The FanDuel kept the heat on bettors with another big month.
Operator winnings were up 56.8% from last June, outpacing the 46.1% surge in handle to $530.6 million as the 9.7% win rate was nearly two-thirds of a percentage point higher. It was the 15th time in 18 months since launch revenue sured $50 million as the statewide hold was just under 9.7%.
Handle sports betting apps. The kiosks overseen by the Ohio Lottery generated $814,200 in handle and $49,600 in AGR.
The state collected close to $10.3 million in taxes, lifting the year-to-date total to $87.6 million. More than 75% of the $221.2 million in total tax revenue from sports wagering have come in the last 12 months since Ohio Gov. Mike DeWine doubled the rate to 20%.
FanDuel Continues to Spend Big and Win Big 446r47
Running June Top 10 #SportsBetting handle by state
1 New York $1.48B
2 New Jersey $748.4M
3 OHIO $530.6M
4 Mass. $509.4M
5 Nevada $481.6M
6 Penn. $464.5M
7 N.C. $398.3M
8 Maryland $384.7M
9 Colorado $350.4M
10 Tenn. $342.2M— Chris Altruda (@AlTruda73) July 31, 2024
FanDuel ed for more than 40% of the $15.5 million in promotional credits and bonuses reported for June, lavishing $6.3 million on bettors using the mobile app. It continues to be good business sense for the digital colossus, which racked up a 14.2% hold in generating $22.7 million in revenue against $159.4 million in handle.
That win rate checked in just below its year-to-date mark of 14.4%, which has helped it reap $195.3 million in winnings from $1.36 billion worth of wagers. FanDuel also sured $4 billion in total handle in 18 months of mobile betting in Ohio.
Its eternal rival DraftKings paced all online operators in handle for June with $181.7 million, and the 8.4% hold resulted in $15.3 million in revenue. While DraftKings’ $4.6 million in promotional spend was up 38.2% from June 2023, it was also down nearly 33% from the $6.9 million outlay in May.
Bet365 was the only other mobile book with a seven-figure promotional spend, which contributed to solidifying its status as the No. 3 app for handle. The $52 million in wagers was nearly double the $26.5 million recorded last year, while its $1.6 million in credits and bonuses was $19,300 less. The England-based sportsbook claimed $4.6 million in revenue, but its 8.8% hold dragged its 2024 win rate down to 9.9%.
BetMGM leads the second tier; Caesars has a rough June 3d121b
BetMGM was a well-defined No. 4 for both revenue and handle, accumulating $2.5 million in winnings thanks to a 7.2% hold from $34.4 million worth of bets. June marked the first time BetMGM did not spend into seven figures for credits and bonuses, and the $12.1 million outlay the first six months of the year is still less than half the $27.3 million thrown about during launch in January 2023.
other instance coming in February ($963,700).
Fanatics Sportsbook rounded out the six mobile operators who reported at least $1 million in June winnings. ESPN BET landed at $1.7 million on the strength of an 8.8% hold against $19.9 million in handle, and the PENN Entertainment owned-mobile book also cut its promotional spend by nearly 50% compared to May at $495,900.
Fanatics, meanwhile, attained a 7.8% win rate to reap $1.4 million in revenue from $17.8 million worth of bets. Its promotional spend of $872,000 was down nearly $18,000 from last June but also represented a 13.4% increase from May.
Hard Rock Bet was the only other mobile book to sur $500,000 in revenue as it collected $638,300. The Seminole tribe-based book had a 7.8% hold on $8.2 million in handle and has accepted more than $175 million in wagers all-time.
Exited Books and Impending Exits q2d1f
SuperBook, which shuttered its mobile operations outside Nevada earlier this month, had a net loss of just over $10,000 in June from $451,000 in wagers taken. It was the second monthly loss of the year for SuperBook, which has a 2% all-time hold in Ohio with just $67,900 in winnings.
Betfred, which will cease action in the Buckeye State on Aug. 31, had its best month of 2024 with $60,200 in winnings thanks to a 13.3% hold from $453,900 in handle. The $52,900 spread between its revenue and promotional spend was its second-best overall behind last September, but its near-$2 million in total winnings is lagging $695,600 behind its spend of close to $2.7 million.
Retail Sports Betting Notes ag3u
The betting public posted monthly wins at two of the four stadiums and arenas where they can place wagers. They came out $39,848 ahead at Great American Ball Park, where the BetMGM-operated sportsbook had a minus-25.3% hold on $157,800 worth of wagers.
The Caesars Sportsbook at Rocket Mortgage FieldHouse paid out $23,325 above its $685,900 handle, resulting in a minus-3.4% win rate. That brick-and-mortar venue has had seven losing months overall, including two this year, but the $373,600 in 2024 winnings is only $39,100 shy of the full-year total of $412,700 accrued in 2023.
Ohio’s four casino-based sportsbooks had an 8.3% hold against $4.4 million in wagers to claim $363,500 in revenue, while the seven racinos combined for a 4.8% win rate in winning $396,000 of the $8.3 million in handle.
