The American Gaming Association, also known as the AGA, recently reported an interesting look at the commercial gaming revenue numbers from the month of May. Considering how the industry continues to grow with more and more players wanting to participate, it’s no surprise to see that the total gross gaming revenue has gone up by 6% annually.
Before we dive into the nitty gritty, another highly interesting stat from the report is the fact that sports betting has seen an impressive rise of 65% for the year. Not only is it showing a crazy growth spurt, but sports betting has overtaken the value of table games on the US gambling market.
An Insight into the Financial Performance
The AGA report is able to give us a state-by-state revenue tracker and a great insight into how the US gaming industries financial performance from the month of May of this year.
To reach the 6% increase in revenue, the commercial gaming industry had to reach as high as $5.49 billion. It clearly did according to the numbers reported to and by the AGA.
27 Months and Counting
All industries took a dive during the rough covid years but since then, there has been a growth in an impressive 27 consecutive months. Wow! This is more proof of how the market just keeps getting stronger and stronger.
I’m interested to see how long these numbers will increase before flattening out a bit.
Another Record Setting Pace
Not only did the numbers go up in May, This entire year is already as much as 12.4% ahead of 2022’s record setting pace. The total during these first 5 months of 2023 reached $27.59 billion.
Land-Based Gambling is Falling Behind
Despite the total industry revenue going up, most of it has to do with the power that’s online gambling. In fact, land-based gambling shows a drop of 0.6% compared to 2022.
There’s no questioning the popularity of playing online, in your own comfort or on the move.
More States Follow Suit
Looking at the impressive numbers presented, we have to remember that another difference maker has been the new states that have legalized sports betting this year.
There’s also the fact that new markets have also opened up for online gaming, giving the numbers a nice and firm push.
Slot and Table Games Are Better Online
Slots and table games are casino royalty and still highly popular among players. With that being said, the online version of slots and table games are performing slightly better than their land-based siblings.
Year-to-date through May, the combined revenue from casino slot machines and table games reached $20.50 billion, surpassing last year’s pace by 4.1 percent.
Sports Betting is Taking Over
If we move our attention to sports betting, land-based and online betting combined generated as much as $864.1 million in commercial revenue. Compared to May 2022, this is a very healthy increase of 41.5%.
As a side note, two of the newest sports betting markets are Ohio and Massachusetts. It’s impressive to see that both of them placed in the top 5 among states with the highest-grossing sports betting.
Expect More To Come
As impressive as these reported numbers are, I believe the industry is far from being done growing. Will the streak of 27 consecutive months of increasing numbers continue and if so, for how long?
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The numbers speak for themselves and it’s hard to be impressed. Considering there are still way too many states that still haven’t gotten onboard the choo-choo train of the gambling industry, the ride of success will continue.
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