The American Gaming Association celebrated the US gambling industry celebrating an eighth consecutive quarter of record-breaking numbers as March’s month-end record tipped revenues over $16.6bn in Q1.
The AGA’s Tracker Commercial Gaming for Q1 shows that the GGR of the gaming industry has grown by 15.5% over the past year, with each vertical showing improvement compared to Q1 2022.
Not only did Q1 deliver a record performance, but March’s GGR set a new monthly revenue record of over $10bn.
Bill Miller , AGA’s President and CEO, said that the US gaming industry had never been stronger.
The American adults are still choosing gaming as their number one entertainment option.
Ohio joins the party to bring in record-breaking sports betting
AGA reported that sports bettors wagered $31.1bn, a record amount. This generated $2.79bn of revenue for operators in Q1, a 70.1% increase YoY. This was primarily due to launches in Kansas Massachusetts and Ohio. Maryland’s launch online would also have played a role.
In Q1 2022, the number of sports betting markets increased from 26 to 15, including three new markets.
The online casino industry continues to grow strongly, as operators generated GGR in the amount of $1.48bn, an increase of 22.7% year-on-year, during the third quarter.
Online sales are increasing, but land-based remains the king
AGA stated that the total gaming revenue for these verticals reached $4bn. This is a record for revenues. While land-based venues and retail outlets accounted for 75.3% all gaming revenue during the third quarter.
The land-based casino industry has a strong financial position despite the tough economic climate and high interest rates that are affecting consumers’ purchasing power.
The AGA also published the State of the States Report for the last year. This report details the tax payments made by operators to state and local government, which reached $13,48bn in 2018, up 15.3% on 2021.
Miller concluded, “As the largest taxpayer in the United States, we know when gaming is successful that our communities are also successful.”
“Our industry, beyond its significant tax contributions and support of local charities, is deeply rooted in the local community, creating jobs, supporting local nonprofits and charities, and setting a standard for corporate responsibility.”
