The revenue reports for November are revealing just how much ESPN Bet spent on promotions to create a buzz in the sports betting market.
ESPN Bet spent almost $30 million in promos for Ohio debut
ESPN Bet Ohio spent $58.8 Million in promotional credits, or nearly half the total amount.
ESPN Bet finished the month in third position behind DraftKings (275.8 millions) and FanDuel (293,3 million). It had a handle of $70.8 million. DraftKings led the way in terms of revenue with $22.5 millions, FanDuel came in second place with $21million, and ESPN Bet was third with $12million.
ESPN Bet, however, topped the podium with a total of more money than FanDuel combined. DraftKings gave away just over $9 million worth of promo credit, while FanDuel spent only $10.5 million. bet365 is considered to be one of the biggest spenders in this state. However, they only spent $3.4 in promo credit in February.
BetMGM (50 million dollars) and bet365 (45.4 million dollars) round out the top 5 in terms of handling.
Since January, November is the best month to play Ohio sportsbooks.
The state of Ohio’s online sportsbooks received $841.1 in bets. This was the highest month since the launch of the site in January. Market revenue was $66.6m, which is 7.9% of the total. This performance generated a tax revenue of just over $13,000,000 for the state.
Fans Sportsbookraised around $25,000,000 in revenues for the third month in a row, placing it seventh behind Caesars.
Prime Sportsbooks is a rising star in the sports betting industry
Upstart Prime Sportsbook was able to almost triple its handling from October by accepting bets worth $5.8 Million. The site, true to its business model as a sportsbook for sophisticated bettors only generated $12,550. This narrow result follows an October performance which generated $66,000 on $2.3 Million in bets.
Three operators were in the red during November: Betra Superbook and MVG Bet. The two operators with the lowest handle, Superbook (422,000 and Betr (430,000), ended up losing $5,552 each. MVG Bet also had losses of just $15,000 against a handle of over $1 million.
