US Gaming Revenue Hits Record $66.5 Billion in 2023
Date: 2024-02-22 Author: Dima Zakharov Categories: GAMING
US Gaming Revenue Reaches New Heights
In 2023, the American gaming industry achieved a remarkable milestone, with total gross gaming revenue (GGR) hitting an all-time high of $66.5 billion. This marks the third consecutive year of record-breaking performance, according to data released by the American Gaming Association (AGA).
Record-Breaking Figures
The $66.5 billion in gaming revenue represents a substantial 10% increase from the previous year's figure of $60.4 billion. Notably, this growth trend has been consistent, with 2022 also witnessing a significant surge from the $53 billion recorded in 2021.
Thriving Land-Based Casinos
Land-based casinos emerged as key contributors to the industry's success, boasting a record GGR of $49.4 billion in 2023. This marked a 3.3% year-on-year increase, with the majority of traditional gaming markets experiencing unprecedented levels of annual revenue.
Rapid Growth in Sports Betting
The sports betting sector demonstrated remarkable growth, with a total handle of $119.8 billion and revenue reaching $10.9 billion, both setting new records. These figures represent a 27.8% and 44.5% increase respectively compared to the previous year.
Expanding Horizons for iGaming
While currently legal in only six states, the iGaming sector is poised for expansion. Despite facing exclusion from New York Governor Kathy Hochul's 2025 budget, the online gaming industry experienced a 22.9% year-on-year revenue increase in 2023, reaching $6.2 billion.
Dispelling Cannibalization Concerns
Contrary to previous beliefs, a recent study commissioned by the iDevelopment and Economic Association (iDEA) suggests that online casino gaming does not cannibalize land-based casino revenue. Survey results indicate a positive impact on land-based casinos following the introduction of online gaming, with operators reporting sustained or increased revenue streams.
