AGA: US on-track for yearly highs following record setting Q3

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US commercial gaming revenue has tracked a second consecutive record after Q3 came in at $15.17bn to surpass a previous high of $14.81bn, that was set in Q2 2022, by two per cent.

According to the American Gaming Association’s Commercial Gaming Revenue Tracker, this sees the country’s entire ecosystem firmly on track to secure a full-year all-time high.

Utilising data from the first nine months of the year, 2022 is firmly on track to surpass 2021 as the highest-grossing commercial gaming revenue year ever, tracking 14.7 percent ahead of the same period last year and already ahead of 2019’s 12 month performance.

Furthermore, commercial gaming’s YoY growth rate in Q3 2022 of 8.8 per cent outperformed the broader US economy, which recorded 2.6 per cent. 

Of the 33 commercial gaming states that were operational one year ago, 16 reported quarterly highs in overall commercial gaming revenue in Q3 2022, including five of the six largest markets of Indiana, Michigan, Nevada, New York and Pennsylvania.

“While business challenges remain, high consumer demand continues to fuel our industry’s record success,” said Bill Miller, AGA President and CEO. 

“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.”

Delving into each segment, the AGA noted that land-based slots and table games “continue to be the foundation for the industry’s revenue growth”.

These in-venue offerings generated a record $12.27bn during the year’s third quarter, up 1.8 per cent from the $12.05bn from one year earlier. Combined year-to-date revenue for the verticals stands at $35.94bn, an increase of 8.1 per cent.

Elsewhere, sports betting has also reported high quarterly highs driven by a high win percentage, with Q3 revenue rising 80.6 per cent from $886.5m to $1.68bn. On a YTD basis, the $4.78bn gained through nine months has surpassed 2021’s $4.34bn.

Furthermore igaming revenue of $1.21bn fell less than one percent short of a new quarterly record, but the figure was enough to represent an increase from the past year’s $938.6m.

With $3.62bn (2021: $2.62bn) generated in igaming revenue through September, the vertical remains on pace to join slots, table games and sports betting in posting record revenue in 2022.