Ohio Casinos Flirt With $100 Million In Revenue In March
It isn’t yet official between Ohio casinos and the $100 million revenue mark but things are heating up between the two. With a few more nudges, the couple might enter a mutually beneficial relationship.
The state’s four gaming properties reported more than $93 million in March revenue from their poker, slots, and table games. It’s their best month of the year so far but if past trends hold, it might represent the closest they’ll get to that $100 million threshold.
Ohio casinos woo players to reap $93 Million in March
According to the Ohio Casino Control Commission, the state’s four casinos compiled $93.4 million in March revenue. The four properties are:
- Hard Rock Cincinnati Casino
- Hollywood Columbus Casino
- Hollywood Toledo Casino
- JACK Cleveland Casino
JACK Cleveland slightly set the pace in March, winning more than $24.4 million from players. All four properties sat at no less than $20.7 million in March. Just as the gap between the facilities was narrow, this year’s March returns represent but a slight uptick from the same month in 2022.
Combined, the four casinos made $93.3 million in March 2022. Regardless, March represented an 11.7% increase from February’s $82.5 million in win. While that’s month-over-month growth that would make any casino executive swoon, there is an important caveat to consider.
In 2022, March revenue represented the best single-month performance of the year. If that proves true again this year, $100 million in revenue in a month remains out of their league. At the same time, the overall gambling industry in Ohio has been working on itself and it might be ready for that kind of commitment after all.
Ohio sportsbooks keep almost $100 million of bettors’ money
More impressive performances like that which Ohio’s legal sportsbooks achieved in March might prove irresistible. Players who took advantage of legal online sports betting in Ohio that month gambled more than $737.2 million at the various kiosks, physical sportsbooks, and on mobile apps.
From that amount, sportsbooks won over $99.1 million. That makes for an impressive win rate for the books of over 13.4% for the month. After the allowable deductions, taxable revenue from the state’s legal sports betting operations came to $95.1 million.
Ohio assesses a 10% privilege tax on that revenue, meaning the state stands to collect over $9.5 million from March proceeds. Not all of the state’s 17 legal sportsbook apps contributed to that pot equally, though. For the third consecutive month, it’s a tale of FanDuel, DraftKings, and everyone else.
Combined, DraftKings and FanDuel accounted for 68% of the dollars gambled online and 66% of the unadjusted win from online sports bets. No other operator in the state accounted for more than 7.6% of the dollars bet in March.
FanDuel slightly bested DraftKings in both dollars accepted and won during the month. So far, FanDuel has done so every month in Ohio. Legal sports betting began in the state on Jan. 1, 2023.
With March’s performances now in the books, Ohio casino operators are likely smitten. If they can close the deal and get to $100 million in revenue over a month later this year, they’ll earn their status as a 10.
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