May proved a challenging month for the gambling industry in Ohio as the monthly total revenue from the state’s casinos and racinos hit its lowest point of the year, amounting to $196 million. The figure represents about a 3% drop compared to the same month last year.
Casinos posted $80.6 million in revenue, which represents a 6.8% decrease from April’s revenue of $86.4 million and a 7% decline compared to May 2022. However, the state’s racinos experienced a slight increase in revenue, with a combined total of $115.3 million, up from $114.9 million in May 2022.
Among the Ohio casinos, only Hollywood Columbus managed to achieve a year-over-year revenue increase. Here is the breakdown of casino revenue for May 2023:
- JACK Cleveland Casino: $21 million (down from $22.3 million in May 2022)
- Hollywood Columbus: $22.4 million (up from $22 million in May 2022)
- Hard Rock Casino Cincinnati: $20 million (down from $22 million in May 2022)
- Hollywood Toledo: $18 million (down from $21 million in May 2022)
Once again, casino slot machines outperformed table games, generating over $58 million in revenue compared to $22.1 million from table games.
In terms of racinos, MGM Northfield Park emerged as the state’s top performer, generating over $25.6 million in revenue, a slight increase from $24.4 million in May 2022.
Sports betting in Ohio also experienced a decline in May. The total handle amounted to $446 million, a 15% drop from April. However, sports betting revenue fared slightly better, totaling $57.8 million, down only 9% from April’s $63.7 million.
FanDuel and DraftKings dominated the market, accounting for 68.6% of the total handle. Notably, bet365 Sportsbook surpassed BetMGM to secure the third spot in terms of handle, although BetMGM outperformed bet365 in revenue.
Here are the top four sportsbooks based on handle:
- FanDuel: $158.5 million
- DraftKings: $137 million
- bet365: $32.1 million
- BetMGM: $30 million
Despite the current slump in gambling revenue, Ohio remains on track to have a highly lucrative year for its gambling industry. Year-to-date, the casinos and racinos have accumulated $1 billion in gambling revenue, surpassing the $984 million generated during the same period last year.
Original article: https://www.yogonet.com/international/news/2023/07/05/67791-ohio-gambling-revenue-drops-to-196-million-in-may
