Ohio Sports Betting Revenue Still Strong Despite Fewer Promos
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00:03 >> Next story is even a little bit more fascinating because in Ohio,
00:06 my understanding is they're spending less money on promotions,
00:10 which we've seen so much across the country.
00:13 But yet, the revenue is still very strong in Ohio.
00:16 So that's a really good sign for them.
00:18 >> Yeah, good sign for the sportsbook certainly.
00:21 And the significant drop off in promotional spending in Ohio should
00:27 really come as no surprise if you recall, January 2023 was their launch month.
00:33 So all the sportsbooks there just pretty much unloaded
00:38 as much money as possible.
00:40 January of 23, they spent, or offered up, I should say,
00:45 $320 million roughly in promotional spending.
00:51 This past January 2024, just 40 million.
00:56 And again, like we saw handle and revenue in a variety of states
01:00 kind of on the upward swing towards the end of last year.
01:05 We also did see a lot of that promotional spending come down.
01:09 So a lot of these apps now and these sports betting companies are
01:14 really turning their attention to profitability for their shareholders,
01:19 obviously.
01:20 So really no surprise that the promotional spending in Ohio would come
01:25 down so significantly year over year, given that January 2023 is when they launched.
01:32 The revenue in January for Ohio sportsbooks,
01:38 $113.2 million is their first time going over 100 million.
01:43 Since that launch month last January,
01:47 they've spent $86.8 million in overall betting handle.
01:52 And again, we'd like to kind of see how these states are trending.
01:58 And I feel like Ohio is fairly strong, considering the year over year figures
02:05 obviously down given that they launched at the beginning of last year with
02:09 over a billion dollars in wagering.
02:13 You also have to factor in too,
02:16 you have Kentucky now, which borders Ohio,
02:21 has legal online and in-person wagering.
02:26 I don't expect that that took a serious chunk of it,
02:31 but definitely played a little bit of a role in that as well.
02:36 So as I was just mentioning, we kind of got through the fall and
02:41 we saw some larger states, New York, New Jersey, Pennsylvania,
02:46 all sort of kind of rising in unison.
02:51 It'll be interesting to see how this first quarter of the year goes
02:58 with a lot of these states that we've been following very closely.
03:02 And just kind of see how they progress here over the next couple of months.
03:06 With you have North Carolina coming online here on Monday.
03:12 So again, we're just kind of tracking to see how these states are going
03:17 into the new year after, you know, for what was really a rather successful end
03:23 to 2023 for a lot of these markets.
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