U.S. Gaming Industry Achieves Record Revenue in Early 2024

Steady Momentum and Future Projections

Bill Miller, President and CEO of the American Gaming Association (AGA), noted that the strong performance was expected given the ongoing growth trends. “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. Gaming’s continued growth relies on maintaining our commitment to innovation and responsibility,” said Miller.

Traditional gaming, encompassing physical casino and riverboat operations, contributed $12.34 billion to the quarterly total, showing a slight year-over-year increase. Sports betting, now widely legalized across nearly 40 states and Washington, D.C., generated $3.33 billion, a 22% rise from the same period in 2023. Despite being operational in only seven states, the iGaming sector also saw growth, with revenues surging by 26% to $1.98 billion.

State-by-State Performance

Several states reported unprecedented gaming revenues, with New York and Pennsylvania among the top performers. Nevada maintained its position as the leading gaming state, with over $3.9 billion in revenue, marking a 2% increase. Pennsylvania followed closely with $1.7 billion, up by 8%, while New Jersey experienced a substantial 16% rise, reaching $1.5 billion.

Despite the overall positive trend, eight states experienced declines in year-over-year gross gaming revenue (GGR). These included Indiana, Iowa, Missouri, Montana, New Hampshire, New Mexico, Ohio, and Rhode Island, with Montana seeing the most significant drop at 35%.

The gaming industry’s resilience and growth have fostered a high level of optimism among executives. AGA’s recent survey indicated that 94% of industry leaders view the current climate as positive. Miller pointed out that the market is stabilizing after a period of rapid expansion, particularly following the 2018 Supreme Court decision that broadened the scope of legal sports betting in the U.S.