U.S. commercial gaming revenue has reached a new quarterly record of $15.17 billion in Q3, according to the American Gaming Association‘s (AGA) Commercial Gaming Revenue Tracker. The all-time high beats the previous record, $14.81 billion in Q2 2022, by two percent.
Through the first nine months of the year, 2022 is on pace to surpass 2021 as the highest-grossing commercial gaming revenue year ever, tracking 14.7% ahead of the same period last year, and already surpassing full-year revenue for pre-pandemic 2019.
“While business challenges remain, high consumer demand continues to fuel our industry’s record success,” said AGA President and CEO Bill Miller. “Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”
Commercial gaming’s year-over-year growth rate in Q3 of 8.8% outperformed the broader U.S. economy’s growth rate in the quarter, which was 2.6 %, the association highlighted. U.S. commercial gaming revenue has now topped $15 billion for the first time in a quarter, despite the quarter having two fewer weekend days than last year.
“Despite macroeconomic pressure and tough year-over-year comparisons, consumer spending on gaming entertainment was resilient, keeping the industry on course for a second consecutive record-breaking year,” AGA highlighted in its Commercial Gaming Revenue Tracker.
Gaming revenue grew year-over-year across all verticals, with all but iGaming posting new records. Land-based slots and table games continue to be the foundation for the industry’s revenue growth, generating a record $12.27 billion in Q3 — up 1.8% from Q3 2021. Combined year-to-date revenue for the verticals stands at $35.94 billion, up 8.1% year-over-year.
Due to a high sportsbook win percentage and solid growth in existing markets, sports betting also set a new quarterly revenue record of $1.68 billion, up 80.6% year-over-year. Sports betting revenue through September has already reached an all-time annual high of $4.78 billion, beating 2021’s full-year record of $4.34 billion.
iGaming revenue of $1.21 billion fell less than 1% short of a new quarterly record. With $3.62 billion generated in online gaming revenue through September, the vertical remains on pace to join slots, table games and sports betting in posting record revenue in 2022, noted AGA.
Out of 33 commercial gaming states that were operational one year ago, 16 reported quarterly highs in overall commercial gaming revenue in Q3, including five of the six largest markets: Indiana, Michigan, Nevada, New York and Pennsylvania.
Also significant, Q3 land-based gaming revenue was helped by the launch of commercial casino gaming in two new states. Virginia became America’s 26th state when commercial land-based casino gaming began at Hard Rock Bristol on July 8. And on September 24, Nebraska became the 27th such market with the debut of slot gaming at WarHorse Casino in Lincoln.
“After three very strong quarters, 2022 will almost certainly be gaming’s strongest year ever,” AGA said. Through September, nearly all states remain on track to exceed 2021 revenue totals, with only three jurisdictions trailing last-year’s performance through Q3: Washington, D.C. (-20.1%), Mississippi (-3.4%) and South Dakota (-1.0%).
Original article: https://www.yogonet.com/international/news/2022/11/10/64981-us-commercial-gaming-sets-new-record-in-q3-with-revenue-topping–15b-for-a-first-time
