U.S. Casinos Smash Records with $5.4 Billion July Haul
In September 2023, industry studies revealed a remarkable milestone in the U.S. gambling industry, revealing that commercial casinos had achieved their most outstanding July performance to date. These establishments collectively amassed nearly $5.4 billion in gambling revenue, marking a substantial increase of nearly 6% compared to the same period in July 2022.
Delving deeper into the statistics from the American Gaming Association, the nation’s leading gambling industry trade group, it became evident that the industry was headed for a record-breaking year in 2023. Over the initial seven months of the year, the total revenue from a combination of in-person casino gaming, sports betting, and online gambling soared to nearly $38 billion. This astonishing figure represented an impressive 11% rise when compared to the corresponding period in the previous year.
The stellar performance in July was spearheaded by traditional in-person casino games, contributing an unprecedented $4.4 billion in monthly revenue. This increase was due to a combination of seasonal travel trends and the introduction of several new physical casino properties nationwide, notably in states such as Illinois, Pennsylvania, and Virginia.
Sports Betting In The Lead
The sports betting sector continued its robust growth trajectory, generating an astounding revenue of nearly $498 million in July. This marked a substantial year-over-year increase of over 28%, signifying the enduring popularity of sports wagering among consumers. Additionally, internet gambling experienced a remarkable surge, particularly in states like Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia, where it generated $481.5 million in July. This figure represented an impressive 23% growth compared to the same period in the previous year.
The American Gaming Association’s data further revealed that out of the 31 commercial gambling states that were operational a year prior and had complete data available, a substantial 21 states reported year-over-year revenue growth in July. On the flip side, five states bucked the trend, reporting a decline in casino revenue over the first seven months of the year. These states included Florida (-0.8%), Indiana (-0.5%), Iowa (-0.1%), Louisiana (-0.1%), and Mississippi (-3.8%).
It is important to note that the reported figures did not encompass revenue generated by tribal-run casinos, as they typically report their earnings separately from commercial casinos.
The combination of revenue from online sports betting and internet gambling demonstrated a remarkable year-over-year increase of 25.2% in July, further underlining the sustained growth of the digital gambling market. Meanwhile, the growth rate for revenue from land-based casinos, encompassing earnings from slot machines, table games, and retail sports betting, remained consistent at 2.5% for both June and July, following a period of relative stagnation.
Zooming in on specific segments, commercial sports betting revenue from January to July reached an impressive $5.46 billion, surpassing the same period in the previous year by more than 63%. Over the same time frame, internet gambling revenue amounted to $3.45 billion, reflecting a remarkable year-over-year increase of 22.6%. These numbers underscored the resilience and potential of the U.S. gambling industry, painting a vivid picture of its robust and dynamic landscape.