CryptoGamble.tips»US Gambling Business Raked In Over $66.5B in 2023

US Gambling Business Raked In Over .5B in 2023

Ekaterina Abramova Photo in GTA Style
Published on:
February 23, 2024
Last updated:
February 23, 2024
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As per the findings of the American Gaming Association (AGA), the US has recently achieved a milestone from the revenue perspective. Their latest report showed the US gross gaming revenue (GGR) soared to an unprecedented $66.5 billion in 2023, marking the industry's third successive year of record-breaking performance.
This impressive figure represents a notable 10% boost from the prior year's total of $60.4 billion, which itself showcased substantial growth compared to the $53 billion amassed in 2021. The surge in numbers was bolstered by a stellar Q4, which saw the market reach an all-time high quarterly gain of $17.4 billion. Additionally, a record $6.2B in revenue was accumulated during this span, further underlining the industry's robust performance.
  • Land-based casinos emerged as a driving force behind this success story, achieving a record GGR of $49.4 billion in 2023, highlighting a 3.3% year-on-year growth. Impressively, 19 of the 27 traditional gaming verticals recorded all-time highs in annual income.
  • Meanwhile, the burgeoning sports wagering sector showcased tremendous growth, boasting a record handle of $119.8 billion and a $10.9 billion revenue, marking increases of 27.8% and 44.5% respectively compared to the last year.
  • Looking ahead, the inclusion of tribal gaming revenue by the National Indian Gaming Commission later this year is anticipated to push the total US GGR to nearly $110 billion in 2023.
In response to these achievements, AGA’s representative emphasised the rising demand for gaming among grown-ups. They underscored the importance of cooperative industry efforts in battling illicit operators and promoting a mindful approach to gambling.

Rise of iGaming in the Country

While iGaming remains lawful in just six US states currently, the sector is poised for expansion in the near future, buoyed by its impressive growth trajectory.
  • In 2023, online casino income in the US surged by 22.9% year-on-year, reaching $6.2 billion, trailing closely behind sports wagering GGR despite being legal in fewer states.
  • Online gaming accounted for 24.7% of nationwide GGR in 2023, indicating a considerable boost from the last year.
Several states are considering the legalisation of iGaming in 2024, although New York appears unlikely to join the fold this year, as Governor Kathy Hochul omitted iGaming from her 2025 executive budget.

Online Gaming's Positive Impact

Despite initial concerns regarding the potential cannibalisation of physical casinos, a recent report commissioned by the iDevelopment and Economic Association (iDEA) suggests otherwise. The report, which analysed the impact of online casino introduction on land-based venues, revealed a positive correlation between the two sectors. According to the findings, each of the six states studied experienced positive growth rates in land-based casino GGR following the advent of iGaming. Moreover, a survey conducted among casino operators, both traditional and online, revealed unanimous agreement that cannibalization fears are unfounded. While 80% of respondents indicated that the impact on land-based revenue remained stable, the remaining 20% reported a moderate increase. As the US gaming industry stays on its upward trajectory, fueled by both traditional and emerging sectors, the country’s gaming space is undergoing a considerable transformation. Therefore, it presents new opportunities and challenges for stakeholders across the board.
Ekaterina Abramova Photo in GTA Style
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Ekaterina Abramova, with her profound attention to detail and a personal love for mythological and Egyptian-themed slots, has swiftly made her mark at CryptoGamble. Her passion for slots like "Book of Dead" reflects in her meticulous writing, captivating crypto gamblers with her insightful and relatable articles. Just one year into her journey, Ekaterina's dedication to enriching the gambler's experience shines through, inviting readers to join her in exploring crypto gambling with a fresh, informed perspective.
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