Will the Ohio Universal Sports Betting Launch affect the Monthly Handles in the Neighboring States?
Sports betting in Ohio is officially days away from its universal launch that will begin on New Year’s Day. The age-old question that comes around when highly populated states join the industry is will the jurisdiction live up to its expectations.
Ohio Will Be The First State Off the Board in 2023
The Buckeye State will become the first member to legalize sports wagering in 2023. Massachusetts will be the next in line, but the scale cannot be compared to the Buckeye State as the retail side of the business will launch first in the Bay State.
Ohio will enter a unique position as the state is home to many professional franchises and a couple of the most elite colligate programs in the nation. In addition, the Buckeye State will be subject to many comparisons throughout the year, as the Midwest has a lot of prominent markets.
Among the four states that share a border with Ohio, Michigan was the last to legalize sports gambling. For a few years, potential bettors in Ohio had to cross state lines to place legal wagers throughout the year, but that won’t be necessary for a few days.
The bettors that will be signing up for these mobile platforms will most likely have a preference for which sportsbook and app in which they prefer. Major sportsbooks like FanDuel and DraftKings may separate themselves from the rest of the competition in the next few months when promotions take a step back.
Neighboring States Will Lose Business as Ohio is Getting Ready to Launch
The border of Pennsylvania is a manageable drive for those living in cities like Akron and Cleveland. In regards to online market share, FanDuel accumulated 40.2 percent, while DraftKings registered 28.5 percent in November.
Indiana made it easier for those residing in the western part of the state. In the Hoosier State, DraftKings led with 34.6 percent of the mobile share, while FanDuel was barely behind with 33.9 percent.
West Virginia was the easiest destination for those living in the southern portion of the state. In the five weeks ending Dec. 3, DraftKings, PointsBet, and PENN’s own Barstool Sportsbook accounted for 49.2 percent of the online sports betting handle. The Greenbrier, which is partnered with FanDuel, BetMGM, and Golden Nugget, had 42.7% percent of the handle share during the period.
Michigan is the last one that borders the state to legalize sports betting but is the strongest market out of the four. There FanDuel led the market with 32.1 percent of the market share, while DraftKings took second with 26.6 percent in November. In Michigan, FanDuel and DraftKings seemingly go back and forth on taking the number one spot in terms of market share in the last few months.
Could Ohio Jump in the Top 10 Immediately?
Only time will tell, as Ohio ranks seventh in population. Many sportsbook brands have already partnered with professional franchises in the state. The one that lost the opportunity was Fubo, as they ceased their sports betting operation due to ongoing losses the company was posting on the balance sheet.
Bettors across Ohio will be able to place wagers on Bowl Games and the Super Bowl in the coming weeks. March Madness is another massive event that will be circled in the month of March.
