AGA announces $5.3bn in US legalized revenue in October
Strong growth in igaming and sports betting ensure October is second-best month on record
The American Gaming Association (AGA) has revealed it latest data surrounding the continuing burgeoning betting market, saying that 2022 is set for a record-breaking year.
In its monthly review, the AGA announced licensed betting revenue reached $49.9bn over the course of the first 10 months of the year, 14.7% ahead of the comparative period in 2021.
October was the second-highest grossing month on record, after the industry returned $5.3bn in revenue, up 10.5% on October 2021.
October was the industry’s second-highest grossing month on record, with March 2022 ($5.35bn) still the month to beat
In terms of verticals, slot gaming rose by 2.4%, claiming almost half of the industry’s gross gaming revenue (GGR) year on year (YoY) at $2.9bn.
Sports betting saw a 77.7% leap in GGR, accruing $804.7m, while igaming jumped 26.8% to $452.1m.
October is a busy month in the US sports calendar, which was highlighted as a reason for the increase in GGR by the AGA.
AGA stated: “Largely driven by a busy sports calendar, September and October have seen the highest proportion of commercial gaming revenue come from these emerging verticals since the peak of pandemic-driven casino closures in 2020.”
Elsewhere, trailing 12-month amounted to $59.4bn between November 2021 and October 2022, an increase of about 1% YoY
Twenty-six of 33 legalized jurisdictions saw revenue growth; however, Delaware (-3.7%), Maine (-2.8%), Missouri (-4.7%), New Jersey (-0.7%), Ohio (-0.3%) and Oklahoma (-0.4%) all saw revenue dips YoY.
The data shows that just DC, Mississippi and South Dakota are lagging behind in terms of their predicted targets.
New York posted the highest year-to-date revenue for sports betting with $1.07bn, closely followed by Tennessee with $1.06bn.