- Ohio has grossed over $1.7 billion in sports wagers since their mobile launch in January.
- Online sports betting apps makes up 98% of this betting handle, likely due to the promotional benefits.
CINCINNATI – Online sportsbooks have dominated the Ohio betting industry, raking in just under 98% of all sports bets placed since January. The large reliance on online sports betting begs the question; Why are sports bettors favoring online sports betting instead of retail?
The main motivator to use online sportsbooks were promotions. When Ohio sports betting was introduced, many sportsbooks celebrated with promotional opportunities.
Promotions such as hundreds of dollars in bonus bets with a first-time deposits were issued by nearly every online sportsbook in Ohio. Instead of placing a $20 dollar wager at a retail sportsbook, bettors could get their first bet risk-free with a welcome bonus through promos.
These promotions influenced Buckeyes to begin their sports betting journey and led to their incredible opening month of over $1 billion dollars wagered.
The effectiveness of these online sportsbook promotions is shown through the large amount of money wagered exclusively on promotional funds. According to the January Ohio Sports Gaming revenue report, nearly $320 million dollars of the $1.09 billion in online sports wagers were promotional bets.
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Promotional wagers accounted for roughly 14 times the number of wagers placed at retail sports betting locations, which totaled around $23 million dollars.
Since many of these promotional bets were first-time deposit bonuses, the number of promotional wagers decreased to just $56 million for February. That handle was an impressive $622 million despite Ohio’s beloved Cincinnati Bengals being eliminated from the NFL playoffs in late January.
The lack of promotional betting didn’t cause a substantial increase to retail sports betting numbers in February, only increasing by $5 million. Ohio’s reliance on online sports betting appears to be a continuing trend for the future.
Zach is currently a student enrolled at Florida State University. He is majoring in Writing, Editing, and Media with a minor in Communication. He has a passion for sports betting and specializes in DFS for NFL, NBA, and MLB. At the casino, you can find Zach playing Texas Hold’em Poker or roulette.