The ‘Commercial Gaming Revenue Tracker’ and ‘State of the States’ report for the first quarter of 2024, released by the American Gaming Association (AGA), provide the most recent information available on the commercial gaming industry.
The gross gaming revenue (GGR) increased by 5.6% year over year to $17.67 billion in the first quarter of 2024. March 2024 was an exceptional month, bringing in $6.09 billion, the second-highest income ever recorded by the business.
State and municipal tax revenues from gaming operations were $3.8 billion, up 4.4% from the previous year. This was a major boon to state and local governments.
Slots dominated the revenue landscape, contributing $8.86 billion, although experiencing a marginal 0.1% decline. Conversely, iGaming emerged as the fastest-growing sector, surging by 26.1%, reaching $1.98 billion, driven by recent launches like Rhode Island’s iGaming platform.
Land-Based vs. Online Gaming
While land-based gaming stagnated at 0.1% growth, online gaming witnessed a robust 19.3% surge, reaching $5.16 billion, accounting for 70.7% and 29.3% of the market share, respectively. The growth was fueled by the introduction of online sports betting in Vermont and North Carolina.
Nevada retained its position as the top revenue generator with $3.9 billion. Virginia emerged as the growth leader, experiencing a staggering 42.9% surge, followed by Massachusetts, Oregon, and Connecticut.
Despite the overall positive momentum, some states faced revenue declines, including Montana, Ohio, New Hampshire, and the District of Columbia. However, New York emerged as the sports betting revenue leader, followed by New Jersey and Ohio.
AGA President and CEO Bill Miller expressed optimism about the sector’s future, emphasizing gaming’s positive impact on job creation, entertainment, and tax revenue generation to support public projects. Miller said, “While gaming’s momentum remains strong, 2024 will be the new baseline for future growth after several years of sports betting legalization and post-pandemic consumer shifts
“As gaming expands, more communities than ever are benefiting. We are proud to create jobs across the country, provide world-class entertainment experiences that offer safe alternatives to the pervasive illegal gambling market and generate tax revenue to support critical public projects.”
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