New quarterly record of the game in the United States
The American Gaming Association (AGA), which brings together commercial and tribal casino operators and other key players in the American gaming industry, has just published the report corresponding to the third quarter of the year. The second consecutive record of quarterly revenues related to commercial gambling is confirmed and the boom of online gambling and, above all, sports betting is confirmed, which grew by more than 80% compared to the previous year.
Record figures for commercial gambling revenue in the United States. All verticals are up and in sports betting the growth is particularly pronounced. ©Aidan Howe/Unsplash
If during the past year the AGA reported a spectacular rise in gaming revenue in the United States reaching during the third quarter of 2021 a whopping 13 billion dollars, this year is no wonder because, according to the association that groups commercial casinos and other licensed gaming agents in the United States, in the third quarter of 2022 $15 billion in revenue has been exceeded , thus surpassing the historical record set during the previous quarter with 14,810 million dollars.
Everything seems to indicate that 2022 will exceed in revenue the mark that was established during the previous year and the revenues in these first 9 months have already exceeded the revenues of the entire 2019 . The year-on-year growth rate has exceeded the growth rate of the US economy for the same period by 8.8%.
According to the AGA, of the 33 states in which gambling is legal 16 have reported quarterly highs in revenue from the commercial game , including the major markets: Pennsylvania, Nevada, New York, Indiana and Michigan. 29 of the 33 states have experienced growth this quarter compared to the results of the previous quarter.
Although online gambling has also experienced a growth of 28.5%, reaching an overall revenue of 1.21 billion dollars, according to the AGA it is still casino slot machines and table games that provide the stable basis for growth . This quarter they have generated 12,270 million dollars, 1.8% more than the same quarter the previous year.
The activity of sports betting has generated one of the most spectacular growth in terms of revenue reaching 1,680 million dollars. This implies an 80.6% increase compared to the previous year , thus exceeding the revenues of the entire 2021.
Sports betting together with online gambling have added 2,890 million dollars in revenue . This represents 19.1% of the total revenue from the commercial game, exceeding the second quarter of the year and somewhat lower than the figures for the first quarter.
“While business challenges remain, high consumer demand continues to fuel the record success of our industry. In the face of great economic volatility, our sustained momentum is a sign of the overall health of the game today and gives us confidence as we look to the future.” – Bill Miller, , CEO and president of AGA, in press release
Gambling and inflation
In a more detailed report where an exhaustive monitoring of the commercial game is made in each of the verticals and also by States, the AGA has pointed out that “despite the macroeconomic pressure..., consumer spending on gaming was solid” . Do not forget that, as in Europe, the United States is also mired in a sharp recession with sky-high inflation, even though it has cooled down a little over the last month.
What leads people during difficult times to continue to consume in entertainment such as gambling? It is evident that consumers are still willing to spend their money at casinos , say industry experts in the United States, and this despite economic conditions.
Everything seems to indicate that appetite for gambling grows in uncertain times and instability. However, in our country the president of ANESAR José Vall does not seem to be so sure of this. The economic moment of uncertainty in which we live it would be disastrous for casinos and gambling halls in New Zealand.
