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Ohio Casinos Stabilize, But Online Gaming is the key to the Future

Ohio’s casino industry saw only a modest 0.5% revenue increase in July 2024, following a $4 million dip in June. Jack Cleveland Casino led with a 7.6% gain, while Hollywood Toledo also posted positive numbers.
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Branimir Ivanov | Senior News Contributor

Updated: Sep 11, 2024

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Ohio’s casino industry has faced a turbulent year, with a particularly steep decline in revenue over the summer months. After witnessing a concerning $4 million dip in June 2024, Ohio’s casinos managed only a marginal recovery in July, with total casino revenue inching up by just $369,603 to reach $82 million, representing a 0.5% increase over June. While this uptick may seem like a positive shift, the broader trends suggest that the state's gaming sector is facing significant challenges, particularly when considering the year-on-year decline of 4.6% compared to July 2023.

 

The Role of Individual Casinos: Jack Cleveland Leads the Pack

Ohio's four land-based casinos demonstrated mixed results, with only Jack Cleveland and Hollywood Toledo posting positive gains. Jack Cleveland Casino, in particular, saw a strong performance in July, with revenue increasing by $1.5 million, or 7.6%, compared to June. This surge was critical in preventing a more substantial revenue loss for the state's overall casino market.

Hollywood Toledo also contributed positively with a 3.4% revenue increase, while the remaining two major casinos—Hollywood Columbus and Hard Rock Cincinnati—experienced revenue declines of 5.05% and 2.77%, respectively. The overall 0.5% gain in July, although a step in the right direction, feels more like a momentary stabilization rather than a long-term reversal of fortune.

While the performance of Ohio’s brick-and-mortar casinos remains a point of concern, the state’s real potential may lie in its untapped online casino market. Ohio has emerged as a leader in sports betting, but iGaming, or online casinos, could present a game-changing opportunity. Currently, Ohio lawmakers are only beginning to explore this possibility, but if legalized, the state has the potential to become the largest online casino market in the country.

State Senator Niraj Antani recently introduced Ohio’s first online casino bill, a move that aims to kickstart legislative efforts to bring iGaming to Ohio. Although Antani doesn’t expect the bill to advance in the near term, the introduction is symbolic of growing momentum towards online casino legalization.

Ohio’s projected online casino revenue, based on the performance of other U.S. states, highlights the state’s enormous potential. If iGaming is legalized, Ohio could generate $200.6 million in monthly revenue, surpassing other major markets like Pennsylvania and New Jersey. This projection is based on Ohio’s population of 11.9 million, significantly larger than most states currently offering online casinos. For comparison, Pennsylvania, with a population of 13 million, generated $215.3 million in July 2024 from online casinos, making Ohio’s potential market one of the most lucrative in the nation.

 

Analyzing Per-Capita Revenue and Market Size

One of the most compelling metrics for Ohio’s online casino potential is per-capita revenue. Among the top-performing states, New Jersey leads with $21.01 per person, while Pennsylvania sits at $16.56. Using similar per-capita projections, Ohio could generate around $16.86 per person, equating to the impressive $200.6 million revenue estimate. This would position Ohio as one of the most profitable online casino markets, should legislation pass.

Beyond the sheer revenue potential, the transition to legal online casinos could shift the dynamics of Ohio’s entire gaming sector. The convenience and accessibility of iGaming might divert some traffic from brick-and-mortar establishments, but it could also attract new demographics and higher spending overall.

Despite the promising figures, the path to legalized online casinos in Ohio is fraught with challenges. Sports betting has dominated the state’s legislative efforts in recent years, leaving iGaming in the shadows. Senator Antani’s bill marks the first concrete step toward changing that, but it remains unclear when, or if, the legislation will gain enough traction.

The prospect of online casino legalization in Ohio also comes with potential regulatory hurdles and concerns about problem gambling, which legislators will need to address. However, the success of sports betting legalization demonstrates the state’s ability to regulate and capitalize on new forms of gambling, potentially laying the groundwork for a smooth transition into iGaming.

 

“While Ohio's land-based casinos saw only a modest 0.5% revenue increase in July 2024, the potential legalization of online casinos could position the state as the largest iGaming market in the U.S.”

 

Outlook

Ohio’s gaming industry stands at a crossroads. While July's revenue gain provides a temporary reprieve from June’s significant decline, the long-term outlook for the state’s land-based casinos remains uncertain. Year-on-year declines and the potential for further revenue drops in August 2024 suggest that the sector may continue to struggle without major structural changes or new revenue streams.

However, Ohio’s potential as an online casino market is too significant to ignore. With the introduction of Senator Antani’s online casino bill, there is a growing sense that the state is finally moving towards realizing its full gaming potential. If online casinos become legal, Ohio could transition from a struggling land-based market to the largest online gaming market in the United States, unlocking new revenue streams and revitalizing the state’s gambling industry.

For now, Ohio’s casino industry is holding steady, but the future lies in the digital space, where the state could emerge as a true leader in the online gaming revolution.

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