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US – October sets a new personal best in Nevada

By - 22 December 2023

In October, the US commercial gaming industry generated total revenue of $5.62bn, as reported by state regulators and compiled by the American Gaming Association (AGA).

The figure – total revenue from traditional casino games, sports betting and iGaming – sets a record for the month of October, a 5.9 percent increase year-over-year, and the industry’s 32nd consecutive month of year-over-year growth. Furthermore, October was the third highest-grossing month in U.S. gaming history, trailing only behind March and September of this year.

However, the pace of annual growth again decelerated on a sequential basis—a trend observed throughout much of 2023. This can largely be attributed to normalization of growth in the brick-and-mortar vertical following the strong recovery out of the pandemic.

With two months of reporting left in 2023, the cumulative revenue from traditional casino gaming, sports betting and iGaming is outpacing 2022’s record pace by 9.6 per cent. Total gaming revenue through October stands at $54.4bn, a figure that already exceeds the total revenue for the entirety of 2021 ($52.8bn)–the second highest-grossing year on record.

At the state level, 19 of 33 commercial gaming jurisdictions that were operational a year ago and had released full October data at the time of writing saw gaming revenue expand year-over-year.

After the first ten months of 2023, D.C. is trailing the same period in 2022 by 15.3 per cent, while seven jurisdictions remain marginally behind last year’s gaming revenue pace: Florida (-0.9 per cent), Indiana (-2.6 per cent), Iowa (-0.9 per cent), Maine (-0.3 per cent). Mississippi (-3.9 per cent), Missouri (-0.4 per cent) and Oklahoma (-0.1 per cent).

During October, revenue from land-based gaming, covering casino slots, table games and retail sports betting, experienced a dip of 2.2 per cent year-over-year. In contrast, online gaming revenue saw a substantial surge, growing 34.4 per cent year-over-year. Online revenue growth is driven by the introduction of online sports betting in Kansas, Kentucky, Maryland, Massachusetts, and Ohio within the past year.

In October, traditional casino slot machines and table games collectively generated $3.95 billion in total revenue, a 2.1 percent decline year-over-year. Breaking down the numbers, slot machines contributed $2.89 billion in revenue, a 0.7 percent decrease, while table game revenue fell 4.5 percent to $805.0 million. Note that the individual slot and table game figures exclude data from Louisiana and Michigan due to differences in state reporting, but their combined figures contribute to the nationwide total. Through the first ten months of the year, combined revenue from casino slot machines and table games reached $41.01 billion, surpassing the same period last year by 2.7 percent.

At the state level, 20 of 27 commercial gaming states offering traditional brick-and-mortar gaming in 2022 posted year-over-year declines in October, with three markets experiencing more substantial contractions.

Maryland saw the most significant decline (-24.9 per cent) due to a 61.6 per cent drop in table game revenue at MGM National Harbor because of especially high table game revenue of $73.2m in October 2022 – a property record. For perspective, the median monthly table game revenue at MGM National Harbor in 2022 was $31.3m.

Michigan‘s commercial casinos experienced an 18.9 per cent contraction in traditional revenue. Notably, in-person visits to Detroit casinos were impacted after workers at all three Detroit casinos went on strike on October 17, resulting in traditional revenue dropping to the lowest point since July 2001.

West Virginia saw a substantial 22.7 per cent year-over-year decline in slot machine and table game revenue. This decrease is largely attributed to the month having one less reporting week compared to 2022.

A busy October sports calendar and the first full month of wagering in Kentucky propelled sports betting revenue to a new single-month record. Across 30 jurisdictions, operators reported $1.13bn in revenue, marking a 38.8 per cent increase compared to October 2022. This is driven by the successful launch in Massachusetts, Nebraska, Ohio and Maryland (online) within the last year. Without these five new markets, US sports betting revenue in October expanded at a steady 7.9 per cent year-over-year.

October also set a record for handle, with Americans wagering $12.16bn on sports throughout the month—a 25.5 per cent increase compared to October 2022. Without the five new markets, nationwide handle increased 3.3 per cent year-over-year.

After the first ten months of the year, commercial sports betting revenue stands at $8.33bn, 50.8 per cent higher than the same period last year. Notably, sports betting revenue this year is already greater than full-year revenue for 2022, which amounted to $7.18bn. Of the year-to-date total, the new markets accounted for 20.6 per cent, or $1.72bn.

Year-to-date handle reached $91.98bn, 24.7 per cent higher than the first ten months of 2022. Barring a dramatic slowdown in November and December, annual sports betting handle will surpass the $100bn milestone this year.

The iGaming vertical continued its robust growth with $533.6bn generated in October across the six active states. This reflects a 17.8 per cent increase year-over-year and stands as the third highest-grossing month for iGaming nationwide.

After ten months, US iGaming is poised for another record-breaking year. Through October, revenue stands at $5.02bn, 23.1 per cent higher than the same period last year.

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