In a resounding triumph for the commercial casino industry in the United States, July 2023 stands out as a record-breaking month, with establishments raking in an astounding $5.4 billion in winnings from eager gamblers.
We all knew that the gambling industry was growing, but nobody expected such a rise, especially during times when the world was in an economic and financial crisis.
These impressive statistics have been unveiled by a prominent national gambling industry organization and suggest that the industry is booming. Especially with the rise of online casinos, where the revenue generated skyrocketed. You can click here to learn more about online gaming websites.
But, let’s analyze why the gambling industry is growing at a fast pace.
Robust Growth in Casino Winnings
American Gaming Association Reports a Nearly 6% Increase from 2022, which is kind of their projected CAGR which was estimated to be around 8%.
The American Gaming Association has disclosed that the substantial uptick in casino earnings in July exhibits a striking year-over-year surge of almost 6%, showcasing the resilience of the gaming sector.
Prospects Brighten as Yearly Earnings Approach $38 Billion
What’s more, the association has unveiled its optimism for the industry, projecting that 2023 is poised to emerge as an unparalleled year for casinos.
Cumulative revenues from traditional in-person casino games, sports betting, and online gambling have soared to nearly $38 billion over the initial seven months of this year. This impressive figure reflects a remarkable 11% increase compared to the corresponding period in 2022.
Monthly Record of $4.4 Billion Revenue Achieved
In a significant milestone, the association underscores that revenue derived from traditional in-person casino games in the month of July has surged to an unprecedented $4.4 billion, breaking a new record.
The association attributes this achievement to seasonal travel trends and the inauguration of multiple physical casino establishments across the nation, notably in Illinois, Pennsylvania, and Virginia.
But, what makes July so special? Well, the gambling industry has experienced a growth unlike any month before, at least for quite some time. July Sees Over 28% Growth in sports betting and 23% Increase in Internet Gambling
Internet gambling, spanning states such as Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia, has contributed significantly, generating an additional $481.5 million in revenue, reflecting a notable 23% year-on-year growth.
Positive Growth Trend Across Majority of States
21 Out of 31 States Report Year-on-Year Revenue Growth
The American Gaming Association reveals that, among the 31 commercial gambling states operational for at least a year, 21 have reported substantial year-over-year revenue growth in July.
However, five states have bucked this trend, reporting diminished casino earnings over the first seven months of this year compared to the prior year. These states include Florida (-0.8%), Indiana (-0.5%), Iowa (-0.1%), Louisiana (-0.1%), and Mississippi (-3.8%). It is essential to note that tribal-run casinos are excluded from these figures, as they report revenue independently.
Online Betting and Internet Gambling Surges
The synergy between online sports betting and internet gambling is striking, with combined revenue witnessing a substantial 25.2% year-over-year increase in July.
Meanwhile, land-based casinos, encompassing revenue generated from slot machines, table games, and retail sports betting, exhibited consistent growth, maintaining a steady 2.5% rate during both June and July. This is a noteworthy development following a period of stagnation over the previous three months.
Stellar Year-to-Date Performance
Through July, year-to-date figures reveal that commercial sports betting has amassed a staggering $5.46 billion in revenue, surpassing the corresponding period in the previous year by a remarkable 63%.
Concurrently, internet gambling revenue has soared to $3.45 billion, signifying an impressive 22.6% surge compared to the prior year.
Final Words
All of these statistics suggest that the gambling industry is very much alive, and despite the world being in a crisis for a couple of years now, it is one of the few industries that has been growing at a steady pace.
In the future, we can expect even more surprising numbers as the casino industry advances, and new games and methods of gambling are introduced.
Published by HOLR Magazine.