US Gambling Revenue Reaches $16.1 Billion in the second quarter of 2023 mainly as a result of online growth.
The gambling industry continues to grow in the U.S. As a matter of fact, the industry recently reported its second-highest revenue quarter in history, highlighting its persistent online growth.
According to the AGA’s (American Gaming Association) CGR Tracker, US commercial gambling continued its long duration of consecutive quarterly revenue growth, reaching a Q2 record of $16.07 billion.
This indicated an 8.1% rise compared to the total US gambling revenue in the second fiscal quarter of 2022. To industry experts, this is another sign illustrating how the gambling industry continues to cement itself in the US market.
The US gaming industry yielded $32.71 billion in commercial gaming revenue in the first six months of 2023, tracking 11.9% ahead of the same time period recorded last year.
AGA estimates that the industry’s robust performance resulted in 7.28 billion in gaming tax revenue for state and local governments throughout the year’s first six months.
Being 12.9% ahead of 2022, 2023 is en route to contributing the highest tax revenue total compared to any previous year.
According to AGA CEO and president Bill Miller, the commercial gaming industry is projected to break revenue records for the third year in a row.
He also noted that the industry’s remarkable growth is having a lasting positive impact on the communities it serves.
According to AGA, land-based gaming still accounted for more than three-quarters of the commercial revenue during the period. That said, the increase in revenue from the previous year was primarily due to the vast proliferation of iGaming segments and online sports betting.
In the second fiscal quarter, revenue generated from land-based slot machines, table games, and retail sports betting totaled $12.38 billion, marking a 0.9% growth from the previous year.
This growth can primarily be linked to the expansion of regulated iGaming into new US states such as Maryland, Kansas, Ohio, and Massachusetts, which all introduced their iGaming operations throughout the past year.
The total revenue generated from online and land-based sports betting in the second fiscal quarter of 2023 amounted to $2.3 billion, representing a 56.6% growth rate compared to the previous year. Nonetheless, due to a less busy sports betting calendar, the revenue recorded in the second fiscal quarter was lower than the previous one.
Miller stated that the gaming industry’s sustained success is proof that its post-pandemic recovery was not a “fluke.” According to him, the US gaming sector is still flourishing, positively impacting the communities it serves.
He also added that AGA plans to seek more support in combatting the illegal market, promoting responsible gambling practices, and facilitating a business environment to offer world-class entertainment to gamblers across the US.