The American Gaming Association (AGA) recently released its latest Commercial Gaming Revenue Tracker report, offering valuable insights into the performance of the US gaming industry.
American Gaming Association (AGA)
Record-Breaking Performance
In Q1 2024, the commercial gaming revenue in the US surged to an all-time high of $17.67 billion, marking the industry’s 13th consecutive quarter of growth. March emerged as the industry’s second-highest-grossing month ever, with total revenue reaching $6.09 billion.
Jurisdictional Highlights
The report revealed that 11 US jurisdictions achieved new quarterly all-time highs, with notable contributions from Pennsylvania and New York, two of the largest commercial gaming markets in the country.
Digital and Online Sector Growth
Growth was not limited to traditional retail gaming, as the digital and online sectors also experienced significant expansion. Retail gaming accounted for 70.7% of total revenue, while online gaming reached its highest share ever at 29.3%. The iGaming sector alone grossed $1.98 billion, buoyed by recent launches in states like Rhode Island.
Sports Betting Surge
Sports betting emerged as a major driver of growth, with Americans wagering an astounding $36.86 billion on sports in Q1. Quarterly revenue from sports betting reached $3.33 billion, marking a 22% year-on-year increase. This growth was fueled by the expansion of betting into new markets such as Kentucky, Maine, North Carolina, and Vermont.
AGA’s Vision for Future Growth
Bill Miller, CEO of the AGA, expressed optimism about the industry’s future, stating that 2024 will serve as the new baseline for growth. He emphasized the importance of innovation and responsibility in driving the industry forward.
State of the States Report
In addition to the Commercial Gaming Revenue Tracker report, the AGA also released its State of the States report, providing comprehensive economic and regulatory analysis of the commercial gaming sector in 2023.
Tax Revenue Contributions
The report highlighted that gambling operators contributed $14.67 billion in direct gaming tax revenue in 2023, representing a 9.7% year-on-year increase. This substantial contribution underscores the industry’s significant impact on local economies and public finances.
Community Benefits
Bill Miller underscored the broader societal benefits of the gaming industry, including job creation, entertainment offerings, and tax revenue generation to support critical public projects.
Conclusion: The Commercial Gaming Revenue Tracker
The American Gaming Association’s Commercial Gaming Revenue Tracker report paints a compelling picture of the US gaming industry’s robust growth and resilience. With record-breaking revenue figures, expansion into digital and online sectors, and the continued popularity of sports betting, the industry is poised for continued success in the years ahead.
FAQs About AGA’s Latest Commercial Gaming Revenue Tracker Report
1. What is the American Gaming Association’s Commercial Gaming Revenue Tracker report?
The Commercial Gaming Revenue Tracker report is a publication by the American Gaming Association (AGA) that provides insights into the performance of the US gaming industry, including revenue trends and key market highlights.
2. What were the key findings of the latest Commercial Gaming Revenue Tracker report?
The report revealed that the commercial gaming revenue in the US reached a new quarterly record of $17.67 billion in Q1 2024, marking the industry’s 13th consecutive quarter of growth. Additionally, March emerged as the industry’s second-highest-grossing month ever, with total revenue reaching $6.09 billion.
3. Which US jurisdictions set new quarterly all-time highs according to the AGA report?
The report identified 11 US jurisdictions that achieved new quarterly all-time highs, including Pennsylvania and New York, two of the largest commercial gaming markets in the country.
4. How did the digital and online sectors perform in Q1 2024?
Both the digital and online sectors experienced significant growth, with online gaming reaching its highest share ever at 29.3% of total revenue. The iGaming sector alone grossed $1.98 billion, driven by recent launches in states like Rhode Island.
5. What was the contribution of sports betting to the overall growth of the US gaming industry?
Sports betting played a significant role in driving growth, with Americans wagering $36.86 billion on sports in Q1. Quarterly revenue from sports betting reached $3.33 billion, representing a 22% year-on-year increase.
6. What is the AGA’s outlook for the future of the US gaming industry?
Bill Miller, CEO of the AGA, expressed optimism about the industry’s future, stating that 2024 will serve as the new baseline for growth. He emphasized the importance of innovation and responsibility in driving the industry forward.
7. What additional report did the AGA release alongside the Commercial Gaming Revenue Tracker report?
In addition to the Commercial Gaming Revenue Tracker report, the AGA also released its State of the States report, providing comprehensive economic and regulatory analysis of the commercial gaming sector in 2023.
8. What were the key highlights of the State of the States report?
The State of the States report highlighted that gambling operators contributed $14.67 billion in direct gaming tax revenue in 2023, representing a 9.7% year-on-year increase. This underscores the industry’s significant impact on local economies and public finances.
9. How does the gaming industry benefit local communities according to the AGA?
The AGA emphasizes the broader societal benefits of the gaming industry, including job creation, entertainment offerings, and tax revenue generation to support critical public projects.
