According to the latest data for the first quarter of 2024, DraftKings has emerged as the leading online sportsbook in Ohio, surpassing its main competitor FanDuel.
Ohio’s online sports betting market remains largely controlled by DraftKings, which has secured a significant edge in the state’s burgeoning industry.
According to the Ohio Online Casino Management Fee statistics, DraftKings reported a staggering $116.2 million in revenue, while FanDuel accepted a substantial $106.7 million in wagers.
The $10 million difference in revenue is significant within the context of the state’s overall bookmaking income. Gov. Ohio Governor Mike DeWine signed House Bill 29 into law, solidifying the state’s commitment to regulate and permit sports betting, with plans to launch the industry on January 1, 2023.
Since Ohio legalized online sports betting in January 2023, the competition for top spot has been intense but remarkably lucrative for the state’s coffers in a remarkably short period—many other U.S. states are now keenly following suit. States have historically derived significant revenue streams from online bookmakers, a comparative advantage that has been leveraged for years.
As the slender gap between them narrows, FanDuel’s competitors emerge as formidable adversaries vying for a share of the state’s residents’ precious income, with the daily fantasy sports operator poised to assert its dominance in the coming months.
As the soccer season approaches, Ohio-based bookmakers are poised to capitalize on the surge in promotional revenue. Ohio is renowned for its passionate affinity for soccer on both college and professional levels, serving as the birthplace of the Professional Football Hall of Fame.
Ohio reaps windfall from online gambling revenues.
As firms continue to operate, their profits ultimately benefit the state, with hundreds of thousands of dollars in betting revenues. Since January 2024, both companies have collectively contributed significantly, pooling a combined total of $319.6 million, with each contributing $222.7 million towards their shared expenditure on sports activity bets.
In contrast to traditional in-person wagering, online sports betting overwhelmingly eclipses the state’s $11.5 million in wagers placed at physical locations. In contrast, the 14 physical stores generated $1.2 million in revenue.
Now that Ohio has legalised online sportsbooks as part of its betting framework, numerous concerns are arising. Since January, the corporation has outpaced the state’s total income, raking in $13.9 million compared to DraftKings’ $11.8 million.
As the soccer season comes to a close, speculation surrounding the next gridiron monarch is building, with FanDuel and each already vying for position.
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