US gaming revenue hits quarterly record of $17.7bn after strong North Carolina debut
Two new sports betting launches have helped generate significant revenue for US online gaming
US gaming revenue reached a quarterly record high of $17.7bn in Q1 2024, marking the 13th successive quarter of growth for the industry.
Figures released by the American Gaming Association’s (AGA) Commercial Gaming Revenue tracker show that in March of this year alone, the total revenue generated reached $6bn – the second-highest grossing month in industry history.
Online gaming contributed its largest ever share of top-line revenue to date, with the combined revenue from online sports betting and igaming reaching $5.1bn, or 29.3% of total quarterly revenue.
Two new online sports betting markets were launched within the quarter in the form of Vermont on January 11 and North Carolina on March 11.
The latter made an impressive debut, generating revenue of $66.5m in its first partial month of operations, making the Tar Heel State the third-highest contributor to revenue for the month of March.
Across both land-based and online sports betting, a first-quarter record $36.9bn was wagered by Americans within Q1, resulting in $3.3bn revenue.
Separating the two verticals, igaming continued to show growth by amassing $1.98bn in quarterly revenue, marking a 26% year-over-year (YOY) rise and a new single-quarter record.
Of the six established igaming states – New Jersey, Delaware, West Virginia, Pennsylvania, Michigan, and Connecticut – each one posted quarterly revenue records. Rush Street Interactive’s presence as Delaware Lottery’s new igaming partner helped the state’s revenue soar 218% YOY to $11.9m in its first full quarter.
During Q1, in March, a seventh full igaming market launched in Rhode Island, with the state’s only online casino generating $1.2m in its first partial month of operations.
AGA president and CEO Bill Miller cited a “commitment to innovation and responsibility” as two key factors that will maintain gaming’s upward trajectory in the US.
He said: “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.
“Gaming’s continued growth relies on maintaining our commitment to innovation and responsibility,” Miller added.