Commercial gaming revenue in the US, combining commercially operated land-based casinos, sports betting and iGaming, reached a quarterly record of $17.67 billion in Q1 2024, the industry’s 13th consecutive quarter of growth. The figure marked a 5.6 percent increase year-over-year.
March was particularly noteworthy, with the industry recording its second-highest revenue month ever at $6.09 billion, a 1.8 percent increase compared to the previous year, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. December 2023 remains the highest-grossing month at $6.35 billion.
“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,” said AGA President and CEO Bill Miller. “Gaming’s continued growth relies on maintaining our commitment to innovation and responsibility.”
Across the country, 11 state gaming markets set new quarterly revenue records, including Pennsylvania and New York, two of the nation’s largest commercial gaming markets.
Both retail and online gaming saw annual growth in Q1 2024, though at slower rates than in previous quarters. Retail gaming accounted for 70.7 percent of total revenue while online gaming represented its largest share ever at 29.3 percent.
Quarterly revenue from land-based gaming – including casino slots, table games and retail sports betting – totaled $12.49 billion, 0.1 percent higher than Q1 2023. Revenue here was hampered by severe January weather in regional gaming markets nationwide.
Americans wagered a first-quarter record $36.86 billion on sports in Q1, generating $3.33 billion in quarterly revenue, marking a growth of over 22% year-over-year. The growth compared to Q1 2023 was in part driven by new market launches in Kentucky, Maine, North Carolina, and Vermont.
Meanwhile, iGaming grossed an all-time high of $1.98 billion in Q1, a 26.1 percent year-over-year increase bolstered by Rhode Island’s iGaming market launch in March.
The combined revenue from online sports betting and iGaming reached a new quarterly high of $5.16 billion. Online gaming made up a record 29.3% share of commercial gaming revenue in Q1.
The AGA also released its annual State of the States report, which provides state-by-state economic and regulatory analysis of U.S. commercial gaming in 2023 for policymakers, gaming stakeholders and industry observers.
Commercial gaming operators paid an estimated $3.80 billion in taxes tied directly to gaming revenue in 2023, an increase of 4.4 percent year-over-year. State of the States 2024 reports that a record $14.67 billion in direct gaming tax revenue was paid to state and local governments by commercial gaming operators last year, up 9.7 percent from 2022. This does not include the billions more paid in income, sales or other taxes.
“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,” Miller added.
Original article: https://www.yogonet.com/international/noticias/2024/05/17/72219-us-commercial-gaming-revenue-hits-quarterly-record-of-1767-billion-in-q1-2024
