Ohio Sports Betting Shatters Handle Record in November, as FanDuel, DraftKings Battle for Supremacy

Online sportsbooks drove nearly all of the growth, generating $131.2 million in revenue. Meanwhile, retail locations generated only $1.8 million, according to the Ohio Casino Control Commission.

The state’s sports betting market also shattered its handle record in November. Bettors placed more than $1.15 billion in wagers — an 18.5% increase from November 2024 and surpassing October’s previous record of $1.13 billion. The timing aligned with peak regular-season action in the NFL and NBA, alongside $33 million in promotional spending by operators.

Still, the headline growth masks a shifting competitive landscape. The market is increasingly consolidating around two dominant operators, while smaller players struggle to stay profitable, and retail sportsbooks continue to lose relevance.

The Big Two Take Control

Online wagering accounted for $1.003 billion, or 98% of the total handle in November. The state’s 16 brick-and-mortar sportsbooks contributed $20.8 million in handle, highlighting the widening gap between mobile and physical locations.

FanDuel extended its lead in November. It generated $55.4 million in online revenue on a massive 14.6% hold rate, well ahead of DraftKings at $39.3 million. BetMGM’s MGM Northfield Park finished a distant third with $9 million, highlighting the widening gap between the top two operators and the rest of the field.

Through the first 11 months of 2025, FanDuel has captured 43.4% of Ohio’s online betting revenue, totaling $385.9 million. Meanwhile, DraftKings holds a further 28.4% with $252.4 million, leaving smaller operators fighting for relevance in an increasingly consolidated market.

Retail Locations Face Uphill Battle

Retail sportsbooks continued to lag badly behind their online counterparts. In November, physical locations generated just $1.8 million in revenue, compared with $131.2 million from online operators, underscoring the decisive shift of bettors to mobile wagering.

That imbalance is structural rather than seasonal. While Ohio maintains 16 licensed retail sportsbooks, their contribution to overall market performance has steadily eroded as bettors overwhelmingly prefer the convenience and promotional intensity of online platforms.

Through the first 11 months of 2025, retail sportsbooks generated just $11.7 million, compared to $890.1 million online. Several retail licensees have struggled to remain consistently profitable. Cincinnati Reds-BetMGM retail operations posted losses in four different months, while Hollywood Columbus retail operations lost money in three separate months.

The widening gap highlights the diminishing role of retail sportsbooks in Ohio’s market since the January 2023 market launch.

Policy Scrutiny Grows Alongside Market Expansion

Ohio’s record-setting performance has unfolded against a backdrop of heightened political and regulatory scrutiny.

In late 2025, Governor Mike DeWine publicly questioned the state’s decision to legalize sports betting. He said he “absolutely regrets” signing the 2021 law and that Ohio “shouldn’t have done it.” Additionally, he expressed concern over aggressive marketing and the industry’s rapid expansion.

DeWine has sought to translate those concerns into concrete policy actions. Earlier in the year, he urged regulators to restrict some player prop bets. His actions stemmed from integrity concerns stemming from two investigations into Cleveland Guardians pitchers regarding suspicious betting activity.

That pressure later resulted in agreements between Major League Baseball and sportsbooks to limit or ban specific micro prop bets offered in Ohio.

Separately, state regulators have warned licensed sportsbooks against offering prediction-market style event contracts. They have cautioned that such products fall outside Ohio’s sports betting framework and could jeopardize licensure if marketed to bettors in the state. Notably, FanDuel has partnered with CME Group, DraftKings has partnered with Kalshi, and Fanatics has partnered with Crypto.com to launch prediction markets in December 2025.

Together, the developments signal that while Ohio’s sports betting market continues to grow rapidly, its regulatory environment remains unsettled — with product availability and operator strategy subject to ongoing political and compliance pressures.

The Industry Enters Its Next Phase

Under current Ohio law, promotional credits cannot be deducted when calculating taxable revenue. That limits operators’ ability to offset the high costs of customer acquisition.

That begins to change in January 2027, when sportsbooks will be allowed to deduct 10% of promotional credits. The allowance will rise to 20% by January 2032 — a shift likely to favor operators with the deepest balance sheets.

That pace highlights how quickly the market has matured, particularly during peak sports calendars. With NFL playoff wagering and college football bowl games still ahead, December activity is expected to remain elevated, reinforcing Ohio’s status as one of the fastest-growing betting markets in the U.S.