However, despite the slight decline in June, Ohio’s racinos are still ahead of where they were in June 2022. Revenue in June 2023 was up 2.8% from June 2022’s numbers of $107.6 million.
The slight decline in June revenue is likely due to many factors, including the ongoing economic uncertainty and the rising cost of living. However, it is also worth noting that Ohio’s racinos have seen a significant increase in revenue in the first six months of 2023.
In the first six months of 2023, Ohio’s racinos have generated $694.5 million in revenue, up 4% from the first six months of 2022. Despite three consecutive months of decline, this is the highest level of revenue for the first six months of the year since 2017.
The majority of Ohio’s racinos posted higher year-over-year revenue in June. MGM Northfield Park led the way with $50.2 million in revenue, up 11.2% from June 2022. Miami Valley Gaming was second with $31.1 million in revenue, up 10.1% from June 2022.
The only racino that saw a decline in revenue from June 2022 was Hollywood Gaming at Columbus, which generated $23.3 million in revenue, down 1.7% from June 2022.
The slight downtick in June revenue is a minor setback for Ohio’s racinos. However, the overall trend is positive, and the racinos are still generating significant revenue.
Here are some additional details about the June revenue figures:
- The average daily handle (amount wagered) at Ohio’s racinos was $121.8 million in June, up 1.7% from June 2022.
- The average daily payout at Ohio’s racinos was $87.1 million in June, up 1.3% from June 2022.
- The hold percentage (percentage of the handle paid out as winnings) at Ohio’s racinos was 71.4% in June, up 0.1% from June 2022.
The future of Ohio’s racinos looks bright
The future of Ohio’s racinos looks solid. Ohioans love their horse racing but love being outdoors during the summer months. The June betting numbers might be down, but they should soar once the NFL and NCAA football seasons begin in late August.
What is a Racino?
A racino is a property with a racetrack that includes a casino, and in Ohio, the racinos also have Ohio-based sportsbooks. The state of Ohio has seven racinos throughout the state, with the most popular being MGM Northfield Park, located in Northfield, Ohio.