US gamblers undeterred
Apparently, the high costs of living and gas haven’t deterred American gamblers from gambling online or visiting their favorite casinos. In fact, US residents spent record amounts on gambling in Q3 2022, according to new data from the American Gaming Association (AGA).
raking in a record $15.17bn from gamblers
Figures released by the AGA on Wednesday revealed that US commercial gaming has cleaned up in the third quarter, raking in a record $15.17bn from gamblers. The win supersedes the record-breaking $14.81bn generated in Q2 2022 by $14.81bn. The AGA tweeted Wednesday to publicize the results:
The trade group for the US gaming industry also confirmed that 2022 is “on pace to surpass 2021 as the highest-grossing commercial gaming revenue year ever.” The AGA’s Commercial Gaming Revenue Tracker clocked commercial gaming tracking at 14.7% ahead of like-for-like months in 2021. The sector has already eclipsed 2019’s full year revenue.
Gaming gains galore
On Wednesday, AGA CEO and president Bill Miller noted that the y-o-y growth of gaming revenue in Q3 by 8.8% outperformed the 2.6% rise made by the wider US economy.
a record $12.27bn in Q3
According to an AGA press release, brick-and-mortar table games and slots are the bedrock for the industry’s revenue spike. The vertical generated a record $12.27bn in Q3, which is a near 2% hike over the same period in 2021.
The US sports betting vertical also continued its upward trajectory, posting a Q3 revenue record of $1.68bn. While nowhere near the heights of traditional casino gambling, sports betting revenue was still up nearly 81% on 2021. The AGA attributed growth to “a higher than usual sportsbook win percentage, and solid growth in existing markets.”
Betting and iGaming set for records
Through the first nine months of 2022, sports betting revenue has already knocked out an all-time annual high of $4.78bn, breaking 2021’s record of $4.34bn for the full year.
Similarly, while iGaming’s revenue of $1.21bn fell 1% short of posting a new Q3 record, the vertical is still on pace to join its casino gaming and sports betting counterparts in setting a new annual record for the whole of 2022. For the first nine months of this year, iGaming has generated $3.62bn in revenue.