Ohio Sports Betting Soars Amidst Gambling Decline in April
The Ohio gambling sector experienced a year-on-year decline in April while the sports betting market thrived.
Ohio April sports betting revenue increased by 15.8% month-on-month to $73.9 million.
LISTEN TO THIS ARTICLE:According to the monthly figures released by the Ohio Gambling Commission, the state's casinos and racinos generated $200.1 million in gambling revenue in April. The figure marks a decrease of 2.2% year compared to the $204.6 million posted in the same month last year.
The four casinos in the Buckeye State accounted for $83.5 million of the total revenue, which was less than their reported revenue of $86.5 million in April 2023.
Hollywood Columbus led the pack with $23.2 million in revenue, while Jack Cleveland followed closely with $21 million. Hard Rock Casino Cincinnati is in third place with $19.8 million, and Hollywood Toledo rounded off the list with earnings of $19.4 million.
The state's seven racinos reported total revenue of $116.6 million, a slight decrease from $118.1 million in April 2023. MGM Northfield Park is the leader here, accounting for $26.3 million in revenue. Miami Valley Gaming's $19.9 million placed it in second place, while Scioto Downs gambling operations earned $18.9 million in the month.
JACK Thistledown Racino generated $16.1 million, followed by Hollywood Mahoning Valley with $14.6 million. The last two establishments, Hollywood Daton and Belterra Parks, raked in $13.5 million and $7 million respectively.
More Finance News
Sports Betting Revenue Up 15.8% Month-on-Month
In the sports betting segment, players' total wagers in April amounted to $673.2 million, up 29.3% year-on-year. However, it fell 16.7% behind the $808.2 million wagered in March 2024. Online or mobile sports betting accounted for 97.5% of the total handle at $657.1 million, while retail betting contributed $16.1 million.
In the month, Ohio's sports betting operators amassed $73.9 million in sports betting revenue. Despite the handle being lower month-on-month, the revenue significantly increased by 15.8% compared to March's $63.8 million haul. Online betting brought in $72.8 million, while retail proceeds reached $1.1 million.
Operators remitted $14.8 million in tax revenue to the state in April, bringing the year-to-date total to $63.9 million, $18.7 million more than the tax collected during the same period last year.
Regarding operator performance, FanDuel was the market leader, with a handle of $226.7 million and revenue of $34 million. DraftKings achieved second spot with a revenue of $20.8 million off a $216.8 million handle.
bet365 is in third position with a handle of $49.8 million and revenue of $5.1 million. Rounding off the market were BetMGM and ESPN Bet, with reported handles of $45.2 million and $35.8 million, respectively.
RELATED TOPICS: Finance
Latest News
Responsible Gambling
New Jersey Makes Significant Change to Gambling Self-Exclusion Program
Dec 24, 2024
Most Read
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Ohio Sports Betting Soars Amdist Gambling Decline in April