The American Gaming Association (AGA) released its Commercial Gaming Revenue Tracker to reveal that the commercial gaming industry in the US has set a new quarterly record in Q3 2022.
Growth across Key Gaming States
The new quarterly record of $15.17 billion in commercial gaming revenue was driven by quarterly highs reported in 16 out of the 33 commercial gaming states that were operational in 2021, including five of the six largest markets – Indiana, Michigan, Nevada, New York and Pennsylvania.
Commenting on the revenue tracker, AGA president and chief executive officer Bill Miller outlined that “high consumer demand continues to fuel” the industry and takes it to new highs despite the operational challenges that remain, convinced that the “sustained momentum in the face of broader economic volatility” is a sign of the gaming industry’s overall health and its optimistic outlook for the future.
Signs that the industry is on course to set a new quarterly record showed in AGA’s August commercial gaming revenue report when the industry body registered the 18th consecutive month of year-over-year increases.
The third-quarter commercial revenue figure exceeded the previous record set in Q2 2022 of $14.81 billion by 2%, while year-over-year, it posted an increase of 8.8%. It also exceeded the growth rate of the broader US economy in Q3 2022 of 2.6%.
Breaking Down Revenue by Verticals
The largest chunk of the commercial revenue came from land-based slots and table games which accounted for a record $12.27 billion in revenue and posted an increase of 1.8% to the third quarter of 2021.
Percentage-wise, the biggest increase came from sports betting which generated $1.68 billion of the total commercial revenue and increased by 80.6% year-over-year driven by a high sportsbook win percentage and solid growth in existing markets.
Sports betting revenue also set a new quarterly revenue record in Q3 2022, while through September it has already reached an all-time year-to-date high of $4.78 billion and surpassed 2021’s full-year record of $4.34 billion.
The third vertical comprising the total commercial revenue, iGaming GGR, generated $1.21 billion and fell marginally short of also setting a new quarterly record but its year-to-date figure through September of $3.62 billion is positioning it within reach of setting a new record of full-year 2022 revenue and join the likes of table games and sports betting.
Through September, year-to-date total commercial gaming revenue stands at $35.94 billion, registering an increase of 8.1% to the respective figure in the previous comparable period.