October: Virginians wager 23.8% more on sports; Ohio casinos make 4.4% less revenue

The Virgina Lottery has posted its sports betting revenue for the month of October, showing 23.8% growth year-on-year to $56.4m. Handle in the state rose 8.2% to $571.4m.

Adjusted gross revenue was up 23.6% month-on-month from September this year, while handle was also up 9.8%. October 2023’s win percentage was 11.20%, and Virginia’s sports bettors won a total of $507.4m.

Virginia taxes sports betting at 15% and had nine operators report net positive adjusted gross revenue, which resulted in $8.6m tax payments to the state for the month. Of this amount, 2.5% will be added to the state’s Problem Gambling Treatment Support Fund.

Looking ahead to next month’s possible results, it’s entirely possible that Virginia sports bettors could surpass the November 2022 handle of $518.8m and the adjusted gross revenue of $52.8m, as the popularity of sports betting in the state has been steadily increasing.

The Ohio Casino Commission has also released its casino revenue figures for October, which showed a 4.4% decrease year-on-year to $79.4m. October 2023 was also the least lucrative month of 2023 for Ohio’s casinos so far, with every other month this year posting at least $80.6m.

Year to date, Ohio’s casinos have generated $842.8m in revenue, compared to a total of $842.7m by this time last year. To top 2022’s twelve-month total, November and December 2023 would have to generate a combined $162.5m. In 2022, however, November was the third lowest revenue-generating month.

October’s table revenue reached $21.4m (down 14.8% year-on-year), while the month’s slot revenue reached nearly $58m (up 0.1% year-on-year). The casino with the highest revenue total was Jack Cleveland Casino with $21.5m, which also had the highest table game revenue of $8.3m. The casino with the highest slot revenue was Hollywood Columbus Casino with nearly $17m.

Stephanie Feeley

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