At $767.5 million in handle, the state posted nearly identical betting volume to last year. In a younger market, that would be a positive signal. In Ohio, it marks a transition.

The rapid climb that followed its 2023 launch has leveled off, replaced by a market that now operates within a defined range.

What makes February notable is not the handle itself, but the shift underneath it. Revenue declined to $72.8 million, even as bettors wagered slightly more than they did a year ago. The difference comes down to efficiency — or more precisely, the lack of it.

Hold dropped to 9.48%, continuing a steady downward trend that has now stretched across three consecutive Februarys. That compression is subtle month-to-month, but meaningful over time. Two years ago, sportsbooks were retaining over 12% of wagers. Today, they are keeping less than 10%.

The early months of 2023 were driven by launch conditions — promotional intensity, bettor imbalances, and inflated margins. February 2023 alone generated $81.3 million in revenue, a figure that has not been matched since.

Since then, the market has moved in a different direction. Handle increased from $639M in 2023 to $767M in 2026.