Fanatics still spending big in Ohio per August revenue report

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The real impact of Fanatics on Ohio sports betting won’t really be seen until the September revenue report gives a glimpse at football season. However, the recent report from August does show that Fanatics continued to spend big on promotional credit as it revved up for the busy time of year.

Fanatics Sportsbook dished out another $2.8 million in promotional credit, spending more than twice the $1.4 million in revenue the operator earned in the state that month. Fanatics generated $6.9 million in handle, which put it in seventh place across all Ohio operators.

DraftKings once again led the pack with $133.8 million of the $364.3 million in total handle collected in Ohio during August. FanDuel was right behind them with $115.8 million. As usual, there was a steep dropoff between the top two and the rest. Bet365 edged out BetMGM for the third-place spot with $27.6 million in handle compared to BetMGM’s $26.5 million. Caesars ($17.9M) and Barstool ($12.5M) were the only operators to generate eight figures of handle.

Ohio online sportsbooks posted $39.4 million in revenue with $15.2 million in promotional credit spending. The state netted almost $8 million in tax dollars for the state.

Despite spending more on promotional credit than every sportsbook besides DraftKings and FanDuel, Fanatics Sportsbook still trailed six operators but did double its total handle compared to the quiet month of July and surpassed Hard Rock Bet and Tipico Sportsbook.

Fanatics also had the highest hold of the month, holding 20.2% with $1.4 million in revenue. BetMGM posted the next-best hold with 11.9%.

On the revenue front, FanDuel once again outpaced DraftKings with $15.3 million in revenue compared to DraftKings’s $12.6 million. It did so with DraftKings spending $4.8 million on promotional credit compared to FanDuel’s $3.2 million.