Gamblers in america misplaced $17.63 billion through the second quarter enjoying at industrial casinos, iGaming web sites, and betting on sports activities.
The Las Vegas Strip wanting south previous Paris and Planet Hollywood. The Strip, iGaming, and sports activities betting fueled the U.S. gaming business to all-time highs through the second quarter of 2024. (Picture: iStock)
The American Gaming Affiliation (AGA) studies that gross gaming income within the 37 states and Washington, D.C. the place some type of industrial gaming is allowed totaled $17.63 billion. That marks an almost 9% achieve on the identical quarter in 2023 and represents the richest second quarter ever for the U.S. industrial gaming business.
Q2 of 2024 was the industrial gaming business’s 14th consecutive development quarter. Twenty-four of the industrial gaming jurisdictions skilled year-over-year quarterly development.
iGaming within the seven states the place on-line on line casino slots and desk video games are permitted reached a file $1.98 billion, a 26% enhance that was helped by Rhode Island’s iGaming market introduction in March.
Sports activities betting final yr expanded into Kentucky, Maine, North Carolina, and Vermont, which propelled oddsmakers to extend their maintain to $3.16 billion, a 35% surge. Nationwide, industrial oddsmakers fielded roughly $31.75 billion in bets.
Legacy gaming, or playing inside casinos, noticed gross income inch upwards 1.8% to $12.49 billion. That small achieve got here regardless of new casinos opening in a number of states.
Conventional Gaming Development, Considerations
Whereas sports activities betting continues to dominate the gaming business information cycle, and several other states are mulling whether or not to authorize iGaming, a gaming vertical that delivers significantly extra tax income than sports activities playing, the AGA says features have been made in conventional play through the April by June interval.
“Whereas sports activities betting and iGaming continued to drive total business income development within the second quarter, new brick-and-mortar property openings in Illinois, Nebraska, and Virginia additionally led to rising conventional industrial gaming income,” stated AGA Vice President of Analysis David Forman.
Forman cautioned, nonetheless, that the retail gaming business is searching for income slowdowns in sure markets. Ongoing larger prices for day by day requirements have been blamed for lowered shopper spending on nonessential items and leisure like on line casino playing.
Throughout the nation, land-based gaming markets are seeing blended year-over-year comparisons on account of slower shopper spending economy-wide, which can proceed to be an element by the rest of 2024,” Forman stated.
The Louisiana Gaming Management Board yesterday revealed that in-person on line casino income fell 6% in July. Gross income at Illinois casinos slid virtually 2% and Virginia on line casino win dropped 3%.
In New Jersey, the second richest gaming state behind Nevada, Atlantic Metropolis’s 9 casinos stated in-person play fell greater than 6%.
Yr-to-Date Development
By way of six months, the AGA says complete gross gaming win was simply shy of $35.5 billion, up about 8% from the six months in 2023.
Sports activities betting win jumped 29% to $6.67 billion and iGaming operators received $3.95 billion, virtually 26% richer. Retail on line casino gaming income was up 1.1% to $24.83 billion.
Business gaming income final yr totaled a file $66.5 billion. It marked the business’s third consecutive yearly file.
The AGA is the nationwide commerce group that represents the pursuits of economic and tribal gaming within the nation’s capital and throughout state governments. The foyer works to foster insurance policies and enterprise environments the place authorized, regulated gaming thrives.
The AGA opposes offshore web sites that facilitate unlawful iGaming and sports activities betting and is campaigning in states the place controversial gray gaming machines labeled “ability video games” function, most particularly in Pennsylvania, Virginia, Kentucky, Missouri, and Illinois.
The AGA’s quarterly income report doesn’t embrace income from tribal casinos, tribal sportsbooks, lottery income, or different regulated playing.
