The U.S. gaming industry reported a substantial increase across all segments in its third quarter 2023 earnings report, as per the American Gaming Association (AGA). Reaching an unprecedented $16.17 billion, total gaming income surged by 6.1% compared to the same period last year, establishing a new benchmark for Q3 results in the American commercial gaming sector.
This past quarter holds the position of the second most profitable quarter in the history of commercial gaming, only surpassed by the first quarter of 2023.
Revenue from slot machines witnessed a 1.7% uptick, accumulating $89.8 billion, while table games demonstrated a 3.8% climb, reaching $26.4 billion. A considerable leap of 22.8% was observed in sports wagering, hitting $21.5 billion. Leading the charge was internet gaming, which soared by 26% to achieve $15.2 billion.
A key factor in the sports betting sector’s expansion was the introduction of sports wagering in emerging markets such as Maryland (digital platforms), Massachusetts, Nebraska, and Ohio, which were not operational during the corresponding period in the previous year. The industry is poised to establish a new yearly record, with Americans placing $79 billion in sports bets within the initial nine months of 2023, reflecting a 32.7% surge from the preceding year. Both brick-and-mortar casinos and digital gaming platforms celebrated all-time high quarterly earnings.
William Miller, the top dog at the AGA, is stoked about the gaming sector’s triumphs. He’s emphasizing the remarkable expansion of both physical casinos and internet gambling, generating numerous employment opportunities and injecting substantial tax revenue into communities nationwide. He notes that this surge underscores the widespread popularity of gambling among Americans and its evolution into a mainstream entertainment avenue. Miller also stresses the significant shift toward legalized sports wagering, arguing that it demonstrates the urgency for authorities to suppress unregulated offshore operators.