Ohio Casino Revenue Sets Annual Record, Gaming Win Climbs to $2.38B
Posted on: February 2, 2024, 01:58h.
Last updated on: February 2, 2024, 01:58h.
Ohio casinos and racinos last year won more money from players than ever before.
According to newly released data from the Ohio Casino Control Commission and Ohio Lottery, which respectively regulate the state’s four land-based commercial casinos and seven racinos, gross gaming revenue (GGR) in 2023 soared to $2.38 billion. The win represented a 2.15% year-over-year improvement.
Ohio gaming revenue has now set new annual GGR records in 10 of the previous 11 years, with only pandemic-stricken 2020 bucking the trend in the Buckeye State.
Ohio joins several other states, including Nevada, New Jersey, and Pennsylvania, in reporting annual gaming revenue records in 2023. Nevada casinos won over $15.5 billion, while New Jersey’s varying gaming verticals won $5.8 billion and Pennsylvania’s gaming interests collected $5.7 billion.
Ohio Gaming Breakdown
Ohio’s four casinos where Las Vegas-style slot machines and table games operate combined to win $1.014 billion. Slots accounted for the bulk of the income at $728.86 million.
Jack Cleveland, Hollywood Columbus, Hard Rock Cincinnati, and Hollywood Toledo offer over 6,200 slot machines and 360 table games. The felt kept $286 million of players’ wagers last year.
Hollywood Columbus led the way with GGR of $272.2 million. Jack Cleveland was next at $268.1 million. Hard Rock Cincinnati was third at $249.7 million and Hollywood Toledo was the bottom feeder at $224.9 million.
The over $1 billion in GGR is subjected to a state tax of 33%, which last year amounted to about $335 million.
Ohio’s seven racinos offer slot-like gaming machines that are video lottery terminals (VLTs). The lottery oversees the centralized computer network that determines when a spin wins.
VLTs are unlike slot machines in that each spin’s outcome is not determined by the individual slot’s internal random number generator but is instead based on the centralized system that calculates when a hit occurs.
Buckeye racinos collectively offer over 10,000 VLT positions. The machines won just shy of $1.37 billion in 2023. The machines reported a payout rate of about 91% during the 12 months.
Racino locations include Belterra Park, Eldorado Scioto Downs, MGM Northfield Park, Hollywood Dayton, Hollywood Mahoning Valley, Jack Thistledown, and Miami Valley Gaming.
About 66.5% of the VLT win is retained by the racinos, with the remaining 33.5% earmarked for the Ohio Lottery. The state-run lottery benefits the Ohio Lottery Profits Education Fund.
Sports Betting First-Year Success
Legal sports betting began in Ohio on Jan. 1, 2023. In the state’s first full year of regulated in-person and online sports betting, oddsmakers reported taking over $7.65 billion in bets — aka handle. On the action, the books kept $937 million on a hold rate of approximately 12%.
The sports betting figures represent sportsbook revenue from the casinos and their online sportsbook partners. The numbers do not include bets placed at self-service kiosks, which are regulated by the Ohio Lottery.
The casino and online sportsbook revenue is subjected to a 20% state tax, which last year amounted to about $187 million.
Source: casino.org
