With Ohio sports betting approaching the one-year anniversary of its January 2023 launch, performance numbers from the state are starting to roll in. And it turns out there is a clear-cut winner when it comes to the most profitable retail location.
According to PlayOhio, the Caesars sportsbook inside the Rocket Mortgage FieldHouse, which is the home of the NBA’s Cleveland Cavaliers, ranks No. 1 among Ohio retail sports betting locations. While their placement isn’t exactly a surprise, the decisive margin by which they claim the top spot is impressive.
Beyond that, the success of the partnership between Caesars and the Cleveland Cavaliers speaks to a larger trend for sports betting in Ohio. And it’s one that could ensure The Sooner State’s gambling revenue continues to climb and climb and climb in the years to come.
How Much Money Did Caesars Sportsbook in Ohio Generate for the State?
Here are the full details of how much money Caesars Sportsbook inside Rocket Mortgage FieldHouse has generated to this point, courtesy of PlayOhio’s C.J. Pierre:
“This is the clear-cut No. 1 out of the Ohio sports team’s retail sportsbooks. For Cleveland Cavaliers fans, the chance to place bets is right inside the arena at the Caesars Sportsbook at Rocket Mortgage FieldHouse. It’s only steps away from the game action. By the numbers, it’s no contest. Since opening in January, the sportsbook has handled $6.8 million worth of bets through August. That’s more than the other Ohio retail sportsbooks with a sports franchise affiliation combined. The venue has also generated over $557,000 in taxable revenue for the state. The 10,355 square-foot sportsbook features wall-to-wall flatscreen televisions, five betting windows and 15 betting kiosks.”
The tax revenue generated may seem like a relatively low number at first glance. That’s understandable. The money made by online sportsbooks in the United States, including those located in Ohio, are generally much higher.
But retail betting is a different game altogether. Especially for operations inside sporting venues. These locations are typically only super busy when sporting events are actually taking place. Depending on the time of year, that may only be once, twice or perhaps three times per week. And that’s in-season. The Cavs won’t be hosting games for roughly four months out of the year—and that’s assuming they make a deep playoff run. That won’t always be the case.
By those standards, generating $600,000 in taxes from Caesars Sportsbook in Ohio is a big deal. And by the way, the 2023 calendar year hasn’t yet wrapped. With the Cavs in the middle of the 2023-24 NBA regular season, this number is bound to rise further.
Other Ohio Sports Betting Retail Locations Pale in Comparison to Caesars’ Operations in Rocket Mortgage FieldHouse
Never mind measuring the success of the Ohio Caesars Sportsbook against retail locations at large. Relative to the rest of the Ohio sports betting market, the retail operator inside Rocket Mortgage FieldHouse is absolutely crushing it.
Fanatics Sportsbook Columbus, which is located next to the home of the NHL’s Columbus Blue Jackets has generated just over $5,000 in taxable revenue. Meanwhile, the company’s other retail location, Fanatics Sportsbook Cleveland, has so far generated $3,000 in taxable revenue. This operation is stationed inside Progressive Field, which is home to MLB’s Cleveland Guardians. All these figures come courtesy of PlayOhio—and they don’t hold a candle to the Ohio sports betting revenue created by Caesars Sportsbook Cleveland.
To be fair, both Fanatics locations opened in August. Caesars Sportsbook Cleveland opened their doors last January, when the state launched legal sports gambling. That extra time has helped pad their total.
Still, the per-month revenue nevertheless heavily favors Caesars. That probably won’t change, either. The NBA is, for the most part, a bigger eyeball draw than Major League Baseball and the NHL. It helps Fanatics Sportsbook Cleveland, in particular, that the Cleveland Guardians have 81 home games each season. They might be able to rival Caesars total revenue during their first full MLB calendar. But when it comes to monthly (or per-game) business, Fanatics will be hard-pressed to outstrip the Cavs' partnership with Caesars.
Will Any Other Ohio Sports Betting Venues Rival the Success of the Cavs and Caesars?
There doesn’t appear to be an immediate threat to Caesars’ Ohio retail sports betting throne. That’s largely because they don’t yet have a ton of rivals.
Fanatics’ NHL and MLB operations will need to pick up the rate at which they earn if they’re going to claim the top spot next year. Another Ohio retail sportsbook has already closed down. SuperBook Sports attempted to bankroll a location in partnership with FC Cincinnati of MLS. The location ended up not being much of a moneymaker.
The BetMGM Sportsbook in Cincinnati is also apparently on the bubble. Their location is based around the MLB’s Cincinnati Reds, and the initial returns have been underwhelming.
It’s also tough to figure out whether Ohio retail sports betting is a growth industry. Most legal bets in the United States are processed online these days. The imminent launch of ESPN Bet in Ohio will likely make it even hard for retail locations to keep pace.
To that end, any threat to Caesars’ Ohio retail sports betting throne likely lies in the NFL. The Cleveland Browns are reportedly trying to bring a Bally Bet Sportsbook to Cleveland Browns Stadium. Though the NFL season only guarantees them nine home games per year, football is the most popular sport in the United States. Bally and the Browns would likely rival, if not, exceed the success of Caesars inside Rocket Mortgage FieldHouse.
However, there’s no guarantee the Browns are successful in bringing a Bally Bet Sportsbook to the market. So, for now, retail sports betting in Ohio looks like it’ll continue to be dominated by Caesars and the Cavaliers.
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