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Ohio’s land-based casino industry has had a welcome boost with the news that its December Revenue increased by 5.74%, rising to $89.1 million from $84.3 million. While this is great news for the industry, it is still down by 2.79% in terms of year-on-year figures.
Of the four casinos in Ohio, only the Hollywood Columbus saw a decrease in revenue from November to December, dropping by 2.81% to $24,112,909. The Hard Rock Cincinnati enjoyed the biggest increase in revenue, jumping from $19,867,517 in November to $21,893,346 in December, a 10.2% increase.
December figures also revealed that slot revenue far outweighed that of table games, taking in $63,801,333 compared with$25,345,955 generated by traditional casino table games.
The state’s gambling industry is in a strong position with four land-based casinos in the Jack Cleveland Casino, Hollywood Columbus, Hard Rock Cincinnati, and Hollywood Toledo. There is also a thriving online sports betting industry which saw its betting handle surpass $1 billion in November.
The success of the online sports betting industry, which dwarfs the retail sportsbook revenue that hit $20.9 million in November, could encourage the state to pass legislation that allows online casino operations. At present, consumers have to be creative when it comes to betting on casino games online with offshore operators providing the best option.
Online gambling expert Alex Hoffman discusses the options available to consumers, including casinos that have telegram that offers anonymous gaming, crypto acceptance, and state-of-the-art blockchain gambling tech.
At present, online sports betting is taxed at 20% after being doubled from 10% in 2023. There is even discussion about the potential to double the sports betting tax again which would take it to 40%. Land-based casino operations face a current revenue tax of 33% based on the gross casino revenue, and any legislative changes to allow online casino gambling could see the state benefit on a greater scale.
The state has seen the proposal of SB 312 which would allow existing casinos and racinos in the state to operate online casinos with a gross receipt tax of 15%, 5% below the current sports betting levy.
The bill outlines proposed fees for permit holders that would total $650,000, including a minimum $100,000 application fee, a permit fee of at least $300,000, and an annual payment of $250,000 towards a gambling awareness fund. Permit renewals would be charged at a minimum of $250,000 annually with the same amounts payable by gaming associates.
The implementation of a licensed online casino gambling industry would be a way for existing operators to strengthen revenue and evidence from states with legal online casino operations indicates that it can improve revenue from land-based operations.
Mobile technology, online connectivity, and other industry developments have helped to create an immersive online gaming environment which is seen as the future of casino betting. As more states consider legislative changes, Ohio could be ahead of the curve by considering this latest bill.