Off to a flying start
It’s officially the US gaming industry’s fastest start to a year on record, with $8.92bn in commercial gaming revenue recorded for the first two months of 2022.
a 19% increase in commercial gaming revenue
The American Gaming Association (AGA) recently published a series of encouraging numbers for January and February, including a 19% increase in commercial gaming revenue compared to pre-pandemic figures from 2020.
The US-based gaming body took to Twitter on Tuesday to share the news:
Soaring slot revenue, continued iGaming strength, and pleasing sports betting returns in the face of a quiet sporting calendar, all contributed to February delivering the 12th consecutive month of $4bn or more in revenue.
Drilling into the stats
Slot games and table games continue to be the bedrock of the industry, making up $6.6bn of the $8.92bn in commercial gaming revenue for January and February 2022. Meanwhile, sports betting and iGaming produced solid numbers in January, but February wasn’t as profitable. They accounted for only 16% of commercial casino revenue, which is the lowest since August 2021.
Only five states recorded lower gaming revenue than 2020’s January/February record. Of these states, Rhode Island saw the steepest decline of 13%. The AGA has attributed this to competition from a new tribal gaming facility and “the highly competitive environment of New England, citing the opening of the Encore Boston Harbor in 2019.
Promising signs for 2022
The US commercial gaming industry recorded its highest ever grossing year in 2021, generating a staggering $53bn in revenue. Bill Miller, the AGA’s president and CEO, believes this year’s initial figures show this progress will continue. He said: “This record start to the year demonstrates the sustained momentum of our industry’s recovery into 2022.”
cause for optimism within the industry
The next set of AGA figures will provide us with a clearer picture of what 2022 has in store. With a more stacked sporting schedule in March, including a huge level of betting interest in March Madness, there’s definitely cause for optimism within the industry.