The American Gaming Association (AGA) has unveiled compelling data showcasing the robust state of the US commercial gaming industry. In a remarkable achievement, October emerged as the second-best month for commercial gaming revenue on record, falling only behind March 2022. The sector’s remarkable growth is further underscored by significant year-over-year increases in gross gaming revenue (GGR), a thriving sports betting market, and a standout performance in the third quarter of 2022.
Sustained Growth and Milestones:
With October’s commercial gaming revenue reaching an impressive $5.29 billion, the industry solidified its position as a major contributor to the US economy. This figure ranks closely behind the peak of $5.35 billion recorded in March 2022. The 10.5 percent increase in GGR compared to October 2021 marked the 20th consecutive month of year-over-year growth—a remarkable streak of resilience and expansion. Notably, the year-to-date commercial gaming revenue reached $49.85 billion, indicating a noteworthy 14.7 percent surge.
Broad-Based Revenue Growth:
The AGA’s comprehensive tracker unveiled a remarkable trend of revenue growth across all verticals. Notably, both slot and table games combined to establish a new monthly revenue record, highlighting the diverse attractions within the gaming landscape. Among the contributors, slots stood out with revenue totaling $2.91 billion, registering a 2.4 percent increase. Meanwhile, table games revenue demonstrated its strength with a 1.9 percent growth, amounting to $846.9 million.
The Ascendant Sports Betting Segment:
Sports betting emerged as a star performer, boasting the most substantial year-on-year increase. Benefitting from three new markets in comparison to 2021, sports betting generated a remarkable revenue of $804.7 million—a staggering 77.7 percent upsurge. This impressive growth is mirrored in the $9.07 billion in wagers placed, underscoring the sector’s surging popularity and profitability.
Record-Setting Third Quarter:
The third quarter of 2022 demonstrated the commercial gaming industry’s remarkable resilience and continued growth trajectory. Quarterly commercial gaming revenue surged to a record-setting $15.17 billion, marking a significant 2 percent increase over the previous quarter’s all-time high of $14.81 billion in Q2 2022. The industry’s performance outpaced the broader US economy, boasting an 8.8 percent year-on-year growth rate, surpassing the general economy’s 2.6 percent.
World Cup Wagering Insight:
The AGA’s inaugural World Cup wagering survey provided a fascinating glimpse into American adults’ betting preferences. A noteworthy 20.5 million adults, equivalent to 8 percent of the population, expressed intentions to collectively wager a substantial $1.8 billion on the 2022 FIFA World Cup. Distinguishing itself from other major events, a remarkable 72 percent of participants indicated plans to engage in traditional bets, either through online platforms, bookies, or physical sportsbooks.
The remarkable achievements and continuous growth of the US commercial gaming industry underscore its vitality and enduring appeal. From record-setting months to thriving sports betting markets and substantial year-over-year gains, the industry’s resounding success reflects its pivotal role in the nation’s economic landscape. As the sector evolves and embraces new opportunities, its capacity to provide unparalleled entertainment experiences and contribute significantly to the US economy remains firmly established.