Online gambling keeps growing
US commercial gaming revenue continues to set new records, reaching a new high mark of $66.5bn in 2023. The American Gaming Association (AGA) data shows a year-on-year increase of 10%, the third consecutive year gaming revenue reached a new high.
The biggest growth segment was sports betting, with gross gaming revenue (GGR) up 45% to nearly $11bn. It passed land-based table games as the second highest-grossing vertical.
online gambling is driving significant growth
Another noteworthy result was iGaming with $6.2bn GGR and a 23% increase. Online gambling is driving significant growth and accounted for about one-quarter of the total gross gaming revenue last year. Slot machines still rule the roost after producing $35.5bn for operators in 2023, marking a rise of almost 4%.
No end in sight
The strong performance of commercial gambling in the US doesn’t look like it is slowing down any time soon. The Q4 total of $17.4bn and the $6.2bn December revenue were both new records for quarterly and monthly metrics.
The Las Vegas Strip is still the best-performing commercial casino market in the country, experiencing bigger year-on-year gains than any other region. Atlantic City is next on the list, followed by Chicagoland. A dozen of the top 20 commercial casino markets enjoyed revenue growth in 2023.
Looking to the future
The success of commercial gambling is also very beneficial for both local and state governments. The sector generated about $14.4bn in direct taxes last year, not including the money that comes from corporate taxes, payroll, sales, and income.
demand from adult Americans is at an all-time high
Talking about the continuing success of the sector, AGA CEO and President Bill Miller noted that the demand from adult Americans is at an all-time high. To continue the momentum, Miller believes that it will require “unified industry efforts around combating pernicious illegal operators and growing responsible gambling efforts in tandem with the growth of the legal market.”