According to the American Gaming Association, there will be a record gambling revenue in 2023 for the United States gambling industry.
Perhaps not completely surprising considering the legal changes made to gambling regulations across several states in previous years. However. this does indeed represent significant progress for the American markets.
At the time of writing, more than 30 states have passed legislation to enable sports betting; however, each specific state has its regulations for various types of gambling.
In the third quarter of the fiscal year, the commercial gambling sector in the United States realized a revenue of $16.17 billion. This is indicating a 6.1% upswing compared to the corresponding quarter of the previous year.
Notably, this quarter marks the eleventh consecutive period of revenue growth and stands out as the most lucrative third quarter in the history of the American gambling industry.
Throughout the quarter, all sectors within the gaming industry exhibited growth. Land-based casinos and iGaming were achieving unprecedented records for a single quarter.
However, the pace of this growth experienced a deceleration for the second consecutive quarter, attributed to the challenge of surpassing the already robust figures recorded in the preceding year.
Nevada experienced a 2.9% year-on-year upswing in gaming revenue, totaling $3.88 billion. This notable increase was propelled by a record-setting quarter for the renowned casinos on the Las Vegas Strip, contributing a significant $741.2 million to the overall revenue.
Bill Miller is the President and Chief Executive Officer of the American Gaming Association. He expressed satisfaction with the record-breaking figures documented by the association’s Commercial Gaming Revenue Tracker.
This analytical tool furnishes comprehensive, state-by-state insights into the financial performance of the American gaming industry.
As of the conclusion of the third quarter: 35 states hosted operational commercial gaming markets encompassing legal casino gaming, sports betting, or online gaming. Additionally, the District of Columbia featured an operational commercial gaming market.
Miller wanted to underline this sector’s importance in aiding the American economy. He states that the industry provides “strong economic contributions that help communities all around the country as it provides increased tax revenue and jobs for “millions of Americans.”
State and local governments in states that have operational commercial gaming markets gaming received an estimated $3.43 billion in taxes. These were tied directly to gaming revenue. This figure represents an increase of 4.7% compared to last year.
Bill Miller also revealed that players in America “continue to migrate” towards legal and regulated sports betting and gaming options. “This sustained demand only reinforces the need for federal and state enforcement against illegal offshore operators,” the American Gaming Association CEO concluded.