Commercial gambling industry revenues reach new quarterly high

WEST PALM BEACH, Fla. (CBS12) — Commercial gaming revenue hit an all-time high of $17.67 billion in the first quarter of 2024, marking the 13th consecutive quarter of growth for the industry, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.

The remarkable quarter was highlighted by March revenue totaling $6.09 billion, making it the industry’s second-highest grossing month on record.

“While gaming’s momentum remains strong, 2024 will be the new baseline for future growth after several years of sports betting legalization and post-pandemic consumer shifts,” said AGA President and CEO Bill Miller. “Gaming’s continued growth relies on maintaining our commitment to innovation and responsibility.”

Key highlights from the Commercial Gaming Revenue Tracker include:

• Eleven state gaming markets, including Pennsylvania and New York, achieved new quarterly revenue records, solidifying their positions as two of the largest commercial gaming markets in the nation.
• Both traditional brick-and-mortar casino gaming and online gaming experienced year-over-year growth in the first quarter of 2024. Traditional gaming generated $12.34 billion in quarterly revenue, with a modest 0.3 percent increase compared to the previous year, while online gaming reached its highest share ever, representing 29.3 percent of total revenue.
• Legal sports betting saw remarkable growth, with Americans wagering a record $36.86 billion on sports in the first quarter, resulting in $3.33 billion in revenue, a 22.0 percent increase year-over-year. This growth was fueled in part by the launch of new markets in Kentucky, Maine, North Carolina, and Vermont.
• iGaming achieved an all-time high revenue of $1.98 billion in the first quarter, marking a 26.1 percent increase compared to the previous year, bolstered by the launch of Rhode Island’s iGaming market in March.

In addition to the Commercial Gaming Revenue Tracker, the AGA also released its annual State of the States report, offering comprehensive economic and regulatory analysis of U.S. commercial gaming in 2023. The report revealed that commercial gaming operators paid a record $14.67 billion in direct gaming tax revenue to state and local governments in 2023, a 9.7 percent increase from the previous year.

“As gaming expands, more communities than ever are benefiting,” Miller said.