One of the things experts will teach you when you learn how to be a bookie is to know the industry you move in. That means you need to be aware of how betting markets similar to yours are performing throughout the year. It helps you determine trends, plot strategies, and improve your chances of increasing revenue each month. Understanding dips in handle and revenue will also help you know what to do should it happen to your sportsbook. And Ohio sportsbooks are not spared from this, as they have seen the lowest revenue numbers since August 2023.
While the numbers are lower than previous months, there is still revenue to declare, which is what matters here. Any bookie would want to keep their sportsbooks in the green. Let us look at the numbers of sportsbooks in Ohio and try to understand the trends.
Ohio Sportsbooks See Lower Revenue
The total monthly handle for sports betting in Ohio is at $671.1 million for February. Again, these are not numbers to scoff at. Revenue for the month is at $66.28 for both retail and online sportsbooks in the state.
Retail sportsbooks took a hit with a $122,288 revenue loss, from a $13.37 million handle. Meanwhile, online sportsbooks record $657.7 million in wagers. They have a 10.1% hold, which is lower than January’s 13.9%. But even so, the double figures in the hold give them a good revenue for the month. Given the popularity of online wagering, its become standard to be an online bookie since bettors prefer to bet through online sportsbooks.
Keep in mind that sportsbooks in the state have a double digit hold for 12 out of the last 14 months. This means that sportsbooks are taking in a higher percentage of winnings from the wagers placed in the state.
Ohio Sports Betting Trends
Trends in sports betting in the state is still moving in the right direction. There is a year-over-year increase in handle from February 2023’s $639 million. While revenue is lower, and month-over-month handle is also lower, the annual figures give us a peek at the bigger picture. You can also look at your sportsbook’s performance with the best sportsbook pay per head software.
Ohio sportsbooks are still performing well, especially compared with other states. The handle for February puts Ohio in the top 5 states with the highest monthly betting handle in the US, joining New York, New Jersey, and Nevada.
However, the next month will be interesting, since effective March 1, player-specific prop bets are no longer allowed in Ohio. That limits the betting options players have, so it may affect both handle and revenue in the coming months, especially since we have the NCAA Basketball Tournament this March.
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