The American Gaming Association (AGA) has stated that US commercial gaming has set another revenue record for a consecutive quarter following significant growth year-over-year in sports betting and igaming.
Reflecting on the third quarter results of its Commercial Revenue Tracker, AGA President and CEO Bill Miller clarified that while challenges remain, the sustained momentum during economic volatility “provides confidence” in gaming’s future moving forward.
Posting its Q3 report, the AGA declared a US commercial gaming revenue (GGR) for the quarter of $15.17bn, an 8.8% increase year-over-year, as well as outperforming the broader US economic growth rate of 2.6% for the same period.
The quarter’s GGR also broke the previous best record of $14.81bn set earlier this year in Q2 by 2%.
2022 continues to be on track to be the highest GGR year ever, as it is 14.7% ahead of 2021’s figures through the first nine months of the year, and it has already overtaken the full-year numbers of 2019.
Miller commented: “While business challenges remain, high consumer demand continues to fuel our industry’s record success.
“Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”
AGA noted that 16 of the 33 commercial gaming states that were operational a year ago declared new quarterly highs in overall GGR in Q3, including Indiana, Michigan, Nevada, New York, and Pennsylvania.
AGA reports significant sports betting GGR increase
Per vertical, while land-based slots and table games continue to be the biggest contributor towards overall GGR, it was sports betting and igaming that saw the largest YoY increases.
Sports betting set a new quarterly GGR record in Q3 of $1.68bn, an 80.6% improvement YoY following “high sportsbook win percentage and solid growth in existing markets”. Year-to-date (YTD), sports betting GGR stands at $4.78bn, surpassing 2021’s full-year amount in the vertical of $4.34bn.
GGR from igaming hit $1.21bn in Q3, a 28.5% increase YoY, and only less than 1% short of a new quarterly record. YTD, igaming has generated $3.62bn in GGR and is on track to post record revenue for the full year.
Slots and table games achieved a new high of $12.27bn in Q3, up 1.8% YoY. Slots GGR is up 1.7% to $8.84bn, while tables GGR has grown by 2.4% to $2.55bn. Collectively YTD, slots and table games have generated $35.94bn in revenue, up 8.1% YoY.