Recently published data from the American Gaming Association has revealed that the commercial gaming industry in the US enjoyed a revenue growth of 6% this May compared to the same month last year.
May 2023 saw the industry taking in $5.49 billion in revenues taken from casino gaming and sports betting, and it makes it the 27th month in a row where there has been growth.
As such, it seems as though the commercial gaming industry is finally starting to shake off the effects of the recent pandemic. This is something seen in the remarkable figures produced by the first half of 2023 alone.
From January to May 2023, the revenues earned from commercial gaming were already well over 12% over what they were in 2022 to produce a total in excess of $27 billion. While May’s figures were just a shade less than the record-breaking revenues enjoyed in March 2023, they continue to define a positive trend of the commercial gaming industry.
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What’s driving the growth in commercial gaming revenues?
While land-based casinos have benefited from the return of customers after the lockdowns, such physical gaming outlets actually suffered a modest reduction of 0.6% in revenues in May 2023.
Instead, it was online gaming that brought in the record figures. This saw a massive increase in excess of 43% compared to the same time last year. The arrival of newly legalized sports betting sites such as Massachusetts,
Maryland, Kansas and Ohio has pushed revenues into uncharted territory.
As such, there is a noticeable trend towards sports betting, and physical and online sportsbooks managed to produce over $864 million in revenues across 28 states in May.
Such figures represent an increase of over 41% compared to the same month last year, and the numbers would have been even more impressive had Arizona managed to report its monthly revenues in time.
Much of this is down to the two populous states of Ohio and Massachusetts finally entering the realm of legal online sports betting, and they are now in the top-five performing states in the US.
The upward trend looks to continue throughout 2023, as sports betting was already up by nearly 65% as of May, and there has been over $4.5 billion recorded in revenues so far.
The six states with legal online casino gaming also saw positive revenue trends. From January to May 2023, the states of Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia took in online casino revenues of over $497 million. This represents an increase of over 22% compared to 2023.
Of those states that saw a reduction in their overall commercial gaming monthly revenues, it was largely the likes of Missouri and Louisiana who traditionally depend on their physical casino outlets.
While it’s still too early to read into these trends, it shows that
legal sports betting
and online casino gaming could be helping the industry find new revenue streams throughout 2023 and beyond.
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