According to the American Gaming Association’s report, the commercial gaming segment in the US has registered record-breaking figures in the first quarter of 2023. That only gets cemented with March 2023 standing out with the topmost number. A total of $16.60 billion was generated in revenue in the first quarter of the year.
That makes it the 8th consecutive time for the industry to register a record-breaking number. March, especially, saw a total revenue of $5.90 billion, making it the highest-grossing month ever.
Bill Miller, the President & Chief Executive Officer of AGA, said that the industry has never been stronger following the recovery from the Covid-19 pandemic. Bill has further stated that the groundbreaking record has been registered across all the gaming verticals, including traditional venues and mobile gaming.
American adults continue choosing games as the top source of their entertainment, believes Bill Miller, adding that the communities are stronger only when the gaming segment is successful. Acknowledging that the community is one of the biggest taxpayers in the US, Miller has highlighted that they contribute even more to engaging with local communities, accelerating economic growth, and setting the high bar for corporate responsibility.
That opinion holds the truth, for the gaming industry has indeed employed a lot of jobs and supported its share with non-profits and charities.
Eighteen out of thirty-five gaming markets in the US have set a new record. Others have seen some growth as well, except Mississippi. The region is lagging behind in quarterly revenue from 2022’s first quarter.
Per the report published by AGA, retail gaming continued at 75.3% of the total revenue. The remaining was brought in by online gaming, which could have been higher with convenience as a major factor in play.
The quarterly revenue for the traditional gaming segment stands at $12.30 billion. This is higher when compared to the third quarter of 2022, which was the previous highest figure for the segment. That stood at $12.26 billion and is marginally behind the present times.
Customers in the US wagered $31.11 billion in legal sports betting, also by accessing sports betting sites, allowing it to earn $2.79 billion in revenue. This makes a 70.1% increase on a Y-Y basis. The growth is driven by new markets in Ohio, Massachusetts, and Kansas.
iGaming also saw a 22.7% increase on a Y-Y basis, with the revenue touching $1.48 billion in the opening quarter of 2023.
AGA helps craft policies and business environments for the gaming industry to thrive.
A State of the States report published by AGA also reveals that the gaming industry generated $13.48 billion in direct gaming tax. This was handed over to the state and local governments the previous year. That is an increase of 15.3% in comparison to 2021.