A month after the reopening of the gambling venues in Ohio, the state’s gaming revenue in August reached an all-time high. Lawmakers in the state took some more time to allow casinos to reopen in July.
The news has given the gaming operators some reasons to celebrate as Ohio is one of the few US states to witness an increase in its gambling revenue. Let’s discuss how much the casinos in the state of Ohio managed to generate.
Online Gambling Witnesses Continuous Growth
Over the last few years, the casino establishments around the US had been flourishing. Las Vegas and Atlantic City had been continuously observing increased tourism rates. New gambling venues were being established around the country.
Most believed this trend would continue. In March 2020, all the land-based casinos were forced to shutter amid the pandemic-led state measures. At the time of the closure, there was no idea when these establishments would be allowed to reopen.
As time went one, the states began to feel that reopening the casinos was an economic necessity. In Nevada, the casino industry employs a great number of individuals, and the state draws a huge amount of revenue. By now, most states have authorized the reopening of their casinos.
Meanwhile, the popularity of online gambling has continued growing to an unprecedented level. Now, people around the country prefer to make their wagers online.
Inevitably, the states with regulated online gaming industry are profiting hugely from this new trend. More states are considering legalizing and regulated gambling sites. Yet, other states, including Ohio, are focusing on increasing their revenues from traditional gambling.
A Glance Through Ohio’s Gaming Revenue in August
Ohio is home to some popular gambling venues. Like the rest of the country, Ohio forced these establishments to shut down in March. The state only allowed casinos to open in July.
Indeed, July proved to be a successful month for Ohio’s gambling industry. The state’s casinos and racinos boasted of drawing $86,407,151 in July. Surprisingly, it marked an increase from the revenue the state collected during July 2019.
However, the remarkable earning from July was eclipsed what Ohio’s gaming industry gained in August. It was higher.
During August, the 11 gambling establishments in the state drew a whopping $172.1 million. It also represents a sharp increase from the figures in August 2019.
The most successful gambling venue in the state was the Hollywood Toledo Casino. It fetched $22.9 million during August, and the lion’s share of this amount came from slot games.
MGM Northfield Park proved to be the most productive racino in Ohio. Around $19.3 million was made from the slot machines inside this establishment. Unbelievable, the establishment witnessed a payout percentage of 90.7 percent.
Given the stats, things appear great for the Ohio casinos, defying the careful predictions of many experts who had expected less from the state industry. The optimistic situation may encourage more casino operators to look for opportunities in a flourishing market.
More Lawmakers to Push to Regulate Sports Betting in Ohio
With the annulment of PASPA in 2018, it appears like Ohio is also keen on regulating its sports betting industry any time soon. The pandemic has only served to intensify the state’s efforts to regulate this lucrative industry in 2020.
Ohio seems to embrace the industry, after all. Lawmakers have been satisfied to see how much revenue is being generated from the state casinos. Some officials are now convinced that it is the right time for Ohio to legalize sports gambling.
It is universally known that Ohio has a great sporting fan base in the US. Many successful professional teams are located here. Many experts predict this state has the potential to become one of the largest sports betting markets in the US.
The states neighboring Ohio have already approved sports gambling bills. The pandemic-led economic downturn has further increased the necessity to regulate a lucrative industry.
It seems only a matter of time before residents would finally enjoy regulated sports betting in Ohio.