Almost $1B Wagered in Ohio in March, But Low Win Rates Affect Revenue

by Lisa Spencer, May 23, 2025

In March, Ohio reached its fourth-highest monthly betting handle. However, low win rates, caused by March Madness, affect sports revenue. We will break down the data to reveal the bigger picture.

Fourth Highest Monthly Betting Handle

The Ohio Casino Control Commission (OCCC) announced that the state received close to $1 billion in wagers in March, ranking as its fourth-highest monthly betting handle. The report also showed that sportsbooks generated $66.5 million in revenue from retail and online platforms, a 4.1% increase compared to March 2024.

Handle was a 30.2% increase from February’s amount and 22.6% above the total reported a year ago. Despite that, the $66.5 million in total taxable revenue reflected a 6.7% hold, the lowest since December 2024 and down from 7.9% in March 2024. Additionally, revenue was 11.7% lower than February’s $75.3 million, which had a hold of 9.9%.

Ohio wasn’t the only state with this problem. Sportsbooks across the U.S. saw reduced win rates in March, especially during the NCAA basketball tournaments. An analyst said, “these reduced win rates are due to the lack of major upsets in the 2025 March Madness Tournament, favorites were seen dominating in the later stages, which led to big payouts on popular bets.”

It is noted that every game in the Sweet 16 and Elite Eight was won by the higher-seeded team. This was one of the most predictable tournaments in recent history.

FanDuel at The Top of Ohio’s Rankings

There was a tight competition between Ohio’s two leading sports betting operators during this dominant period. FanDuel, the national leader, secured the top position with $327 million in wagers and $26.4 million in revenue. DraftKings came in a close second, with $318.1 million in betting handle and generating $22.7 million in revenue.

Trailing far behind, bet365 took third place with $89.9 million in wagers and $4.6 million in gaming profit. Just missing the top three, BetMGM recorded a $79.2 million handle and $3.4 million in revenue.

Fanatics followed with $49.8 million in wagers and $2.5 million in revenue. Caesars posted $40.4 million in handle and earned $2.3 million in revenue, while PENN Interactive (ESPN Bet) saw $40.9 million in bets and $2.1 million in revenue.

Hard Rock accepted $17.9 million in wagers, earning $1.1 million, and betJACK had $9.2 million in bets and $681,504 in revenue.

Ohio Betting Handle Surges Year-Over-Year

Ohio’s sports betting handle increased by $182.6 million compared to the previous year, rising from $809.3 million in March 2024 to $992 million in March 2025. These numbers show the ongoing expansion of the state’s igaming market.

However, revenue gains didn’t correspond with the increase in betting activity. Gross gaming revenue rose from $63.8 million to $66.5 million year-over-year, as the win rate declined from 7.89% to 6.70%. Simply, sportsbooks received more bets but held onto a smaller percentage of the profit.

There was also a notable shift in betting channels. Retail sportsbooks made up just 2% of total wagers in March 2025, down from 2.9% last year, emphasizing Ohio’s growing preference for mobile betting platforms.