July is usually a slow month in sports betting. This is something that you will be familiar with if you keep track of the trends and the latest gambling news. With a slow sports calendar in the summer, sportsbooks usually see a dip in betting activity. Revenue, however, is on a different page. Sportsbooks can see fewer wagers but still record higher revenue. Is this the case with Ohio sportsbooks this July?
This July, sportsbooks have been focused on baseball betting as the MLB runs through the summer. Other events like tennis and golf are also popular. And with the Olympics in August, we are also seeing some early action in July. Sports from other regions such as European soccer are also very popular. While not as busy as other months, these events are enough to keep sportsbooks afloat- and still lucrative. There are, of course, other options to keep your sportsbook profitable during slow months. Your online bookie software will have other gambling products available for you to offer to your players. This can help you generate revenue in case your handle is lower than usual.
Ohio Sportsbooks This July
According to the report from the Ohio Casino Control Commission (OCCC), Ohios sportsbooks earned $55.3 million in adjusted revenue for July. This is a whopping 48.7% increase from the revenue back in July 2023. The revenue comes from an 11.6% hold on the $476.8 million handle.
The revenue is also 8% higher than June’s revenue. The hold is slightly higher than June’s 9.7% as well. Given that July is one of the slowest months in sports betting, seeing $55.3 million in revenue is quite remarkable. When you manage your own sportsbook, this is something you can keep track of easily. By knowing the trends in your sportsbook, you can anticipate and prepare for slow months accordingly. A sportsbook pay per head service can help you with the exact software you will need to do this.
Sports Betting in the Buckeye State
The adjusted revenue for July brings up the year-to-date tally of revenue at $492 million. The state is now just $8 million short of recording half a billion in taxable revenue. The numbers cover 18 online sportsbooks as well as retail operators. Online sports betting in the state took in the larger share of the handle at $466.6 million, as well as $53.6 million of the revenue.
Casinos had a $10.2 million handle, but enjoyed a noteworthy 20% hold, giving them $1.7 million in revenue. However, industry insiders are wondering if the numbers will change in the months ahead. August typically signifies the shift to better-performing months. However, Ohio is losing a few sportsbooks. SuperBook bowed out this July, while Betfred is exiting the market in August.
All in all, the stability of the Ohio sports betting market, even during slow months, is impressive. It is also a testament to seeing a more stable betting market in the US. And with a busier calendar this August, it would not be surprising to see Ohio easily break the half-a-billion mark in revenue next month.
