Ohio Sets Monthly Revenue Record in August, Raising $204.1 Million

Date: 2024-10-03 Author: Robert Beloved Categories: PAYMENT SOLUTIONS
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Ohio’s 11 casinos and racinos grossed $204.1 million in August 2024, beating expectations, according to the state Casino and Lottery Control Commission. The results give Ohio gambling operators a combined $1.6 billion in revenue year-to-date.

In a surprise to analysts, August turned out to be one of the most successful months on record despite fewer weekend gaming days. Sports betting and casino activity increased, accounting for $85.7 million of the total revenue, driven by four fully licensed casinos. Meanwhile, Ohio’s seven racinos brought in $118.4 million.

Ohio also saw significant growth in sports betting, with total volume reaching $548.7 million, up 44.6% year-over-year. However, the retention rate was only 8.9%, one of the lowest in the state. This could indicate that bettors are becoming more experienced in betting. Of this amount, $48.8 million was set aside for tax purposes, up 19.6% year-over-year.

Continuing to gain popularity, online sports betting accounted for the bulk of total betting volume at $534.9 million. Bets placed through kiosks, racinos, and casinos accounted for $13 million, with a higher retention rate of 15.9%. This could indicate that online bettors are becoming more confident in placing sports bets.

Additionally, Ohio’s total sports betting volume is set to surpass $5 billion in 2024. DraftKings led the way in total betting volume this month with $178.9 million, but trailed slightly in revenue with $16.7 million. FanDuel, meanwhile, led the pack with $165.7 million in total betting volume and $16.9 million in revenue, indicating better odds pricing. In third place was bet365 with $59.4 million in volume and $4 million in revenue, continuing to grow in the U.S. Ohio has also been aggressively cracking down on illegal offshore companies like Bovada, which have operated without a license, in an effort to create a safer, more regulated gaming environment for its residents.
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