(The Center Square) – Ohio sports betting numbers continue to rise, and analysts believe the trend could continue to close out the year.
The state’s total October handle finished at $747.6 million, an 8% jump from September, a good showing for the beginning of the fourth quarter, analysts said.
“Ohio sports betting started off the final quarter of the year with a strong stride,” BetOhio.com analyst Dru James said. “Overall handle was up just over 8% from September, with sportsbooks handling $747.6 million in wagers. This is the second highest month since the state’s launch in January.”
While wagers were up, total revenues took a 1.5% hit to finish at $80.4 million, which still ranked as one of the top months of the year.
James said the drop in revenue, despite a rise in handle, could be attributed to higher promotion or payout costs for sportsbooks.
Wagers rose in mobile betting and at kiosks but dropped at brick-and-mortar properties by a little less than 1%. The kiosk number rose despite the number of kiosks across the state falling from 914 to 873.
The state took in more than $16 million in taxes in October.
“Looking toward the end of the year, Ohio is expected to finish its first full year strong,” James said. “While November and December can potentially be slower months, Ohio’s immaturity lends itself to more volatile behavior, so the uptick that we have seen since the beginning of autumn can potentially continue.”
