The casino industry in Ohio is booming. According to new reports released by Ohio’s Lottery and Casino Control Commission, gambling revenue in this state increased in July. Interestingly, Ohio gambling revenue is up thanks mostly to racinos operating here.
Now is the perfect time to look at what’s happening with this state’s gambling industry. We’re also going to talk about the likelihood of sports betting become legal here. Let’s get into it!
Ohio Casinos Bring in Major Revenue Last Month
Ohio is well-known to have one of the most passionate gambling fan bases in the country. There are eleven gambling establishments in this state, four of which are stand-alone casinos, while seven are “racinos” offering casino-style games and horse racing odds. For years, these gambling venues have brought in millions of dollars via taxes
July proved to be one of the most successful months of the year for casinos here. Reports show that overall gambling revenue in this state rose by 2.3% for a total of $162.2 million. Casinos in the Cleveland area experienced the largest revenue increase.
Slot machines in racinos near Cleveland brought in the most revenue last month. The revenue from these slots rose by 3.3% to $91.9 million. Slots and table games inside traditional land-based casinos brought in $70.4 million for a revenue increase of 1%.
Nearly 30% of Ohio gambling revenue goes directly to the state in the form of taxes. This money is used to fund public education. Many are now calling for Ohio to legalize sports betting, which is proving to be one of the most lucrative forms of wagering allowed today.
Ohio Revenue Will Increase With Legal Sports Betting
For decades, the only state legally allowed to offer sports betting odds in the United States was Nevada. In May of 2018, this all changed. That year, the US Supreme Court decided to strike down PASPA, the set of laws limiting sports betting to Nevada.
Almost immediately afterward, several states began introducing legislation to legalize and regulate sports betting. New Jersey was the first to offer sports betting and is now earning millions of dollars each month through the industry. Other states including New York, Pennsylvania, and Rhode Island now allow sports gambling, as well.
Most agree that Ohio gambling revenue will increase substantially with legal sports betting. Lawmakers in the state seem to agree. In July of 2018, five Ohio senators introduced a bill to fully legalize sports gambling. The one-page bill lacks specific details on how to regulate the industry, yet offers a basic outline for full-scale legalization.
It seems likely that sports betting will become legal here within the next few years. Most states are realizing the massive revenue potential from this industry. There’s a chance that Ohio will begin regulating online gambling, as well.
Online Gambling in Ohio Growing More Popular Than Ever
If sports betting is the big thing in gambling right now, online gambling is the thing of the future. More people around the country are choosing to make their bets online, despite most states have no regulation of the internet gaming industry. Ohio is one such state.
There are a huge number of safe, fun online casinos in Ohio. Strangely, the state government has shown little willingness to regulate these websites. As a result, they pay nothing in taxes. This may change in the future, though.
Some states, including New Jersey, now regulate online casino gambling. These states use geo-location to allow internet gambling within the state borders. It’s extremely convenient for those looking to make some wagers from the comfort of home.
This industry would also help to raise Ohio gambling revenue. Thousands of people in this state are betting online already. With regulation, the state could finally begin to earn valuable tax money through its internet gambling fans!
What do you think Ohio should change about its gambling industry? Will sports betting be legal here soon? Stay tuned for updates!