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Ohio’s betting revenues drop 3.8% after college prop bet ban

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Ohio’s sports betting revenues in March were $63.8m ($51.0m/PS51.0m/EUR59.6m), down 3.8% from the $66.3m total for February.

Ohio’s sports betting revenues in March were $63.8m, a 33.1% decrease from the $95.3m reported for the same period last year. Ohio’s sports betting market was launched in March 2023, the third month following its launch.

Ohio’s revenues dropped despite handle exceeding $808.2m dollars in March. This was a significant increase from $671.1 million in bets in February. In the US, handle is largely driven by the NCAA Division 1 Basketball Tournaments.

In March, the state handled $737.2 million in wagers. This was a 9.6% rise from the previous year’s figure of $737.2 million.

After $738.8m in prizes and promotions, the taxable revenue was $64m.

Online accounted for $784.8m or 97.1%, of the $808.2m total. Retail sports betting generated $1.7m compared with $62.1m online.

FanDuel maintains its lead over DraftKings at Ohio

FanDuel, the largest online operator by far, reported a total of $265.9 million compared with DraftKings $260.6 million.

DraftKings is not far behind with $20.3m. FanDuel has also achieved the highest revenue of $27.0m.

Bet365 had a good month, but behind FanDuel DraftKings. The total amount of bets for the month was $57.3m. It was a 28.5% increase compared with the $44.6m bets that it received in February. This could support data released by YouGov this week, which revealed that Bet365 has the highest popularity among 21-24 year olds.

The first month after Ohio banned players prop bets

The Ohio Casino Control Commission has banned all player prop wagers for college sports since March. The ban was enacted on March 1.

The ban follows the request of the National Collegiate Athletic Association for props in college sports to be banned. This ban is intended to stop match-fixing and protect athletes against potential harassment.

The OCCC stated that it was the 25th State to limit or ban prop wagers on players. This includes statistics like a quarterback’s passing yardage.

Mike DeWine said that the Ohio Casino Control Commission acted quickly to protect students athletes against unnecessary and harmful threats.

The Ohio market will be improved by focusing betting on teams instead of individual students athletes.

The casino resurgence continues

In February, the decline in Ohio’s casino revenues stopped. The market had reported its lowest monthly revenue in almost three years.

The casinos in Ohio performed very well once again, with revenues totaling $94.7m. This total was higher than the $83.5m that had been accumulated by February. The total was 1.3% more than last February, when Ohio’s casinos had reported revenues of $93.5m.

Hollywood Columbus led the way in revenue, with a total of $25.6 million. Jack Cleveland’s was next with $24.5m. Hard Rock Cincinnati, Hollywood Toledo Casino and Hard Rock Cincinnati followed, reporting revenues of 22.2m and 22.25m.

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