Ohio sportsbooks saw significant growth in activity this August, with combined online and retail operators reporting a handle of $548.7 million. This marks a 44.6% increase in monthly handle year-over-year. This surge came during a busy month featuring NFL preseason games, an early start to college football, and the Olympics. If you want to get information on other popular betting events, this bookie pay per head forum might give you more insights into the matter.
Despite the increased activity, sportsbooks struggled to capitalize fully on the sports events during the month. The state recorded an 8.9% hold, the third-lowest since mobile betting launched in January 2023 and the lowest since March’s 7.9%. Ideally, bookies would want to see the hold percentage hit the double-digit mark. Since the hold rate represents how much bookies get to keep after payouts, a higher number means better revenue. Using a pay per head software to manage your software can help you check your hold percentage. You can use the tools of your sportsbook software to generate the data you need to analyze your sportsbook operation given a certain period.
Ohio Sportsbooks Report Better Sports Betting Activity This Year
Ohio’s sports betting market has achieved a significant milestone in 2024, surpassing $5 billion in total wagers year-to-date. This accomplishment positions Ohio as the fourth state in the nation to reach this mark, joining the ranks of New York, New Jersey, and Illinois.
The Buckeye State’s impressive performance is evident in its year-over-year growth. The total handle for the first eight months of 2024 reached $5.1 billion, representing a generous 13% increase from the $4.5 billion recorded during the same period in 2023.
August continued the strong trend, marking the seventh month in 2024 when the handle exceeded $500 million. This consistency underscores the market’s stability and growth, with July standing out as the only month thus far to fall below the $500 million mark.
The Direction of Ohio’s Sports Betting Market
This sustained growth trajectory demonstrates Ohio’s rapidly maturing sports betting market and its increasing significance in the national landscape of legalized sports betting. It will, however, be a wait-and-see approach in the next few months since two online sportsbook shut down their sites in Ohio in August. Betfred has been shutting down its operations in certain states this year, and they stopped taking bets back on August 14. SuperBook also pulled out of eight sports betting markets this summer, and Ohio is on that list.
But DFS and micro betting operator Betr began its operations in Ohio towards the end of August, offering a full online sportsbook site to residents. So we will see if these changes will have a significant effect this September, a month known for being a moneymaker for bookies as it signals the beginning of football season. If you want to track every single aspect of your sportsbook to see if you are earning well, you need to make sure that the pay per head provider you use has these important bookie software features.
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