US Gambling Industry Continues Steady Growth

By John Isaac,
Editor at online-gambling.com

John Isaac Editor at online-gambling.com

John Isaac is an editor with many years of experience in the gambling industry. He writes expert articles on card games like blackjack and poker. In addition, he is also well aware of the US gambling laws and the Indian and Dutch gambling markets. You can rely on verified information and insightful details.

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Last updated: May 15, 2024

According to a report by the American Gaming Association (AGA) US gambling revenue has grown for the 13th quarter in a row. The amount of revenue for Q1 2024 is reported to be $17.7 billion across all verticals.

One insight from this most recent quarter is that the month of March 2024 brought in over $6 billion on its own. This marks March as the second-highest revenue month for the US in the history of the AGA report.

State-by-State Analysis

The AGA uses its own system, which it calls the Commercial Gaming Revenue Tracker in order to assess these numbers on a quarterly basis. Beyond just the total figure, viewers of the data can find information like state-wide breakdowns and comparisons, as well as other specific details.

In Q1 2024, 11 US states showed that they had surpassed their previous gambling revenue records. Among the 11 were New York and Pennsylvania, which separately are both two of the highest revenue-earners in gambling for the US.

Taxation in 2023

Another aspect of the report which is important to many readers is the issue of gambling taxation. AGA’s data shows that in 2023, nearly $15 billion was paid out to government entities in the form of tax from gambling. That number increased by nearly 10% in comparison to the previous year.

Bill Miller, president and CEO of AGA, commented on the most recent report and explained his feelings that 2024 is an important year for US gambling. Miller’s view is that the year has shown steady growth so far, but that the full year’s contributions will be vital for understanding how the market is going to operate in a post-pandemic world.

Miller’s comments point to the fact that Covid-19 had devastating effects for certain sectors of the industry. However, other opportunities have emerged and taken off, particularly in the form of online gambling and sports betting.

Miller also mentioned the idea that things like technological innovation and a dedication to responsible behaviors are central in the survival and growth of the gambling industry. These seem to be tenants that Miller, and by extension the AGA, are determined to uphold.

What’s Rhode Island Got to Do With It?

AGA has also stated that Rhode Island is one of the main reasons for the quarter’s incredible turn of events. The state recently launched iGaming for the first time, which rounded up March’s revenue. People in Rhode Island can now enjoy iGaming through Bally’s online casino, with more online gaming options likely to emerge as time goes on.

Looking at the figures in more detail reveals that iGaming is one of the greatest growth factors for the US market as well. In Q1, this vertical alone grossed $2 billion. This is an increase of more than 26% in comparison to Q1 2023. With its recent launch, Rhode Island became the seventh state to offer legal iGaming.