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Betting.net / American Gaming Association Announces Consecutive Eighth Record-Breaking Quarter

American Gaming Association Announces Consecutive Eighth Record-Breaking Quarter

Publish Date: June 9, 2023
Fact checked by: Jesse M Cox
Key Points
  • US iGaming marks eighth record-breaking revenue quarter
  • Mobile gambling and sports betting drive the surge
  • Covid-19 recovery fuels growth in physical casino revenue

The iGaming sector in the US continues its prosperous streak, as the American Gaming Association reveals that the country’s gambling industry has marked its eighth consecutive record-breaking quarter, racking up a gross gaming revenue surpassing $16.6 billion.

Profits increase igaming

The association’s report, encompassing the first quarter of 2023, displayed a more than 15% surge in gross gaming revenue compared to the same time frame in the preceding year. March proved particularly lucrative, registering just under $6 billion—a single-month revenue record.

Resilience in the wake of the pandemic

The report’s standout detail is that 18 out of the 35 legal commercial gaming markets in the US achieved new revenue records within the first quarter of the year.

This impressive feat spanned from Louisiana and Michigan to New York and Oregon, with the only mild disappointment being Mississippi’s inability to surpass its first-quarter figures from 2022.

The industry’s remarkable progress can largely be attributed to the burgeoning mobile gambling trend across the US. Both online sports betting and casino gaming set new revenue records for the first quarter of 2023. Although only six markets currently legalize online casino gaming, these states collectively contributed a whopping $1.48 billion in revenues—an increase of 22.7% from the previous year.

This figure, however, pales in comparison to the triumph of online sports betting throughout the country. The first quarter yielded a gross gaming revenue of $2.79 billion, reflecting a massive 70% surge from 2022.

This notable leap was primarily driven by the inclusion of new states such as Massachusetts, Kansas, and Ohio into the sports betting landscape. Ohio’s success has been particularly striking, trailing only behind New York regarding revenue.

The first quarter also saw an unprecedented $31.1 billion wagered on sports betting—an over 15% increase from the previous year—propelling 15 markets to surpass their prior year’s earnings.

Notable growth across all verticals

Each sector, whether a brick-and-mortar casino or a mobile gaming platform, exhibited remarkable growth. Physical slots and table games saw a respectable 7% revenue increase as patrons returned to casinos post the Covid-19 pandemic. States like Iowa, Illinois, and Missouri particularly benefited from this resurgence, with the MGM National Harbor in Maryland emerging as the top individual operator.

These booming figures significantly bolstered state coffers, with tax revenues witnessing a 15% spike from 2021, yielding nearly $13.5 billion for a host of community initiatives. Despite the initial impact of the pandemic, the US gaming industry is proving not just its resilience but its capability to exceed its pre-pandemic position.

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