American gamers contributed to a significant 33% increase in betting volumes over the previous year, according to the American Gaming Association’s (AGA) most recent study, which revealed an astounding rise in the US gaming business. The gaming industry is seeing tremendous success, but certain industries are more successful than others, which is influencing the outlook for what may turn out to be a historic year.
With $5.62 billion in sales in October alone, the US commercial gaming industry had a notable 5.9% gain in revenue over the same time in 2022. With this accomplishment, October is now the third highest-grossing month in US gaming history, having grown for 32 straight months year over year.
With $54.40 billion in cumulative sales through October, the revenue total for 2021 has already been achieved, despite a little slowing related to post-pandemic recovery normalization in the brick-and-mortar vertical. 2023 is expected to surpass all previous record-breaking years in terms of revenue.
Revenue Trends and Segment Performances
October revenue generation data showed a steady trend, with land-based gaming seeing a little 2.2% year-over-year decline to $3.95 billion. On the other hand, the astounding 34.4% increase in online gaming income to $533.6 billion was driven by the legalization of online sports betting in a number of states, including Ohio, Kansas, Kentucky, Maryland, and Massachusetts.
October was a big month for sports betting, as it broke the record with a handle of $12.16 billion, up a whopping 25.5% from the same month in 2022. With $8.33 billion in sales so far this year, it has already surpassed the $7.18 billion in revenue for the entire year of 2022.
With $91.98 billion in handle so far this year, the sports betting sector is well-positioned to easily surpass the $100 billion mark in yearly handle of sports betting before the end of the year. This number may rise to new heights if prospective US states like Florida, Texas, and California allow gambling, indicating a bright future for the sports betting industry.
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