This represented an 8.1% increase from the total US gaming revenue recorded in Q2 2022 and is the second-highest grossing quarter in industry history, with only Q1 this year reporting a higher figure.
Overall, the US gambling industry generated $32.71bn in commercial gaming revenue for the six-month period, up 11.9% from last year.
AGA estimated the results led to $7.28bn in gaming tax revenue for state and local governments, a 12.9% increase from 2022. The trade body highlighted the industry is on track to contribute the highest total in tax revenue it has done in its history.
“While commercial gaming is on track for an unprecedented third consecutive year of record revenue, the lasting impact we’re making on our communities through this record growth is even more impressive,” said AGA president and CEO Bill Miller.
Online gaming drives US gaming revenue growth in Q2
AGA highlighted land-based gaming continued to account for over three-quarters of the total commercial revenue during the period. However, the growth compared to the previous year was driven largely by growth in the online sports betting and igaming segments.
Q2 revenue from land-based slots, table games and retail sports betting stood at $12.38bn, up 0.9% from 2022. This compared to the 43.1% reported in the online gaming segment, rising to $3.68bn.
The expansion of regulated online gambling to new states principally drove the increase. Within the last year Kansas, Maryland, Massachusetts and Ohio all launched online gaming.
Lighter sports betting calendar pushes OSB results below Q1
In Q2 2023, combined online and land-based sports betting revenue ran to $2.3bn. This represents a 56.6% year-on-year increase from the previous year. However, a lighter sports betting calendar pushed revenue in Q2 below the previous quarter’s.
Meanwhile online casino reported a relatively more modest 22.5% rise in revenue, totalling $1.48bn.
“These results are a clear indication that our post-pandemic recovery wasn’t a fluke: the gaming sector continues to thrive and when we do well our communities do well,” said Miller.
“To sustain this momentum, the AGA will continue enlisting more allies in our fight against the illegal market, bolstering responsible gaming and building a business environment that allows our innovative industry to bring world-class entertainment to adults across America.”
Original article: https://igamingbusiness.com/finance/quarterly-results/online-growth-drives-us-gaming-revenue-to-record-16-1bn/
