It’s not very often you put the word “only” in reference to a substantial amount like $204.6 million, but the recent monthly report from the Ohio Casino Control Commission regarding the earnings of Ohio’s casinos and racetrack casinos in April reveals unfavorable news. This amount represents the lowest revenue recorded for the month of April in the past three years.
The previous two years saw the state’s casinos and racinos generate $217.1 million and $215.6 million in revenue respectively. However, although the revenue was lower compared to 2022 and 2021, it was still the highest for any April since gambling began in Ohio in 2012.
Gambling revenue, including Ohio sports betting, refers to the funds retained by gambling establishments after distributing winnings but prior to deducting state taxes and fees.
Overall Casino and Racino Numbers Also Down
Out of the total revenue in April, the regular casinos in Ohio made $86.5 million, which was less than the $92.8 million they made in April 2022 and 7.5% less than what they made in March of the same year. The four casinos can offer slot machines and table games like blackjack. The good news is that the total revenue for the first three months of 2023 was higher than in 2022.
The state’s seven racetrack casinos, known as racinos, made $118.1 million, which was also less than the $122.7 million they made in the same month last year.
JACK Casino in Cleveland Top Earner
JACK Cleveland Casino claimed the title of the highest revenue earner among both Cleveland casinos and the entire state, with an impressive $86.5 million in earnings. Hard Rock Casino Cincinnati secured the second position, generating $22.5 million.
Among the racinos, JACK Thistledown Racino made the most money with $118 million, followed by Hollywood Mahoning Valley with $26.5 million.
Despite Bad News, the Outlook For 2023 Is Good
From January to April 2023, the 11 gambling establishments in Ohio made a total of $816.2 million. In comparison, by this time in 2022, they had made $782 million and set a new record that year. This suggests that Ohio is on track to reach a new all-time high in gambling revenue.
Except for 2020 due to the pandemic shutdowns, Ohio’s total gambling revenue has increased every year since 2012.
Sports Betting in Ohio Still Going Strong
In addition to casino and racino revenue, Ohio also legalized sports betting this year. Each casino and racino has a physical sportsbook.
In April 2023, the licensed sportsbooks in Ohio made $68.7 million, less than the $99.1 million they made in March 2023. However, the percentage of winnings compared to the total amount wagered remained consistent, at 13.1% in March and 13.4% in April.
But the licensed sportsbooks in Ohio contributed $63.7 million to the taxable revenue last month, which added up to a total of over $150.1 million for the state. This also means that Ohio is on track to receive a record-breaking amount of tax revenue from gaming in 2023.
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