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ESPN Bet's Debut in Ohio's November Recorded Impressive Gains

In the half of November, ESPN BET, the rebranded sportsbook for PENN, significantly increased its market share in Ohio by spending more on bonus offers than its competitors.

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Rebranded sportsbook ESPN BET tripled its share of the Ohio market in half of November, overtaking...
Rebranded sportsbook ESPN BET tripled its share of the Ohio market in half of November, overtaking competitors with greater spending on bonus promotions compared to rivals.

ESPN Bet's Debut in Ohio's November Recorded Impressive Gains

ESPN BET Secures Impressive Debut in Ohio's Sports Betting Market

ESPN BET made a remarkable entrance into Ohio's sports betting market in mid-November, despite PENN Entertainment sacrificing revenue with promotional offers tied to its rebranded sports betting app. The Ohio Casino Control Commission's November financial report, released on Tuesday, showed customers wagered a record $864.2 million across the state, with sportsbooks amassing betting revenue of $67.8 million.

Legal online betting handle totaled $841.1 million for the month, and while FanDuel and DraftKings continued to dominate the market with approximately two-thirds of the volume, ESPN BET surpassed competitors like BetMGM, bet365, Caesars Sportsbook, and Fanatics Sportsbook, claiming third place in Ohio customer usage.

PENN Entertainment ended its partnership with Barstool Sports earlier this year and adopted a new alliance with ESPN. On November 14, ESPN BET replaced Barstool Sportsbook as the company's betting platform, offering generous promotions nationwide, including $200 or more in bonus bets to customers. Ohio's promotional credits for ESPN BET in November amounted to $29 million, significantly more than FanDuel and DraftKings' combined offers, and constituted almost half of the total giveaways among the state's 15 digital sports betting sites.

These promotional efforts led to $70.8 million in Ohio handle for PENN's online sportsbook in November, compared to $19.8 million in October. Revenue for the month was $12 million, up from $1.6 million, although this was offset by the $29 million in customer credits, which dwarfed the $236,216 Barstool gave away in October.

The combined Barstool/ESPN BET online sportsbook garnered an 8.4% market share in November in Ohio, compared to 2.7% for Barstool in October. It remains to be seen whether December's report will demonstrate a persistent or growing market share, given the drastic reduction in customer enticements this month compared to the initial offer in November.

November also saw many legal sports betting states reach record wagering levels. Although Ohio did not reach a new high because of an unprecedented debut month in January, the $864.2 million wagered in November represented a 15.8% increase over October.

FanDuel and DraftKings have been involved in a close competition for leadership in Ohio throughout the year. In November, FanDuel led in handle, with $293.3 million compared to DraftKings' $275.8 million, while DraftKings had an edge in revenue, earning $22.5 million compared to FanDuel's $21 million.

BetMGM and bet365 have been locked in their own close competition for months, with November following suit. BetMGM reported $50.1 million in handle and $3.3 million in revenue, while bet365 had $45.4 million in handle and $3.7 million in revenue.

Caesars Sportsbook's $38.4 million in handle was higher than its October level in Ohio, but its November revenue was about $1 million less than the previous month. Fanatics Sportsbook showed a small increase in monthly handle to $25.5 million but experienced a drop in revenue to $1.1 million.

Overall, bettors fared better in relative terms in November than October, with their hold rate on sportsbooks remaining at 7.8%, down from 10.8% in October. Since the launch of legalized betting in Ohio 11 months ago, sportsbook customers have placed $6.83 billion in wagers and operators have generated $847.8 million in revenue. The state treasury has claimed $115.6 million in tax revenue from the imposed operator rate, which was initially 10% and doubled to 20% on July 1.

Three digital sportsbooks, Bally Bet, MVGBet, and SuperBook, recorded losses for customers in November, with the state claiming no revenue from these platforms.

In-person bets at casinos, racinos, and sports venues also contributed to the market. The 15 retail sportsbooks collectively handled $23.1 million in bets in November, generating $1.2 million in revenue, more volume but lower earnings than in October. Hollywood Casino Columbus remained the busiest location, taking $4.1 million in bets and keeping $268,265 in revenue. The sportsbook at JACK Cleveland followed closely, with $3.6 million in handle and $262,691 in revenue.

However, several venues incurred losses from customers' in-person wagers in November, including Hollywood Casino Columbus, Miami Valley Gaming and Racing, Hollywood Gaming at Dayton Raceway, and the Fanatics Sportsbook at Progressive Field in Cleveland.

  1. ESPN BET's entrance into the sports betting market in Ohio, despite PENN Entertainment's promotional offers, demonstrated a significant impact on customer usage, surpassing competitors like BetMGM, bet365, Caesars Sportsbook, and Fanatics Sportsbook.
  2. The Ohio Casino Control Commission's financial report showed that ESPN BET offered generous promotions, giving out $29 million in customer credits, significantly more than FanDuel and DraftKings' combined promotional offers.
  3. The adoption of ESPN as PENN Entertainment's new partner for their betting platform, and the promotional efforts surrounding its launch, have been pivotal in the technology and finance sectors, shaping the landscape of sports betting in Ohio.

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