A Q1 sports betting handle record and all-time high for igaming revenue pushed the US gaming industry towards an overall quarterly revenue record in Q1.
Fresh statistics from the American Gaming Association reveal gaming revenue hit US$17.7bn in Q1, the industry’s 13th consecutive quarter of growth, with March’s $6.1bn revenue making it the industry’s second-highest grossing month ever.
Sports betting handle of $36.9bn in Q1 was a quarterly record that translated to revenue of $3.3bn, up 22 per cent year-on-year. Meanwhile, Record igaming revenue of $1.98bn in Q1 climbed 26.1 per cent year-on-year.
The AGA said recent sports betting launches such as in Kentucky, North Carolina and Vermont drove the sports betting growth, while Rhode Island’s addition to the regulated US igaming landscape helped online casino revenue.
But AGA president and CEO Bill Miller admitted that 2024 will be the “new baseline" for future growth after “several years” of sports betting legalisation which is expected to slow down.
He said “post-pandemic consumer shifts” will also impact revenue, adding: “Gaming's continued growth relies on maintaining our commitment to innovation and responsibility."
Traditional brick-and-mortar casino revenue was $12.3bn for Q1, rising by 0.3 per cent year-on-year.
Nevertheless, retail gaming - including a three per cent rise in table games GGR to $2.6bn and slot revenues remaining almost flat at $8.9bn – meant the land-based sector still accounted for 70.7 per cent of total revenues.
Online gaming revenue represented its largest share ever at 29.3 per cent.
