When you start a gambling business, you need to be able to keep track of what is happening in the industry. Knowing the latest gambling and sports betting news and reports are important because it can help you gauge if your own sportsbook business is doing well and performing similar to other betting markets. Let us take a look at the latest numbers form Ohio sportsbooks for the month of November and see how they did.
The Buckeye state’s sports generate a total monthly handle of $864.2 million for the month of November. This is the second-highest handle the state has seen for the second straight month. The numbers from the Ohio Casino Control Commission should be inspiring for bookies. Check your sportsbook pay per head service to generate reports with their software to see if your sportsbook is seeing similar trends in handle and revenue.
Ohio Sportsbooks See More Wagers, See Less Revenue
The November handle is 15.8% better than that of October, and is the second-highest recorded since its launch 11 months ago. The current record-high was back in January 2023. Given that you have NFL betting, college football and basketball betting, NBA betting, and even NHL betting, its no surprise that sportsbooks will see a lot of action during November.
And one of the perks of being a bookie, is that you also get to enjoy watching all of these games, while earning from it. But for Ohio sportsbooks, the win rate dropped in November, giving us 15% less in gross revenue compared to that of October. Revenue is the lowest recorded at $68.2 million. However, you do have millions in revenue still, so its still a good month overall.
This brings us to an average win rate of 12% for 2023. And as bookies know, the higher the win rate, or the hold, the better it is for bookies. With one month left in the year, sportsbooks are doing well so far, with almost $7 billion in wagers for the year, and almost $850 million in taxable revenue. Online sports betting continues to be the primary platform bettors use, with 97% of all wagers in November coming in from online sportsbooks.
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