Casino Revenue Booms According To Latest AGA ReportsSports Betting Expansion Continues To Boost Numbers |
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The commercial casino industry continues to roar back from the pandemic, according to the latest quarterly report from the American Gaming Association (AGA). The report detailed $16.3 billion in total gaming revenue, an increase of 6.7% compared to the same period in 2022.
These numbers made the period the highest-grossing third quarter ever and second-best quarter overall ever for commercial operators (the report doesn’t include tribal gaming). The numbers show the massive growth that continues in the industry and was the 11th consecutive quarter of year-over-year growth.
Revenues Continue Climbing
The industry’s growth continues to be aided by casino expansion and the growth of sports betting across the country. Kentucky sports betting went live in the third quarter and new casinos opened in Illinois and South Dakota. Sports betting also launched in Maryland (online expansion), Massachusetts, Nebraska (live betting), and Ohio.
Overall, quarterly gaming revenue grew year over year across all gaming types including slots, table games, retail sports betting, and online gaming (casino, poker, and sports betting). Those totals include single-quarter records for land-based and online gaming. Total land-based gaming saw a boost in growth rate as well from 0.9% in the second quarter to 1.6% in the third, up to $12.6 billion.
While iGaming’s rate of growth slowed, the segment still remained high at 29.9% in the third quarter from 44.4% in the second quarter. Online sports betting and online gaming combined revenue reached $3.5 billion. That was 22.2% of total commercial gaming revenue, still the lowest share since the same period in 2022.
Year-to-date numbers also proved rosy. Total revenue for the first nine months stood at $48.8 billion, 10.1% above the third quarter of 2022.
“Even with potential softer Q4 revenue this year, 2023 is poised to become the third consecutive record-breaking year for the commercial gaming industry,” the AGA reports.
New Jersey, Nevada See Record Numbers
A few other aspects show the industry’s growth. Among the country’s 33 commercial gaming states, 18 saw third quarter revenue increases from 2022. Of those, five set new single-quarter records.
Nevada and New Jersey, the country’s largest commercial gaming markets, particularly stood out. Nevada revenue rose 2.9% year over year to $3.9 billion. Casinos on the Las Vegas Strip led the growth along with a record-breaking quarter of $741.2 million.
New Jersey also saw the state’s highest-ever gaming win of just under $1.6 billion, rising 8.6% from the same quarter in 2022. This included new quarterly highs for iGaming ($469.6 million) and sports betting ($268.2 million). Atlantic City’s casinos also brought in the second-best quarter ever for land-based slot machines and table games at $816.8 million.
Sports betting produced huge revenue for the industry overall, with $2.2 billion for the third quarter. That was an increase of 22.8% from the third quarter of 2022. The addition of Maryland, Massachusetts, Nebraska, and Ohio supplemented the numbers. Maine also recently launched sports betting as well.
With other states also considering sports betting, such as Minnesota, Mississippi, and Oklahoma, sports wagering will continue to grow even more in the coming years.
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