Ohio Sportsbooks Break $4 Billion Handle Record in 2023
Much of what you will read in gambling industry news point towards the slow months. But as we are about to turn back into a busy season with football, we are getting better news. For instance, according to the latest report from the Ohio Casino Control Commission, Ohio sportsbooks break $4 billion handle year-to-date.
Remember that Ohio is one of the youngest betting markets in the state, only launching in January 1 of this year. So if you are just starting out and signing up with your sportsbook pay per head software, you will see that much can be earned, even if you are new to the industry. Ohio joins Nevada, Illinois, New York, and New Jersey, as the 5th state to reach $4 billion in wagers for the year.
Ohio Sportsbooks Break Record Despite Dip in Handle
For the month of July, sportsbooks took in $331 million in wagers. This gives us an 8.6% decrease in handle from the previous month. However, revenue is up by 14.2% at $37.1 million. If your sportsbooks is seeing less wagers, check your Bookie Pay Per Head Solution software and see if you are getting better revenue even with less wagers.
The biggest factor in the increase in revenue despite less wagers would be the hold percentage. For July, the hold is at 11.2%, which is 2$ higher than June’s. It is also the first time in over 6 months that we are seeing a hold higher than 11%. This definitely helps sportsbooks generate better revenue, even when the handle decreased.
As always, online sports betting takes up the lion’s share of wagers, with 96% of the handle coming from online sportsbooks, and contributing 97% of the revenue. Even then, retail sportsbooks still have a new record of $2.8 million in handle, so all in all, the local betting market is very successful. It will be very interesting to see how Ohio’s numbers will compare to other states as it will enter its first full football season this year.
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