In 2022, sports betting revenue increased by 72.7% year-on-year, and total gross gaming revenue reached a new record, according to the American Gaming Association (AGA).
After setting a new record in 2021 with $53.0bn, US commercial gaming revenue (not including income collected by tribal governments) soared to $60.42bn in 2022.
With $93.2 billion in handle and $7.5 billion in income, respectively, the year also saw new milestones smashed in the sports betting industry.
The record-breaking Q4 revenue of $15.9bn was a contributing factor. Online gambling and sports betting both reached new quarterly highs at this time, while brick-and-mortar casinos saw an annual growth rate of 1.7%.
The AGA
"Our industry significantly outpaced expectations in 2022," stated Bill Miller, president and CEO of the AGA, referring to the record-breaking annual revenue numbers in the US. "In a nutshell, legal gambling is losing ground to more predatory forms of entertainment as an increasing number of adults in the United States choose to enjoy themselves at casinos, which is good news for local economies and communities."
According to a report published by the AGA in 2022, the illicit market in the US was valued at $511 billion a year, with operators losing $44.2 billion and taxpayers losing more than $13 billion in revenue.
Development in the digital realm
The smaller online marketplace brought in 19.5% of the total income, the greatest annual share to date, while land-based gambling brought in 80.5%.
The overall number of Americans who visited a casino in the past year is 84 million, or 34% of the adult US population. Revenue increased by 13.9% for table games and 5.1% for slot machines, respectively.
The lobbying group claims that the legalisation of sports betting in four new states—Kansas, Louisiana, Maryland, and New York—was the primary factor in this. While other states introduced mobile sports betting, the Sunflower State stood out by introducing retail and internet operations simultaneously.
Despite facing macroeconomic difficulties, Miller expressed optimism about the year ahead.
"The AGA is committed to maintaining its forward momentum into 2023 by continuing to crack down on the black market, increasing its emphasis on personal accountability, and working to improve the legislative and regulatory landscape so that our industry can continue to thrive."
