Ohio Casinos Report Nearly $200m Revenue In November

Ohio reported $198.2 million of gambling revenue from its 11 casinos and racinos in November, marking a slight monthly and year-on-year increase. In the first 11 months of 2024, the establishments had racked up $2.2 billion in gambling revenue, with December's revenue still to be announced. The seven racinos brought in slightly more than the four main casinos, with MGM Northfield Park having the highest revenue of $25.2 million. Ohio's racinos combine the features of horse racing tracks and casinos. The state also permits sports betting at these and other venues, as well as online. However, despite efforts as recently as last year to regulate the industry, online casinos are still not licensed in the state. Online casinos use Random Number Generators, or RNG software, to replicate the games seen in physical casinos. Currently, only seven states have regulated online casinos, compared to 38 states with regulated online sports betting. Gaming revenue is calculated as the income an operator generates after paying out winnings and returns to clients. It does not take into account any taxes that the operator must pay. As highlightsd above, in November 2024, Ohio recorded just shy of $200 million from its casinos and racinos, representing a $3 million increase from October and a $17 million increase from November 2023. The revenue was made up of $84.3 million raised from the state's four main casinos, up from $80.4 million the year before. The remaining $113.9 million came from seven racinos. Racinos are racetracks that also offer slot machines, although do not feature table and other casino games. This was also up compared to 2023's figures when the racinos posted $105.7 million for the month. The $2.2 billion generated in the first 11 months of the year is largely in line with 2023. While casinos performed reasonably well in November, the state's sports betting handle saw significant returns, posting the second-highest monthly figures ever. Online and offline sports betting handle, which is the total amount of bets placed by bettors, reached $1.02 billion. The only month when the state has seen a higher handle was in January 2023, the month when sports betting was first regulated and when Ohio posted $1.11 billion. November's figures saw an 18.5% year-on-year increase and a 13.6% monthly increase compared to October this year. Online betting was responsible for the vast majority of the wagers, with only $20.9 million bet at retail sportsbooks. Bettors saw $901.9 million returned in winnings during the period with $5.6 million in void bets and $32.3 million in promotional bets. This left $117 million of taxable revenue – a substantial 71.6% increase compared to November 2023 and a 43.6% increase on October 2024's figures. Again, January 2023 holds the record for the highest taxable revenue figures, when Ohioan sports betting generated $209 million in taxable revenue. The success of Ohio's online sports betting has seen state lawmakers attempting to pass similar regulations for iGaming. In September, Ohio State Senator Niraj Antani proposed Senate Bill 312. The bill would have allowed each of the 11 casinos and racinos to be granted online online casino platform. At the time, Antani said: "It's time to bring iGaming out of the black market, and into the sunshine." However, Antani is no longer in office and the bill didn't get passed last year. The bill does not have a sponsor for the 2025 session so, as things stand, it won't be heard by the Senate Finance Committee this year. Currently, it is unclear whether anybody will pick up the mantle and attempt to continue Antani's efforts. Ohio does take its online gambling regulation seriously, becoming the fourth US state in three months to ban online sports betting site Bovada in August 2024. Michigan, Colorado, Connecticut, and, now, Ohio, have all issued cease and desist letters to the Curacao registered sports betting site while Massachusetts and Louisiana are believed to be considering similar moves. Ohio Casino Control Commission Executive Director Matthew Schuler said: "Bovada is offering unlicensed and illegal online gaming products within Ohio" before going on to say that the state is actively going after an army of similarly illegal websites operating in The Buckeye State. Retail casinos, as well as online and offline sports betting operators, had a solid month in November in Ohio. Both forms of gambling saw revenue and handle increase compared to the month before and the same month in 2023. While casino gambling saw modest increases, sports betting operators saw significant gains, with only January 2023, the month when sports betting was first regulated and introduced, having posted higher figures for the state. This is sponsored content.