Last year, commercial US gambling was able to top $60 billion for the rift time ever. That shatters the previous figure of $53 billion set just a year earlier. The information was accumulated and reported by the Commercial Gaming Revenue Tracking at the American Gaming Association.
The actual total for 2023 was $60.4 billion, which came largely from sports betting and online gambling. Both sectors reported single-quarter highs, However, land based gambling at casinos, poker rooms, and sports books still accounted for over 80% of the total revenue.
While it’s encouraging to see online games continue to grow as a part of the US gambling landscape, the country still lags far behind European markets where the activity has been regulated and accepted for years. In the United Kingdom, for example, internet gambling makes up 65% of revenue. And both the French and Germany online betting account for close to 30% of their markets.
Still, the jump in US gambling revenue year-over-year was close to 14%, which is a great sign for business. The AGA noted that the growth had “significantly outpaced” any expectations they had heading in to 2022. Now, despite some economic challenges, they outlook is for the momentum to continue in 2023.
American adults are choosing casino gaming for entertainment in record numbers…” said AGA President and CEO Bill Miller. He added that the activity benefits local communities and takes market share from illegal, offshore operators.