AGA: US Gaming Set New Records in Q1 2023
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Loading... - Louis Robert
- 22 May 2023
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The American Gaming Association (AGA) has released its latest report on the performance of the US gaming market, known as the Commercial Gaming Revenue Tracker. The report reveals that the industry has achieved yet another quarterly record. In the first quarter of 2023, the US gaming industry generated a record-breaking revenue of $16.6 billion. This marks the eighth consecutive quarter of setting new records and suggests the potential for another record-breaking year. March was particularly exceptional, contributing $5.9 billion to the overall revenue.
Out of the 35 jurisdictions where commercial gambling is legal, 18 of them saw new quarterly revenue highs in Q1 2023. The only state that experienced a year-on-year decline in revenue was Mississippi.
Retail gaming continues to dominate the industry, accounting for over 75% of the total revenue. On the other hand, online gambling has achieved its highest quarterly market share ever, representing nearly 25% of the quarterly revenue in the US.
According to the AGA's report, traditional gaming generated $12.3 billion in quarterly revenue. Sports betting, on the other hand, earned $2.79 billion in revenue for the quarter, following a record-breaking $31.11 billion in sports betting handle. iGaming also showed impressive growth, with a quarterly revenue of $1.48 billion, reflecting a remarkable 22.7% year-on-year increase.
Commenting on these results, Bill Miller, the president and CEO of the AGA, expressed his confidence in the strength of the US gaming industry. He stated that the industry is currently stronger than ever, highlighting its positive impact on communities and its contribution as one of the largest taxpayers in the country.
In addition to the revenue tracker report, the AGA also published its annual State of the States report. According to this report, commercial gaming generated $13.48 billion in direct gaming tax revenue for states and local governments in 2022, marking a 15.3% increase compared to 2021.
While the industry has achieved remarkable success, some gaming executives remain cautious about the future. Although there are predictions of a potential slowdown in momentum, optimism remains for specific products and sectors.
