Ohio gamblers placed a record number of bets in February, following a national trend of record gaming and record revenues.
Last month’s reports from the Ohio Lottery Commission suggest another profitable period for Hollywood Gaming, the thoroughbred Mahoning Valley Race Course in Austintown, Ohio.
End-of-month revenue for the popular gaming locale totaled $12.5 million. That’s an increase of 12.6% from January when the number stood at $11.1 million.
Eldorado Scioto Gaming Downs, a racino close by, drew nearly Hollywood’s total with $230 million in revenue.
The total revenue tallied for all seven racinos in Ohio amounted to $103 million, up 7.37% from last month’s $95 million. All in all, Ohio’s gaming revenue is on a strong and steady upward trend.
Racinos outperformed casinos in February
In contrast, Ohio’s casinos faired slightly less well. According to data, total revenue accrued in February dropped to $75.2 million compared to $75.6 million in January.
Together, though, Ohio’s four casinos and seven racinos reached another revenue peak in 2021 by collecting a combined $2.3 billion, according to Ohio’s Casino Control and Lottery commission data.
The Buckeye State was among 23 states that set new records for gambling revenues last year. Evidence that its citizens have a penchant for parlaying as a form of recreational delight. The preferred form of gambling for Ohioans is slot machines, and it’s the source of the vast majority of state gaming revenues.
There’s no slowing down the gravy train as Ohio’s gaming industry accelerates from strength to strength.
National Gaming Revenues Reach a Record $53B
Betting revenues sky-rocketed across the US last year due to rapid expansions of legal casinos and sports betting venues. 2021 set a new record for the US gaming industry as the highest-grossing year ever.
The American Gaming Association’s Commercial Gaming Revenue Tracker, a device that features state-by-state and nationwide financial performance data, registered $53 billion in revenue last year.
The industry achieved an all-time quarterly revenue record of $14.31 billion in 2021 Q4, exceeding the $13.93 billion yielded in 2021 Q3.
AGA President and CEO Bill Miller was thrilled by the results. He described them as “nothing short of remarkable” in a recent webinar. According to Miller, the increase in revenue and gaming expansion across the country reflected the Association’s commitment to providing a safe and healthy betting environment.
More gambling revenues mean a more significant portion of tax proceeds is available. The tax revenues benefit local governments, public education, law enforcement training, and efforts to combat gambling addictions. Ohio gaming revenues are earmarked for education programs.
Gaming’s historic growth is on track to continue
US sports betting continued to surge through 2021, generating $57.22 billion in handle and $4.29 billion in revenue. These figures indicate an increase of 165 % and 177 % over 2020, respectively.
Thirty-four commercial gaming jurisdictions were operational in 2021, of which 23 set individual records for full-year commercial gaming revenue. Driving the industry’s momentum has been traditional brick-and-mortar gaming sites. In 2021, their combined slot and table gaming revenue totaled $44.94 billion, an increase of 6.6 percent from 2019.
Seven new commercial sports betting markets; in Arizona, Connecticut, Louisiana, Maryland, South Dakota, Virginia, and Wyoming; bolstered the historical high. Two new internet gambling markets in Michigan and Connecticut also contributed to the sector’s record of $3.7 billion in revenue.
What’s remarkable is that all of this growth occurred despite a substantial reduction in international tourism and domestic travel.
“Despite our record-setting year, gaming’s total recovery is still reliant on the full return of travel and large events, which requires a safe and healthy environment and open economy,” Miller said. “I’m optimistic that we will see continued growth throughout 2022.”
Physical casinos will open in Virginia later this year, and several new race track casinos in Nebraska will continue spurring revenue growth.