Friday, April 12, 2024
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US commercial gaming revenue hits another record in 2023

U.S. commercial gaming revenue reached an annual record of $66.5 billion in 2023, according to the American Gaming Association’s Commercial Gaming Revenue Tracker. The total surpasses 2022’s previous high of $60.5 billion by 10%, marking the industry’s third-straight record revenue year.

The year was punctuated by all-time high quarterly revenue of $17.4 billion in Q4 2023, anchored by $6.2 billion in revenue in December, the highest grossing month in industry history.

“From the traditional casino experience to online options, American adults’ demand for gaming is at an all-time high,” said AGA President and CEO Bill Miller. “Sustaining our momentum will take unified industry efforts around combating pernicious illegal operators and growing responsible gambling efforts in tandem with the growth of the legal market—both of which the AGA is committed to lead on throughout 2024.”

The commercial gaming industry continues to evolve, with online gaming making up nearly one-quarter (24.7%) of nationwide commercial gaming revenue in 2023, a new annual high. Looking at each sector:

– Traditional Gaming: Brick-and-mortar casino slots and table games grossed a record $49.4 billion in 2023, up 3.3% over 2022. On a state level, 19 out of 27 traditional gaming markets saw record annual revenue.
– Sports Betting: In 2023, sports betting achieved new records for handle ($119.8B) and sportsbook revenue ($10.9B), up 27.8% and 44.5% respectively. This growth was largely fueled by continued maturation across most existing markets as well as several new markets, particularly in Massachusetts and Ohio.
– iGaming: 2023 online casino revenue grew 22.9% year-over-year to $6.2 billion in the six states with full-scale legal iGaming.

In 2023, 12 of the top 20 commercial casino gaming markets reported revenue growth compared to the previous year, with the top market—the Las Vegas Strip—seeing the strongest year-over-year gains. New Jersey maintained its spot as the second-highest grossing market, while Chicagoland (third) flipped rankings with the Baltimore-Washington, D.C. market (fourth) and Mississippi Gulf Coast (fifth) rounded out the top five.

The commercial gaming industry also contributed more to state and local governments’ coffers than ever in 2023. Throughout the year, commercial gaming operators paid an estimated $14.4 billion in direct gaming revenue taxes, an increase of 9.7% year-over-year. The industry also contributes billions of additional tax dollars to states each year in the form of income, sales, payroll and various other corporate taxes.

“Gaming’s success translates directly to the success of the states, cities and towns in which we operate,” continued Miller. “We are proud to be in 47 U.S. jurisdictions, acting as economic drivers, creating jobs and providing the funding that makes critical public education programs, infrastructure projects, problem gambling resources and more possible.”

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