Ohio’s August sports bets are not about what changed, they’re about what didn’t. At  $637.6 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 August makes 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 years. 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%.