Q3 Gaming Revenue in US Hits $15bn
Total US gambling revenue generated during the third quarter of 2022 (Q3) hit a new all-time high quarterly record, bringing in a whopping $15.17 billion (£13.31bn/ €15.1bn). The impressive figures come courtesy of the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker and mark a 2% increase on the previous record of $14.81 billion.
Total US gambling revenue brought in during the third quarter of 2022 (Q3) hit a new all-time high quarterly record, generating an impressive $15.17 billion (£13.31bn/ €15.1bn). ©derwiki/Pixabay
2022 Is Expected to Overtake 2021 as Highest Grossing Year of Gaming Revenue
In what will surely come as good news for the market, total generated US gaming revenue hit a whopping record of $15.17 billion (£13.31bn/ € 15.1bn) during the third quarter of 2022 (Q3), marking a brand new all-time quarterly high, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.
The impressive results symbolize a 2% increase on the previous quarterly record of $14.81 billion reached in the preceding quarter. This means that 2022 is likely to exceed 2021 as the highest grossing year of gaming revenue, with results already coming in 14.7% ahead when compared to the same period the previous year. The total for the first nine months of the year is also currently far greater than 2019’s full-year’s revenue alone.
President and CEO of the American Gaming Association (AGA), Bill Miller, chalked up the results to particularly high consumer demand, noting the industry’s durability during times of broader economic distress:
“While business challenges remain, high consumer demand continues to fuel our industry’s record success. Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”– Bill Miller, President and CEO, American Gaming Association (AGA), Press Release
Most shocking, perhaps, is the fact that the US gambling industry’s year-on-year Q3 growth rate of 8.8% actually outperformed the broader US economy’s 2.6% growth rate in the same period.
Unparalleled Growth Mostly Fueled by Legal Sportsbook Expansions in Many States
However, most likely the principal driving factor of the US gambling industry’s growth during the third quarter of 2022 was the expansion of legalized sportsbooks and sports betting in already established betting markets across the country. A high sportsbook win percentage is also at work here, setting an additional quarterly revenue record of $1.68 billion, an 80.6% year-on-year increase. This can be seen by the fact that, already by September 2022, sportsbook revenue reached an all-time revenue high, which at $4.78 billion far exceeded 2021’s full year total of $4.34 billion.
Be that as it may, the main base of the industry’s growth during the quarter proved to still be in the more traditional slots and table games verticals, which brought in a record 12.27 billion in Q3 2022, a 1.8% increase year-on-year. In total, the vertical has seen $35.94 billion in revenue in the year-to-date, an 8.1% increase year-on-year.
Interestingly enough, however, is that iGaming quarterly revenue fell less than one percent behind its previous record total, coming in with $1.21 billion in total revenue. Yet for the nine-month period ending in September 2022 – the vertical nevertheless remains at record heights, looking to also set all-time-high revenue amounts for the whole year 2022.
Meanwhile, 16 out of 33 commercial gaming states also posted quarterly highs in overall commercial revenue during the quarter. This includes the likes of five of the six largest markets: Nevada, New York, Indiana, Michigan and Pennsylvania.
American Gaming Association (AGA) Appointed Maureen Beddis to Team in October 2022
In other recent American Gaming Association (AGA) news, the group announced in October 2022 that it had appointed Maureen Beddis as senior vice president of membership and events, with Beddis now expected to handle the organization’s member relations, business development, and events.
Beddis already boasts an impressive 16 years spent at the Vision Council, during which she most recently occupied the position of executive vice president of membership and strategic initiatives. Here she led membership, organizational strategy, and general operations, and served as the member liaison to the Vision Expo shows, where she recruited new talent into the industry and organization.
Beddis claimed she was committed to helping further the American Gaming Association’s (AGA) goal of building a safe and legal betting climate in the United States:
“I’m thrilled to join the dedicated AGA team and advance its mission to foster an environment where legal, regulated gaming thrives. I look forward to working with the association’s dynamic membership to deliver value and elevate AGA’s best-in-class events.”– Maureen Beddis, Senior Vice President of Membership and Events, American Gaming Association (AGA), Press Release
Parx Casino and Bet Parx Joined AGA’s Gaming Awareness Campaign in April 2022
In April 2022, the American Gaming Association (AGA) gained yet another betting operator for its ‘Have a Game Plan. Bet Responsibly.’ safer gambling awareness campaign – Parx Casino and BetParx owner Greenwood Racing.
The Parx brand is now responsible for promoting responsible gaming consumer education at its sportsbooks, which will be executed mainly through its BetParx app and via its digital channels.
Senior vice president of American Gaming Association (AGA), Casey Clark, explained that, given the major increase in legal sports betting across the nation, the organization was very relieved to be bringing Greenwood Gaming brands Parx Casino and BetParx on board:
“The AGA is thrilled to welcome Parx Casino and BetParx as Have A Game Plan campaign partners. The expansion of legal sports betting options—to 130 million Americans today—reinforces the importance of bringing together as many voices as possible to educate consumers on responsible wagering.”
