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US Casinos Shatter Revenue Records With $60 Billion Haul

Penny February 17, 2023

The US Casino market knocked it out of the park in 2022 with a $10 billion increase in revenues from 2021. A lot has been made of the current state of play when it comes to the gambling industry across the world, especially in the context of the ongoing economic uncertainty hanging over much of the population meaning many are cutting back on non-essential expenditure. That tightening of the purse strings hasn’t yet impacted the casino market in the United States, as 2022 figures blew previous years out of the water to set a record, laughing in the face of the doom-and-gloom predictions a lot had made.

Billions profit

Casinos in the States reportedly raked in a breathtaking $60 billion in all of 2022, a near $10 billion increase on 2021. These figures come from an American Gaming Association (AGA) report released on February 15. That report highlighted some major trends that will be of interest to operators and legislators across the country, including the fact that tribal casinos, which were not included in the $60 billion figure, are expected to register an equally-impressive $40 billion. This would take the market to new heights and ensure it establishes its place as one of the country’s leading recreational industries.


Casino Trends Point to Interesting Conclusions

As mentioned, the report highlighted a number of trends that will pique the interest of a number of industry heads and those with some form of skin in the game. First and foremost, the breakdown of revenue between in-person and digital gaming could paint an intriguing picture. The split is currently around 80:20 in favor of in-person gambling. Without context, that could be seen as disappointing for the iGaming world, given the number of states that have entered the online sportsbook market. The figures (and facts) show a completely different scenario, though. Online casino industry has seen a just under 40% increase in revenue from 2021, suggesting that US-wide coverage would see the 80:20 split start to drift towards iGaming. This could prove the starting gun for many states on the fence when it comes to liberalization.


Further to that, sportsbook revenue is further evidence that many states are missing out on an industry that could generate a healthy income for local governments in taxes. Sports betting in all its forms set a record of $7.5 billion in revenue, proving that it is an important aspect of the wider gaming landscape. The fact that it is believed that a large chunk of the increase in revenue was driven by the introduction of new states, including Kansas and New York. Should any more states look to make moves towards legalization, it’s not unreasonable to expect that we could see further growth. Whether or not that would be enough to budge stubborn legislators remains to be seen, but the carrot is dangling if anyone wants to go for it.


2023 Set to be a Big Year, Positive or Not

It’s easy to get carried away looking forwards when record-breaking figures are announced. Caution, however, should always be applied. When economic crises loom, there is often a lag between when they begin and when the effects are borne out in the public’s spending. With all that in mind, there is likely to be some element of trepidation when it comes to what 2023 could hold for the US gambling industry. Not that you would think that if you spoke to many of the industry’s leading names, including the AGA’s CEO, Bill Miller. In the report, he said “Even as we navigate macroeconomic headwinds, I am optimistic about the year ahead.” It might not be an out-and-out statement of confidence, but any optimism at all is always a good sign when coming from notoriously careful-with-their-words CEOs.


That confidence perhaps isn’t misplaced, either. New Jersey alone managed to bring home a huge $211 million in January of 2023, offering a promising glimpse into the rest of the year. Add to that the fact that many industry associations have predicted strong performances, if not slightly slower growth. The market is set to grow by 7% and revenues around the world increase by more than 30%. If this is to be the case, Miller’s cautious approach to confidence in the industry may soon turn into bullish positivity. If more states do legalize online gambling and sportsbooks in all their forms, it’s pretty easy to see a 2023 that ends as another record-breaking year and throws down the gauntlet for 2024. In this economic climate, any form of growth is something to be celebrated, and it’s certain that the gambling market in the US will know this.

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