Ohio Casinos and Racinos Set New Revenue Record for August

03.10.2024

In a surprising turn of events, Ohio’s 11 casinos and racinos have outperformed expectations, generating a record-breaking $204.1 million in revenue for August 2024, according to the Ohio Casino Control and Lottery Commission. This significant revenue boost has contributed to a total of $1.6 billion in revenue year-to-date for licensed operators in the state.

August Revenue Exceeds Predictions

Despite fewer weekend game days in August, revenue across both the casino and sports betting sectors surged unexpectedly.

The four fully licensed casinos in Ohio brought in $85.7 million, while the seven racinos contributed $118.4 million, surpassing previous forecasts.

Sports Betting Growth

The sports betting sector in Ohio continues to show remarkable growth, with a total handle of $548.7 million in August, marking a 44.6% year-over-year increase.

Of this total, only 8.9% was held, one of the lowest retention rates recorded in the state, indicating that bettors are placing smarter wagers.

However, Ohio still benefited with $48.8 million in taxable income, representing a 19.6% year-over-year increase.

Online Betting Dominates the Market

Online sports betting accounted for the majority of the betting activity, with $534.9 million of the total handle.

In contrast, kiosks, racinos, and casinos collectively contributed $13 million, but with a much higher hold of 15.9%, suggesting that in-person bettors may be less skilled than their online counterparts.

Top Sports Betting Operators in Ohio

DraftKings led the market in terms of total handle with $178.9 million but slightly lagged behind in revenue with $16.7 million.

FanDuel, however, outperformed its competitor in revenue, generating $16.9 million from a handle of $165.7 million, indicating better odds pricing.

Bet365 secured third place with $59.4 million in handle and $4 million in revenue, continuing its commitment to expanding its presence in the U.S. market.

Efforts to Combat Offshore Operators

In addition to its record-breaking revenue, Ohio has intensified efforts to eliminate offshore gambling businesses operating without licenses.

One of the key targets has been Bovada, which the state aims to remove from its market as part of its ongoing regulatory efforts.