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:
- FanDuel: $601.6 million
- DraftKings: $526.7 million
- bet365: $123.4 million
- BetMGM: $121.8 million
- Caesars: $87.8 million
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 sportsbook bonuses doled out $3.7 million in bet credits, nearly 12% of its monthly handle.
- BetMGM spent similarly on ohio sportsbook promotions in May, handing out $3.2 million in bet credits, just shy of 11% of its overall monthly handle.
- FanDuel and DraftKings gave out $6.7 million and $6.5 million in promos, respectively, which accounted for less than 5% of their overall handle.
- Fanatics, which recently received approval for its $225 million offer to purchase the US assets of PointsBet, handled just over $1 million in May. It offered users nearly $470,000 in bet credits as it continues beta testing its online sports betting platform in Ohio.
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.
