The U.S. gaming trade continues seeing huge development. The American Gaming Association (AGA) reported this week that the nation’s business gaming income reached $17.63 billion for the second quarter, the trade’s 14th consecutive quarter of annual income development and the highest-grossing second quarter efficiency on report.
The development of sports activities betting continues to be a significant driver for the trade, however different gaming choices additionally contributed to the sturdy numbers. However, the report was combined as issues concerning the financial system proceed to develop.
“While sports betting and iGaming continued to drive overall industry revenue growth in the second quarter, new brick-and-mortar property openings in Illinois, Nebraska and Virginia also led to rising traditional commercial gaming revenue,” AGA Vice President of Research David Forman mentioned. “Across the country, land-based gaming markets are seeing mixed year-over-year comparisons due to slower consumer spending economy-wide, which may continue to be a factor through the remainder of 2024.”
Inside The Numbers
Nationwide business gaming income supplied $3.73 billion in state taxes. Both land-based (together with brick-and-mortar sportsbooks) and on-line gaming noticed annual development for the quarter. Land-based properties noticed slight development, whereas the tempo of on-line development improved from the primary quarter of 2024.
However, iGaming slowed considerably from practically 44 % in 2023 to 32.5% within the second quarter of 2024.
Overall, land-based gaming accounted for 71.4% of whole income with on-line gaming making up the remaining 28.6%. Here are some extra key findings from the report:
- Traditional on line casino gaming generated quarterly income of $12.49 billion, up 1.8% yr over yr, with annual income good points in May and June buoying a gradual starting to the quarter in April.
- Americans wagered $31.75 billion on sports activities within the second quarter, producing $3.16 billion in quarterly income, up 35.3% from 2023. The development was bolstered by new market launches in Kentucky, Maine, North Carolina, and Vermont since final spring.
- Online gaming grossed $1.97 billion within the second quarter, a 25.2% improve from 2023 however a slight lower of 0.7% from the primary quarter for the second straight yr.
A Look At State Results
The AGA’s Commercial Gaming Revenue Tracker supplies state-by-state and cumulative perception into the business gaming trade based mostly on state income experiences. The report discovered 37 states and the District of Columbia featured operational business gaming markets, together with on line casino gaming, sports activities betting and that iGaming.
Of the 33 business gaming jurisdictions with full information out there by way of June and that had operations final yr, 24 elevated second-quarter income in comparison with 2023.
On the opposite facet of the coin, some states noticed income declines. Oklahoma (-8.2%) contracted essentially the most, pushed by the closure of storm-damaged Will Rogers Downs in June, in response to the AGA. Other markets with second quarter income declines had been sports activities betting-only New Hampshire (-5.3%), in addition to New Mexico (-4.6%), Mississippi (-2.3%), Massachusetts (-2.7%), Missouri (-1.9%), Rhode Island (-0.8%), Florida (-0.6%), and Iowa (-0.1%).
The report comes on the heels of report income within the tribal gaming sector in 2023 as nicely.
