20% tax, double the original 10% rate.

The tax rate change took effect on July 1.

However, according to a report from PlayUSA, the legislature plans to take a closer look at gaming issues including the tax rate in the future.