U.S. states witness gaming revenue boom

Maria Debrincat 1 year ago
U.S. states witness gaming revenue boom

States such as Michigan, Oregon, Connecticut, and Pennsylvania reach new-level highs

According to data released by the American Gaming Association on Wednesday, online gaming revenue increased across all states in the US to around $4.89b in August 2022. Since the start of the pandemic, when almost all land-based gaming businesses shuttered for weeks and many maintained extended health and safety standards for more than a year, August represented the 18th consecutive month with positive year-over-year gaming revenue growth.

All gaming segments improved year over year, but sports betting rose the most by a startling 116.2% due to the launch of sports betting markets in six new states over the previous year.

Michigan

September kept shining a light on the betting industry in the US. According to data released this week by the Michigan Gaming Control Board, the state’s retail and online sports betting operators took $383.1 million in wagers during September, an increase of nearly 40% from the $229.7 million in wagers placed in August but a startling 1% decline when compared to the same period last year.

With September online sports betting gross receipts more than doubling to 47.8 million, the state’s licenced commercial and tribal casino operators reported a 26% rise in iGaming gross receipts to $128.7 million. This was the greatest monthly performance since November 2021.

The entire combined adjusted gross receipts, which include taking promotional expenses into account, were $143.0 million. These included $27.2 million from sports betting and $115.8 million from online gambling.

Oregon

The Oregon Lottery’s gross sports betting income for September hit a new monthly high of $5.47 million as well thanks to a significant increase in parlay wagers.

Due to a margin of 27%, parlay bets provided 28% of the handle and 55% of the gross revenues. Sports betting gross income for the month was $5.47m, with the betting handle totaling $39.29m, up 57% year over year.

Connecticut

In September, football made a welcome comeback for bookmakers all around the country, with Connecticut serving as a shining example.

In August, taxable gaming revenue was $17.73 million; in September, it was approximately $19 million, an increase of 7.1%. The state’s tax revenue grew by the same percentage in September, rising from $3.19 million in August to $3.42 million.

Pennsylvania

Pennsylvania’s legal sports betting market has seen considerable growth as well thanks to the start of the NFL season, with handle up more than 50% from August and 10.9% from September 2021 in September.

The Pennsylvania Gaming Control Board reported on Tuesday that wagers on legal sporting events in the state totaled $645.2 million for the month, a 56% increase from the $363 million in August. Revenue from sports betting soared from $28.3 million in 2021 to $50.2 million this year. $43.0 million of this amount was generated by online gambling, and the remaining $7.3 million came from physical sportsbooks.

According to the AGA, year-to-date iGaming revenue is $3.21 billion, up 39.9% over the same period in 2021. Sports betting and iGaming combined revenue accounted for 17.9% of all US commercial gaming revenue, an increase from the two preceding months.

Join us: 14 – 18 November 2022 MALTA

One of the first European countries to regulate the gaming sector, Malta is a hub of global business. The island is an obvious choice for SiGMA’s presence in Europe and a strong foundation for the field’s future. With a plethora of prospects for both investors and entrepreneurs looking to shape the future of this multi-billion dollar business, Malta Week will bring together industry giants among the affiliates, operators, and suppliers of the gaming sector.

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