Ohio Racino Revenue Hits All-Time High With $125.2 Million In March

Ohio racinos had yet another strong month in March, breaking the record for monthly revenue. The $125,197,091 in March revenue marked the fourth consecutive month of revenue increases.

Previously, the highest-revenue month for Ohio racinos was April of 2021 when the seven properties took in a total of $124.5 million.

Spring has been a high point for Ohio racino revenue

March could be the highest revenue month we’ll see this year. Last year, March was the highest-netting month of the year, and in 2021 the March total was only slightly behind April.

The racinos recorded large year-over-year revenue increases in January and February, but last month showed a more modest gain. March revenue was just 1.79% higher YoY.

Still, revenue showed a big jump over the previous month again. March revenue was up 9.4% month-over-month.

Ohio racino total revenues:

March 2023: $125.2 million
February 2023: $114.4 million
March 2022: $123 million
April 2021: $124.5 million (previous record)

One racino accounts for almost all of the YoY increase

Most racinos roughly matched what they earned last March, recording either a slight increase or decrease. However, Miami Valley Gaming brought in $2 million more than it did last March, for an increase of 9.85%. Without that $2 million, the March 2023 total revenue for all racinos would only be slightly higher than last year and wouldn’t have broken the record.

Month-over-month, all seven racinos had solid increases. Miami Valley Gaming showed the biggest jump in revenues with an additional $2.3 million over February. MGM Northfield Park remained the highest-earning Ohio racino in March, increasing revenue by $1 million over the previous month.

On the other end of the spectrum, Belterra Park also increased revenues by $1 million over the previous month, for a total of $8 million. However, Belterra fell short of hitting last year’s benchmark of $8.6 million.

Ohio racino revenue (millions)

Ohio Racino	March 2023	February 2023	March 2022
MGM Northfield Park	$26.4	$25.4	$26.1
Miami Valley Gaming	$22.3	$20.0	$20.3
Eldorado Scioto Downs	$21.4	$20.0	$21.7
JACK Thistledown Racetrack	$17.4	$15.5	$17.5
Hollywood Mahoning Valley	$14.9	$13.5	$14.4
Hollywood Dayton	$14.7	$13.0	$14.3
Belterra Park	$8.0	$7.0	$8.6
Total	$125.2	$114.4	$123.0

Will Ohio racinos break another yearly record?

The strong start to 2023 suggests Ohio racinos are on track to break last year’s record $1.327 billion in total revenue. However, 2022 started out similarly strong compared to the previous year, but the racinos ended up barely surpassing the 2021 revenue totals.

Overall, gambling is still gaining popularity in Ohio. The state’s overall gambling revenue has increased every year since 2012. In all likelihood, Ohio’s racinos and casinos will continue that trend through the year.

An increase in advertising from Ohio’s now legal sportsbooks and sports betting apps may be a boon to racinos, all of which have opened retail sportsbooks on site since January. Sportsbooks don’t directly account for much of the racinos’ revenues, however.

In February, for example, sports betting brought in $82.8 million in revenue to operators, but the vast majority of sports betting in Ohio is done online. Ohio’s 17 online sportsbooks took in nearly 97% of all the money bet on sports in February. That left only about $2.5 million in handle to be bet at Ohio’s retail sportsbooks. But the increased advertising and new attractions at the racinos have likely brought more patrons in the door.

Ohio racinos and casinos have partnered with retail sportsbook operators to offer the following retail locations: