U.S. Commercial Gaming Revenue Hits Record High in October
The U.S. commercial gaming industry set a new milestone in October 2024, generating $5.81 billion in revenue from casino gaming, sports betting, and iGaming. This marks a 1.9% year-over-year increase, extending the industry’s streak to 44 consecutive months of annual growth, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.
Year-to-Date Revenue Growth
For the first ten months of 2024, the industry recorded $59.11 billion in revenue, up 7.3% compared to the same period in 2023. State gaming taxes contributed significantly to local economies, with operators paying $1.08 billion in October alone and $12.61 billion year-to-date.
Traditional brick-and-mortar gaming remains the backbone of the industry:
- Slot machines generated $2.91 billion in October, reflecting a modest 0.7% growth year-over-year.
- Table games, however, saw a 6.6% decline, totaling $751.4 million in revenue.
- Combined land-based gaming revenue, including retail sports betting, reached $4.10 billion, up 1.43% compared to last October.
While land-based gaming remains dominant, online gaming and sports betting are becoming increasingly significant contributors.
Online Gaming: A Steady Climb
Online gaming, including iGaming and online sports betting, showed 5.9% year-over-year growth in October, reaching $1.73 billion. This accounted for 29.9% of total commercial gaming revenue, matching its share from October 2023.
The iGaming sector alone saw explosive growth, with revenue jumping 34.1% year-over-year to $758.4 million across seven states. Delaware led this surge with a 585.5% increase, attributed to a change in its iGaming partner.
Year-to-date, iGaming has generated $6.79 billion, a 27.9% increase over 2023.
Sports Betting: Mixed Results
Sports betting revenue experienced a dip in October, with a 13.7% decline year-over-year to $1.02 billion, impacted by a lower hold percentage of 7.9% compared to 9.7% in October 2023.
Despite the revenue drop, handle numbers remained strong:
- The total betting handle reached $12.98 billion, up 6.8% year-over-year, driven by three new markets—Maine, North Carolina, and Vermont.
- Excluding these new markets, handle growth was a modest 1.2%.
The District of Columbia stood out, with sports betting revenue skyrocketing 228.1% year-over-year, thanks to four new non-lottery operators entering the market.
Year-to-date, sports betting revenue totaled $11.06 billion, up a remarkable 27.2% compared to the same period in 2023.
Recommended