Ohio’s gambling industry witnessed modest growth in revenue for both casinos and racinos in the past year.
Overview of Revenue Trends
According to the Ohio Casino Control Commission, the state’s casinos and racinos collectively generated $197.2 million in gambling revenue in January. This marks a marginal increase compared to the $197 million reported in February 2023. Notably, it represents a 12% surge from January 2024, where revenue stood at $176.1 million.
Casino Revenue Breakdown
Ohio’s four casinos contributed significantly to the overall revenue, amounting to $83.5 million, showcasing an increase from the previous year’s $82.6 million. This indicates a robust 13.7% month-over-month growth. Each of the four properties, namely Hollywood Columbus, Jack Cleveland Casino, Hard Rock Casino Cincinnati, and Hollywood Toledo, observed positive month-over-month increases, highlighting a collective upward trajectory in the casino sector.
Racino Performance
The state’s seven racinos, including MGM Northfield Park, Miami Valley Gaming, Scioto Downs, JACK Thistledown Racino, Hollywood Mahoning Valley, Hollywood Dayton, and Belterra Park, collectively amassed $113.7 million in revenue last February. Despite the slight decrease compared to the casino revenue, racinos remain a vital component of Ohio’s gambling landscape.
Sports Betting in Ohio
One of the most significant developments in Ohio’s gambling industry is the rise of sports betting. The Ohio Casino Control Commission and Ohio Lottery reported that adjusted gross sports betting revenue surged to $67.7 million in February. Impressively, the handle from all sources reached $672 million, marking a 5% increase from February 2023. This underscores the growing popularity and financial significance of sports betting within the state.
Ohio’s gambling industry continues to show resilience and growth, with both casinos and racinos contributing to the state’s revenue stream. The emergence of sports betting as a lucrative segment further diversifies the market and presents new opportunities for expansion. As the industry evolves, stakeholders must remain vigilant and adaptive to capitalize on emerging trends and consumer preferences.