“After a historically huge first month, Ohio is on its way back down to Earth,” said Dru James, an analyst with BetOhio.com. “A drop after a strong first month is not atypical for any market, and it is also common for all markets, no matter the age, to lose momentum from January to February.”
On Jan. 1, Ohio became the 32nd state to allow live sports betting, and some industry groups predicted that the state could see $8 billion in bets in the first year.
Some industry analysts said only New York had a bigger first month for online sports gambling.
Credit: Natalie Jones
Credit: Natalie Jones
But February saw a sharp decline in sports bets, even though the Super Bowl was played that month and there were many other games and sporting events to bet on, like college basketball, the NBA and the National Hockey League.
James, with BetOhio, said Ohio’s sports betting figures will probably “stay in this ballpark” in future months, though the NCAA basketball tournament in March may provide a boost.
“After that, the future of the Ohio market gets a little murky — the spring and summer are slow seasons for sports betting, as many professional and college sports are out and there are fewer opportunities to bet,” James said.
PlayOhio, a website focused on legal gambling, predicts that one-third of sports bets in Ohio this year will be on football while about 35% will be on basketball.
The college basketball tournaments are now over, but the NBA playoffs are just about to get underway.
Credit: Natalie Jones
Credit: Natalie Jones
Ohio’s February figures were no disappointment, since $1.75 billion in sports bets were made in the first two months, which puts the state on track to see about $10 billion in wagers in 2023, said Danny Cross, managing editor of PlayOhio.
If that happens, Ohio likely will be one of the top three states in the nation for sports betting, he said.
Ohio’s sports wagers were expected to decline in February because of the heavy promotional spending that led up to and coincided with the launch of sports betting in the state, Cross said.
“Sportsbooks basically poured rocket fuel into the market starting on day 1,” Cross said. “The NFL playoffs in January provided another great boost from the jump.”
March Madness is a bigger betting event than the Super Bowl, and the amount of money bet in March could be close to or may even top the amount wagered in February, he said.
He said there should be good betting interest in the NBA playoffs, but betting definitely will slow down during the summer months.
The numbers should shoot back up once the NFL kicks off, Cross said.
Ohio has about 17 online sportsbooks, which are partnered with casinos, racinos and other “proprietors” that have a physical presence in the state. Fourteen of the online sportsbooks saw significant declines in gross receipts in February, and one just launched in February.
But BetRivers Sportsbook, which is an online sports betting platform that is partnered with Hollywood Gaming at Dayton Raceway, took in about $4.6 million worth of bets in February, which was a 60% increase from January.
Miami Valley Gaming, located in Lebanon, has a partnership with a sports betting platform called MVGBet Sportsbook. MVGBet saw its gross receipts increase 256% in February to about $724,450.
Miami Valley Gaming’s sports gambling retail establishment also saw a 25% increase in bets in February, which exceeded $448,000. The establishment’s sportsbook opened on Jan. 12.
The Barstool Sportsbook retail establishment at Hollywood Gaming at Dayton Raceway saw its gross receipts fall about 5% in February to about $1.37 million.
Barstool Sportsbook opened for betting on Jan. 1 but a restaurant and viewing section opened in mid-March.
Barstool Sportsbook is bringing new guests to the Hollywood Gaming at Dayton Raceway, said Jennifer Woffindale, the raceway’s director of marketing.
Sports bets also can be made through kiosks at bars, restaurants, bowling alleys and other establishments.
Consumers in Ohio spent about $973,000 at kiosks in February, which was up more than 14% from January.
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