Ohio casinos hit the jackpot

Axios
 
Ohio casinos hit the jackpot
Wild Casino

Ohioans felt especially risky last year, and they're not alone.

Driving the news: Ohio's four casinos and seven racinos set another new record for revenue in 2021 by bringing in a combined $2.3 billion, according to Ohio's Casino Control and Lottery commissions data.

Why it matters:tax proceeds funneled toward local governments, public education, law enforcement training and problem gambling services.

The big picture: Gambling revenue shot up across the U.S. last year amid a rapid expansion of legal casinos and sports betting, Axios' Mike Allen writes.

  • Ohio was among 23 states that set new records for gambling revenue.

Zoom in: Hollywood Columbus also set a new record of $260 million in revenue last year — more than the other major casinos in Cleveland, Toledo and Cincinnati.

  • Strictly for comparison's sake, that's a full $110 million than George Clooney and company stole from Las Vegas casinos in the "Ocean's Eleven" heist.

Meanwhile, nearby Eldorado Gaming Scioto Downs racino came close to Hollywood's total with $230 million in 2021 revenue.

  • This figure (and the statewide racino total) does not include revenue associated with horse race wagering, which is separately overseen by a state racing commission.

What Ohioans played: The vast majority of state gambling revenue comes from slot machines, including nearly 90% at Hollywood Columbus.

  • Hollywood boasts 2,106 slot machines, compared to just 90 "pit area" games like craps, blackjack and roulette.

Yes, but: That will change starting next year when Ohioans can begin wagering on sporting events.

  • Casinos are expected to secure licenses to offer in-person betting as well as through online apps.
  • Ohio's sports betting operators will be taxed at 10%, with nearly all proceeds going towards educational purposes.

�� Tyler's thought bubble: As a longtime regular in the Hollywood poker room, I've definitely noticed the casino is busier now than when it first opened in 2012.

  • The Saturday of Super Bowl weekend featured a line out the door waiting to get in, which I've never seen before.
  • It's going to be a zoo when the sports betting kiosks finally open in 2023.

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