Ohio's Casinos Thrive as Sports Betting Falls Short
In Ohio, bettors helped increase casino revenue slightly in June while sports betting remained stagnant during the summer months. The Ohio Casino Control Commission recently released data that indicates casino revenue is on the mend, with gains in June.
The state's casinos generated over $82.8 million in taxable revenue for the month, an improvement from the decline in May. Compared to April, which saw $86.4 million in taxable revenue, June's haul of $82.8 million was a step in the right direction. It was also higher than the same period the previous year, when casinos generated $81.5 million.
Ohio has four standalone casinos, which reported a combined total of $512.2 million in taxable revenue through the first half of 2023. This slightly surpasses the previous year's figures. All of these casinos feature slot machines and table games, such as blackjack, and there are an additional seven "racinos," or gambling venues located at horse racetracks that can only offer slot machines. Together, these establishments brought in $110.3 million in June, up slightly from $107.7 million the month prior.
Overall, Ohio's gambling scene is seeing positive progress when combined. From January to June 2023, casinos and racinos reported a total of $1.21 billion in gambling revenue, which exceeds the $1.17 billion recorded during the same period last year.
Lag in Ohio Sports Betting
The sports betting scene took a turn for the worse in June. Ohio's casinos reported a $362.1 million total handle, a nearly 19% dip from May. The revenue dropped by more than 43%, from $58 million to $32.6 million in June.
Slower months in sports betting aren't uncommon, with the summer season possibly contributing to this decline in activity.
Ohio has had legal sports betting since January 2023, and it made headlines for a remarkable first-month performance. Of the $1.05 billion in total handle, sportsbooks offered promotions worth $319 million. However, the level of promotional credits plummeted in June to just $14.9 million.
In terms of total sports betting in the United States, Ohio seems to be following in the footsteps of Pennsylvania. Pennsylvania is one of the top five states in terms of sports betting, along with New York, New Jersey, Illinois, and Nevada.
Slowing Down in June, but Gaining Momentum?
Despite the setback in June, Ohio has experienced relatively strong gains through the first six months. From January to June 2023, the state recorded a combined $3.82 billion handle and $539.4 million in revenue.
Although the state is slated to receive $54 million in tax revenue after a 10% tax rate, starting July 1, the rate will double to 20%. Additionally, the return of football season is anticipated to boost sports betting interest.
In terms of online betting activity, 96% of the total volume was accounted for by online sportsbooks. DraftKings and FanDuel led the way, commanding 33.7% and 34.5% of the online market, respectively.
Among the other online operators, Bet365 claimed the third spot in Ohio. BetMGM, Caesars Sportsbook, and Barstool Sportsbook followed. Fanatics Sportsbook, a newcomer to the Ohio market, was the only one showing signs of growth. It's preparing for a busier time with the upcoming return of football season.
Read also:
- Remaining contenders down to two in DFB's struggle versus Brazil.
- Law enforcement agencies in various metropolises plan expansive measures for May 1.
- Berlin Transport Senator Schreiner Steps Down over Doctorate Issues
- The Next Development in the DAZN/DFL Billion Euro Controversy
Source: www.casino.org
