As Barstool Sportsbook ramps down in Ohio, Fanatics is beginning to ramp up. However, the biggest change of fortunes of July was DraftKings overtaking FanDuel to accept the most handle in the state.
In June the two were neck-and-neck with FanDuel collecting $120 million in handle compared to DraftKings’ $117 million. In July, DraftKings accepted $116 million in wagers while FanDuel took $106.7 million in action. The two books combined for roughly 70% of all the action.
Overall, online and retail sportsbooks generated $331 million in wagers, $37.1 million in revenue, and over $70 million in tax revenue for the state, as this was the first month of the new 20% tax rate.
The next tier of operators, which is comprised of bet365, BetMGM, and Caesars, were responsible for 20% of all handle in the state, leaving the remaining 13 operators chopping up pieces of that last 10 percent.
While DraftKings beat FanDuel in the handle department, FanDuel maintained its lead in the revenue category. FanDuel held 13.1% with $14 million in revenue, however, it did so by spending just over $3 million in promotional credit.
DraftKings held 10.1% with $11.8 million in revenue and $2.7 million in promotional spending.
Bet365 and BetMGM also shelled out seven figures of credit but did post more revenue than credit issued.
That can’t be said for Fanatics, which revved up spending during its last full month of beta. The second-mover added an additional million in handle from June with $3.3 million in handle, but it achieved that by bumping up promotional spend from around $400,000 to over $1.1 million.
Effective NFL season, PointsBet Ohio will become PointsBet, a Fanatics Experience. It will be interesting to see if it can retain its market share, as in July, Fanatics actually accepted more wagers than PointsBet did. PointsBet generated $2.3 million in wagers.
Meanwhile, Barstool Sportsbook saw revenues decline from June to July. While that decline was normal for most sportsbooks in the state, its handle dropped by a third. The news of the sale did not come until August, so that decline could be even steeper in next month’s report.
