With August 2023 representing the 30th straight month of year-over-year increase, the commercial gambling market in the United States is on an unheard-of winning streak. The American Gaming Association (AGA) has studied data obtained from state regulators and found some outstanding numbers for the sector.
The gaming business has continued to prosper, as seen by the significant 4.9% increase in revenue for August 2023 over the same month last year. For an astounding 12 months straight, the aggregate income from offline and online casino games, sports betting, and iGaming has topped $5 billion, totaling $5.14 billion.
On Course for a Record Year
It is clear from the data from the first eight months of 2023 that the U.S. gaming sector is on track to have a third straight record year. Through August, the industry’s sales had accumulated a whopping $43.15 billion, an amazing 10.4% more than the same period last year.
17 of the 33 commercial gaming jurisdictions operating at the state level as of one year ago and reporting gaming revenue increases as of August 2022. Only six jurisdictions are still somewhat behind their gaming income pace from the same period in 2022 after the first eight months of 2023. These states include Mississippi (-3.7%), Florida (-0.9%), Indiana (-1.2%), Iowa (-0.5%), and the District of Columbia (-0.7%).
While land-based gaming income has had a more moderate 1.1% average growth rate since March, internet gaming’s explosive increase is largely responsible for the total gain. Revenue from land-based gaming, which includes casino slots, table games, and retail sports betting, climbed by 0.8% in August compared to the same month last year. On the other hand, income from online gaming increased by an amazing 24.6%.
The recent legalization of online sports betting in states like Kansas, Maryland, Massachusetts, and Ohio, together with the steady rise of iGaming in the six states where it is permitted, are both responsible for the astounding increase in online gaming income.
Traditional casino slot machines and table games brought in $4.06 billion in total revenue in August, a 1.1% rise from the same month last year. In particular, slot machine income increased by 1.0% to $2.95 billion, while table game revenue increased by 1.7% to $822.4 million.
Due to a summertime slump in the sports calendar, monthly sports betting handle in August was relatively constrained despite a significant year-over-year growth of 36.1%. However, operators reported $583.1 million in revenue, an increase of 21.2% over August of the previous year. Expanding into additional states and introducing online sports betting in Maryland since the previous year are two factors that have contributed to this increase. With these additional markets excluded, sports betting revenue increased 1.7% from August 2022.
With a stunning gain of 23.4% from the previous year, the aggregate income from iGaming operations in Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia reached $495.8 million in August. Except for Delaware, every legal iGaming market recorded yearly increase. Revenue from online gambling has reached $3.94 billion so far this year, a significant rise of 22.7% over the same time in 2022.
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