The U.S. gaming sector experienced a surge in the third quarter of 2023, as per the latest report from the American Gaming Association (AGA). The industry achieved an all-time high in total gaming income, reaching a staggering $16.17 billion. This represents the most successful third-quarter earnings for the U.S. commercial gaming sector to date, demonstrating a 6.1% rise compared to the same period in the previous year.
This remarkable accomplishment positions Q3 2023 as the second most lucrative quarter in the history of commercial gaming revenue, trailing only slightly behind the exceptional figures observed in the first quarter of 2023.
Examining the revenue streams, slot machines contributed $89.8 billion (a 1.7% uptick), table games yielded $26.4 billion (a 3.8% climb), and sports wagering witnessed a remarkable 22.8% surge, reaching $21.5 billion. Internet-based gambling emerged as the most rapidly expanding sector, exhibiting a 26% leap to hit $15.2 billion.
The noteworthy expansion in sports wagering can be partially credited to the introduction of new markets in states such as Maryland (digital), Massachusetts, Nebraska, and Ohio, none of which were operational in the preceding year. This particular segment is also poised for a record-shattering year: within the initial nine months of 2023 alone, U.S. residents wagered an astounding $79 billion, signifying a 32.7% increase compared to the corresponding timeframe last year. Both brick-and-mortar casinos and digital platforms celebrated their highest-ever quarterly earnings.
William Miller, the top dog at the American Gaming Association, is thrilled about the flourishing casino industry. He’s touting the virtues of both virtual and physical locations, claiming they’re generating numerous employment opportunities and injecting significant revenue into regional economies via taxation.
Essentially, he’s suggesting that wagering is the latest American leisure activity, with individuals gravitating towards lawful betting avenues in unprecedented quantities. This surge in demand, he contends, highlights the crucial need for federal and state authorities to suppress those dubious overseas ventures.