The US gaming industry is experiencing unprecedented growth and innovation. Bill Miller, President and CEO of the American Gaming Association (AGA), announced that 2024 marks the fourth consecutive year of record-breaking gross gaming revenue (GGR). With profits up 7% through October and likely to surpass the $67 billion mark set in 2023, the industry continues to push its boundaries.
Online Gaming and Sports Betting Drive Growth
Miller attributes this remarkable success to the expansion of online gaming and sports betting, which have been pivotal in attracting new demographics. Despite economic challenges, physical casinos have shown resilience, contributing to the stability and growth of the entire industry. These trends have solidified gaming’s role in the US economy by generating substantial tax revenue, creating jobs, and boosting tourism.
The legalization of sports betting, following the Supreme Court’s 2018 decision, has been a game-changer. Now legal in nearly 40 states and Washington DC, sports betting has attracted a younger audience, reducing the average age of casino visitors from 50 to 42. The combination of sports, gaming, and entertainment has fostered new ideas, leading to more immersive and engaging experiences for players.
Miller is optimistic about the future, predicting continued synergy between sports and gaming that will drive growth across various sectors. Additionally, the AGA aims to combat illegal offshore gambling to ensure a fair and regulated market for all participants.
Bipartisan Support Strengthens Industry Expansion
One key factor behind the industry’s sustained success is its broad appeal across the political spectrum. Recent AGA studies indicate strong bipartisan support for legal gambling, highlighting its positive impact on communities, including economic benefits and increased entertainment options.
Miller expressed eagerness to collaborate with federal and state governments, including Trump’s incoming administration and new members of Congress, to advance the industry’s agenda.
The AGA’s forecasts for football season betting suggest the sector is still expanding. US gamblers are projected to wager $35 billion, surpassing last year’s $26.7 billion. These figures not only demonstrate the growing popularity of sports betting but also the industry’s ability to innovate and adapt.
As the gaming landscape evolves, the AGA remains committed to promoting responsible gaming practices, which are crucial for long-term growth. With record revenues and new opportunities on the horizon, the gaming industry is poised for even greater achievements in the coming year.
