Fanatics Sportsbook more than doubled its Ohio sports betting promotional spend in August, the same month it fully opened to the public.
According to figures released Monday by the Ohio Casino Control Commission, Fanatics gave out $2.8 million in free bet promotions during the month. That was up from the $1.1 million handed out in July as the company upped its push for NFL betting customers.
Fanatics went live for all customers in mid-August after an extended beta testing period in the Ohio sports betting market.
Fanatics promos continue to outweigh revenue
Fanatics handed out the third most August bet credits in Ohio, behind DraftKings ($4.8 million) and FanDuel ($3.2 million).
The company dished out $2.8 million in promotions last month compared to $1.4 million in revenue.
Fanatics began offering its Ohio sports betting app to previous merchandise customers in April. It has handed out more promotions than revenue generated each month as it works to build its betting database.
Being open to everyone for half the month led to its highest monthly handle of $6.9 million so far, accounting for 2% of all online handle during the month.
Bet365, DraftKings maintain Ohio sports betting positions
UK powerhouse bet365 held the third spot in Ohio handle for the fourth consecutive month. It accepted $27.6 million in bets, which generated $2.2 million in total revenue on 8% hold.
Bet365 cracked the top three among OH sports betting apps in May and has since remained a few tenths of a percentage point ahead of BetMGM in monthly handle share.
DraftKings, behind its market-leading $4.8 million promotional spend, accepted the most online betting dollars in August at $133.9 million. Bettors staked the most money with DraftKings for the second consecutive month.
Market revenue tells a different story
Despite finishing second in monthly online handle at $115.9 million, FanDuel did top the revenue charts in August.
Its $15.3 million revenue figure is FanDuel’s highest monthly total since May.
DraftKings produced $12.6 million in August online revenue.
Ohio sports betting by the numbers
Ohio sports bettors staked $378.8 million in August, up from $331.1 million in July.
Total sports betting revenue reached $40.8 million, the highest monthly total of the summer.
The Buckeye State collected $8.2 million in monthly sports betting taxes.
