With 2023 just around the corner, the American Gaming Association (AGA) has shared some highlights of the industry’s performance in 2022. Despite the various setbacks, the industry managed to achieve another record year, just as predicted in Q1.
The Industry Experienced a Second Record Year
The AGA posted details about the performance of the gaming industry, outlining spectacular performances from commercial and tribal operators alike. Overall, the industry managed to surpass a revenue of $100 billion, beating 2021’s record.
These results were achieved in spite of the global uncertainty and macroeconomic difficulties, the AGA emphasized. While some analysts are still cautious about what the future might bring, the Association is optimistic about the upcoming 2023 and hopes that the industry will continue to flourish.
In addition, the AGA pointed out that there are now 31 states + Washington DC where wagering on sports is legal. Five more states have legalized sports betting but are yet to launch their markets.
Illegal Gambling Is Still a Problem
Unfortunately, not everything is rosy for the industry as illegal gambling continues to be a problem. According to the AGA, there are currently close to 600,000 illegal gambling machines in the US.
All of the illegal operations in the country have an estimated handle of a whopping $510 billion, with revenues sitting at around $44.2 billion. In total, it has been estimated that the black market causes the United States to lose $13.3 billion in potential taxes.
However, the industry and law enforcement are working hard to crack down on illegal businesses. US Attorney General Merrick Garland and the Department of Justice promised to continue giving their all in the battle against the black market while protecting customers from harm.
The AGA Was Very Proactive
Meanwhile, the AGA is still hard at work protecting customers from harm. In 2022, the Association extended its Responsible Gaming Education Week initiative and expanded its Have A Game Plan. Bet Responsibly campaign.
The AGA also researched other aspects of the gaming industry and met with policymakers more than 140 times, hoping to repeal the sports betting federal excise tax. It also made progress on the slot tax threshold.
One of the highlights of AGA’s activity in 2022 was the G2E and G2E Asia events it hosted, allowing operators and providers to showcase their products. These industry fairs were attended by more than 25,000 industry pros, 350 exhibitors and a few top-ranking executives from some of the biggest companies in gaming.
AGA’s chief executive officer, Bill Miller, is looking optimistically to 2023, hoping to continue “telling gaming’s good story. He is confident that 2023 can be another amazing year for the industry.