The American gambling industry continues to break records, with 2024 expected to be the most successful year yet. The American Gaming Association (AGA) predicts that this year's commercial gambling revenue in the U.S. will exceed $67 billion, setting a record for the fourth consecutive year.
As of September, revenue has reached $53.24 billion, an 8% increase year-over-year. This growth highlights the industry's resilience and adaptability, with online gambling becoming a significant driver of success.
Online Gaming Drives Growth
The explosive growth of online gaming has been central to the industry's performance in 2024. In just the third quarter, iGaming revenue grew by 30.3%, reaching $2.08 billion.
Meanwhile, sports betting revenue saw a remarkable increase of 42.4%, reaching $3.24 billion. Overall, these channels account for 29% of the industry's revenue, indicating consumer preferences.
Bill Miller, President and CEO of the American Gaming Association, emphasized the role of digital innovation in attracting younger audiences. Miller noted, "The average age of casino visitors has dropped from 50 to 42 years old." He highlighted the industry's development and its ability to attract a new generation of customers.
Traditional Casinos Maintain Resilience
Despite a slight decline of 0.9% in traditional casino revenue in the third quarter (to $12.38 billion), they remain the foundation of the industry. The opening of new casinos and healthy consumer demand continue to support traditional casinos against other economic pressures.
Although there has been a slight decline, the importance of the industry has not been overshadowed, as many casinos continue to thrive by integrating modern facilities and experiences to attract visitors. The American Gaming Association remains optimistic that traditional casinos will continue to be a part of the balanced gambling ecosystem.
The development of the gambling industry has also prompted the government to intensify efforts to combat illegal operations, ensuring fair competition. Notably, the American Gaming Association recently won a lawsuit in Virginia against unlicensed gambling machines, thereby gaining regulatory oversight.
Economic Impact and Taxation
The industry's performance has reached new historical heights, impacting state and local budgets. In just the third quarter, gambling activities generated $3.79 billion in taxes, an 8.9% increase from 2023. This revenue will be used to fund critical public services, including education, infrastructure, and healthcare.
