This is a new Q1 record, nearly matching the all-time quarterly record, which was set in Q4 2021 ($14.35bn).
Total commercial gaming revenue for Q1 2022 increased nearly 29% year-over-year, as 32 of the 34 jurisdictions that offer commercial gaming surpassed Q1 revenue from last year. Three of the 34 set quarterly records, including Arkansas recording $147.4m, Florida, $182.0m and New York at $996.6m.
The strong start to the year was punctuated by March’s revenue performance of $5.31 billion. The month marked the highest-grossing revenue month in industry history.
“Consumers continue to seek out gamin entertainment options in record numbers,” said AGA president and CEO Bill Miller.
“Q1’s strong results build on the industry’s record year in 2021 despite continued headwinds from supply chain constraints, labour shortages, and the impact of soaring inflation.”
Land-based gaming also showed growth despite the traditional ‘seasonal slowdown’.
Breaking revenue down by vertical, slot games recorded the highest Q1 at $8.2bn, up 19.4% since Q1 2021. Table games also experienced a 4.72% increase to $2.38bn, sports betting increased 64.6% to $1.58bn, and igaming was up 53.9% to $1.21bn.
“Four years post-PASPA, legal sports betting’s success is proving what we’ve known all along: American consumers are eager to wager within the protections of the regulated market,” Miller added. “It also reinforces the need to stamp out offshore, illegal operators who prey on vulnerable customers.”
This comes after AGA announced the newly released ‘State of the States 2022’ report. The report explores the industry’s development since the 2021 pandemic, highlighting the economic and regulatory growth in US commercial gaming.
Miller said the report showed that the “industry’s success goes beyond the bottom line and into communities across the country. The record state and local tax contributions fund vital services from infrastructure and education to healthcare and emergency services.”
The report highlighted 2021’s new annual record for commercial gaming, reaching $53bn – a 21.5% increase from the previous high in 2019. Operations generated a record $11.7bn in direct gaming tax revenue paid to state and local governments, which is up 75% from 2020.
The Las Vegas Strip maintained its top spot for commercial gaming markets, generating over $7bn in revenue year-on-year. It was closely followed by Atlantic City, Chicagoland and Baltimore-Washington D.C.
Original article: https://igamingbusiness.com/us-records-highest-ever-q1-commercial-gaming-revenue/
