Ohio’s casinos performed well, yet revenue declined in April 2024. This comes after the segment experienced good numbers in March and February. Notably, the trend had downsided in January as well. Taxable revenue for April came to $83.5 million. This reflects the earnings after rolling out winnings but before settling taxes and fees. It represents a 12% drop from March 2024 revenue.
For reference, the taxable revenue in March 2024 was $94.7 million. Revenue stems only from slots and table titles, with in-person sports betting excluded. Also, online casinos are not yet legal, even though neighboring states, including Michigan, West Virginia, and Pennsylvania, have made some progress in that regard.
Talks about legalizing online casinos in Ohio are still on the table. So, anything can happen in the times to come.
Slots earned roughly $61.6 million, while table games brought $21.8 million. This translates to 73.8% and 26.2% of the total revenue, respectively. The numbers were shared by OCCC, an acronym for the Ohio Casino Control Commission. April officially marks the second time in 2024 that the monthly figure has declined. To reiterate, it first dipped in January 2024.
The current figure is still hovering around what reports had said in February. The difference is marginal and recoverable. Taxable revenue in January was around $75.23 million. It was followed by $83.52 million before marking an uptick to $94.74 million. April returned the books to $83.45 million, a 12% monthly decrease.
March saw a 13.4% monthly surge, and February saw an increase of 13.7%. Some of the top online casinos in the USA are waiting to capitalize on Ohio’s momentum in the casino segment. Their presence is more likely to boost state tax collection by perfectly complementing the offerings over the Internet.
Offline venues are holding the fort until then. Hollywood Columbus banked $23.19 million, followed by JACK Cleveland Casino with $21 million. Hard Rock Casino Cincinnati and Hollywood Toledo registered revenues of $19.79 million and $19.46 million, respectively. Both have witnessed a decline of 10.9% and 13.3%, respectively.
That said, reports are surfacing claiming that online casinos could soon be legalized. A timeline is hard to predict, but it could happen by the end of next year. Residents of Ohio often have to visit their neighbors to place bets with or engage with online casinos. Legal iGaming states, in a way, have been taking away the portion of tax collection that otherwise could have resided within Ohio.
Authorities have taken note, and hence, there is a chance that online casinos could soon make their entry into Ohio. These casinos entering Ohio would be pivotal for the state and the casino market.