Most people expected land-based gambling revenue to regain its strength after the pandemic hurt most establishments for well over one year. Not only did it make a comeback, this type of gambling keeps growing and becoming stronger. It turns out that people really do enjoy gambling in person, around other people, and in public places.
While not all forms of gambling can be construed as social activities, many people do go to casinos and cardrooms for the socialization. And after working from home and being confined to home during parts of the pandemic, people are getting out in record numbers.
Note, however, that the gross gaming revenue numbers now include iGaming. This only pertains to internet gaming that is partnered with commercial casinos, which claim the revenue as a part of their totals.
Record After Record
Just a few months ago, the American Gaming Association revealed that United States commercial gaming revenue set a new quarterly record. It had been a few quarters since the last record, in the fourth quarter of 2021. But the second quarter of 2022 delivered $14.8B in revenue, setting a record.
Now that the third quarter of 2022 is in the books, there is yet another record. This time, revenue jumped over the $15B mark with a total of $15.17B in gross gaming revenue from July through September. That broke down to:
Through the first three quarters of this year – January through September – the numbers for each and all revenue were significantly higher than the same period in 2021.
Of 35 states that offer commercial gaming in some form, sixteen of them set records in the third quarter for revenue as compared to the same third quarter in 2021. The top growth came in some unusual markets:
Sports betting is the newest form of gambling in most states. Most states have only been offering it for a few years – at most – but have seen tremendous growth in overall gambling revenue because of it.
The $16B bet on sports in the third quarter of 2022 alone was up 41% from the previous year. It reflected general growth as well as the entrance of seven new states to the sports betting market.
For 2022 through three quarters, sports betting revenue sat at $4.8B, up 71% from the same period in 2021. And so far the amount of money bet on sports in 2022 has surpassed $62.7B.
Sports wagering and igaming will likely see the most growth in the coming months and years, as more states realize its power. These verticals know few bounds and cannot be deterred by pandemics or even most natural disasters. As more people realize the types of games and betting opportunities are at their fingertips, the more this revenue will rise.
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