US gaming revenue reached a record $15.17bn (£13.31bn/ € 15.1bn) in Q3, an all-time quarterly high, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.
This is a 2% increase on the previous record of $14.81bn reached in the preceding quarter. Subsequently, 2022 is set to surpass 2021 as the highest grossing year of gaming revenue, already at 14.7% ahead of the same period the previous year. The total for the first nine months of the year is also ahead of 2019’s full-year’s revenue.
“While business challenges remain, high consumer demand continues to fuel our industry’s record success,” said AGA president and CEO Bill Miller. “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.”
The industry’s year-on-year Q3 growth rate of 8.8% outperformed the broader US economy’s 2.6% growth rate in the same period.
Sports betting expansion
The strong growth was in part propelled by sportsbook expansion in existing markets, as well as a high sportsbook win percentage; setting an additional quarterly revenue record of $1.68bn, an 80.6% year-on-year increase. By September, sportsbook revenue already reached an all-time revenue high, which at $4.78bn beat 2021’s full year total of $4.34bn.
However, the foundation of the quarter’s growth continued to be in the more traditional slots and table games verticals, which generated a record 12.27bn in Q3 2022, a 1.8% increase year-on-year. In total, the sector has received $35.94bn in revenue in the year-to-date, an 8.1% increase year-on-year.
At $1.21bn, igaming quarterly revenue fell less than one percent behind its previous record total. However, for the nine-month period ending in September – the vertical remains at record heights, looking to post all-time-high revenue amounts for the whole year 2022.
16 out of 33 commercial gaming states reported quarterly highs in overall commercial revenue for the quarter. This includes five of the six largest markets: Nevada, New York, Indiana, Michigan and Pennsylvania