Casinos in Ohio are enjoying considerable success right now. New reports indicate that Ohio’s gambling revenue has increased for the second straight month. Almost all of the state’s gaming venues saw an increase in earnings last month.
It’s fantastic news for this state, which is currently deciding whether or not to expand its gambling options. Let’s take a quick look at how much gaming revenue has increased in Ohio, and what new gambling services may soon become available here.
Casinos Help to Boost Ohio’s Gambling Revenue
It’s a great time to be a gambling operator in Ohio. Today, there are 5 land-based casinos in this state and seven “racinos,” offering casino-style games and horse racing odds. In July, gaming revenue in Ohio increased for the second straight month.
The five casinos and seven racinos took in $164.3 million in July. This represents a 4.2% increase compared to the same month in 2018. Total casino revenue was $71.4 million, while racinos brought in $92.9 million.
Almost all gambling venues in the state saw their revenue earnings increase. Only MGM Northfield experienced a revenue decline. This casino’s profits fell by 3.2% in July. It’s disappointing news for the casino and MGM overall, which is also experiencing issues with one of its major casinos in Massachusetts.
MGM Springfield, located in Springfield MA, has been struggling to compete in the newly competitive Massachusetts casino market. Just a couple of months ago, Wynn Resorts opened the Encore Boston Harbor in Everett. This casino is proving to be massively successful, resulting in a decrease of gamblers at MGM Springfield.
MGM is having a rough few months. Fortunately, all of the other casinos in Ohio are surging. Recently, lawmakers in this state have discussed adding new gambling options to the state.
Sports Betting in Ohio May Just Around the Corner
In May of 2018, the US Supreme Court struck down PASPA. With this set of laws now gone, every state can set laws on the sports betting industry. 13 states now have active sports gambling platforms up and running. Another six have passed sports betting legislation and will launch sportsbooks within the next few months.
Last year, five Ohio Senators presented formally presented a bill to legalize and regulate sports betting. Unfortunately, lawmakers in this state have been at odds over which group should control the sports betting industry. Governor Mike DeWine has called for the Casino Control Commission to regulate this new market. Several state representatives believe the Ohio Lottery Commission should be given regulatory authority.
Hopefully, politicians here can come to an agreement. Everyone recognizes the massive earning potential from sports betting. States like New Jersey and Pennsylvania, which began regulating the sports betting in the past two years, are earning millions of dollars every month from the industry.
Regulated sports betting would help to significantly increase Ohio’s gambling revenue. It’s clear that residents here love to gamble.
US Casino Industry Grows Stronger Every Year
Ohio isn’t the only state to experience an increase in casino revenue earnings. Many states around the country are now choosing to expand their gambling operations. US casino competition has never been more fierce and is likely to increase over the next several years.
Illinois is one state actively working to expand its gambling industry. Not long ago, lawmakers here approved a new capital plan to add five more casinos. For the first time ever, a casino will be constructed in Chicago. Hope is that these additional gaming venues bring the state millions in additional revenue each month.
Pennsylvania has also begun to add more casinos. Lawmakers here approved plans for 10 additional satellite casinos to open around the state. These “mini-casinos” will be operated by casinos that already run here.
If Ohio’s gambling revenue continues to increase, lawmakers here may choose to add more gambling establishments, as well. A regulated sports betting market and additional casinos could make Ohio one of the most lucrative gambling hubs in the midwest.
Things are definitely looking good for casino companies here. Make sure to stay tuned for more Ohio casino news over the next few months!