Q2 2023 broke prior records for the US commercial gambling market, marking a historic 10th straight quarter of growth. The American Gaming Association (AGA) reported record Q2 revenue of $16.07 billion, representing an 8.1% increase over the same time in 2022. This accomplishment solidifies the industry’s rising trend, making it the second-highest earning quarter in the industry’s history.
The US gambling landscape has portrayed a striking image of resiliency and development, echoing the industry’s vigor. Notably, sales increased 11.9% year on year in the second quarter, totaling $32.71 billion for the six-month period. The financial windfall extends beyond business coffers, with state and local governments benefiting from a 12.9% rise in gaming tax income, a $7.28 billion boost from 2022.
AGA President and CEO Bill Miller expressed profound satisfaction with the sector’s performance: “While commercial gaming is on track for an unprecedented third consecutive year of record revenue, the lasting impact we’re making on our communities through this record growth is even more impressive.”
As online gaming rises to the forefront of income generation, the industry landscape is undergoing a metamorphic transition. While traditional land-based gaming continues to contribute significantly, the game-changer is the booming online sports betting and igaming segments. The online gaming domain increased by 43.1% year on year in Q2, reaching a record $3.68 billion in revenue. The growth of legal internet gambling to additional states, such as Kansas, Maryland, Massachusetts, and Ohio, is primarily driving this paradigm change.
The landscape of sports betting, a throbbing element of the US gambling business, has undergone a seismic transformation. The sector’s pace is evident, with total online and land-based sports betting revenue surging to $2.3 billion in Q2 2023, a noteworthy 56.6% rise from the previous year. Despite this, a lighter sports betting schedule impacted Q2 revenue, which fell slightly short of the previous quarter’s strong performance.
In parallel with the staggering surge in online sports betting, online casinos have emerged as another powerful revenue generator. An impressive 22.5% rise in revenue, amounting to $1.48 billion, solidifies the online casino segment as a significant player within the industry’s narrative.
The AGA’s proactive stance in countering the illegal market and fostering responsible gaming has been pivotal in nurturing the industry’s upward trajectory. AGA President and CEO Bill Miller reiterated, “To sustain this momentum, the AGA will continue enlisting more allies in our fight against the illegal market, bolstering responsible gaming, and building a business environment that allows our innovative industry to bring world-class entertainment to adults across America.”
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