AGA Report: Gaming revenues rise for 13th straight quarter

May 16, 2024 12:02 PM
Photo: Shutterstock
  • Rege Behe, CDC Gaming Reports
May 16, 2024 12:02 PM

The gaming industry’s streak of record quarterly revenue has reached lucky number 13.

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The American Gaming Association Thursday reported revenue of $17.67 billion for the first quarter of 2024, according to its Commercial Gaming Revenue Tracker. That total is the industry’s second-highest-grossing month in history

Revenue was generated in the 37 states and the District of Columbia that have legalized gaming.

“While gaming’s momentum remains strong, 2024 will be the new baseline for future growth after several years of sports betting legalization and post-pandemic consumer shifts,” said AGA President and CEO Bill Miller in a statement. “Gaming’s continued growth relies on maintaining our commitment to innovation and responsibility.”

Per the report, 11 U.S. gaming markets set new quarterly records, including Pennsylvania, with $1.69 billion, and New York, with $1.25 billion.

Retail and igaming sectors posted growth in 1Q24, albeit at slower rates than previous quarters. Quarterly revenue from brick-and-mortar gaming reached $12.34 billion, a slight year-over-year increase of 0.3%. Revenue from igaming was $1.98 billion, a 26.1% year-over-year increase. And sports betting handle reached $38.86 billion for the quarter, another record, generating revenue of $3.33 billion, a 22.0% year-over-year increase.

In addition to the quarterly revenue report, the AGA also released its annual State of the States report. In 2023, operators paid direct gaming tax revenue of $14.67 billion to state and local governments, a 9.7% increase over 2022.

“As gaming expands, more communities than ever are benefiting,” Miller said. “We are proud to create jobs across the country, provide world-class entertainment experiences that offer safe alternatives to the pervasive illegal gambling market, and generate tax revenue to support critical public projects.”