According to the American Gaming Association (AGA), 2021 raised the bar for the US commercial gambling market. The press release states that last year was the most profitable year on record, with total revenue of $53 billion. Even more growth is expected this year and in the years to come, driven by increased interest in online gambling. And what better way to pay for online gaming? And you can find out by visiting this site.
US gaming industry sets new record
Tracking revenues from commercial gaming, AGA reported that the record broke the previous record of $43.65 billion, which was set back in 2019. It also represents a $23 billion increase in revenue over 2020, which was impacted by the COVID-19 epidemic.
According to the release, the industry also set a new quarterly revenue record of $14.31 billion in the fourth quarter of 2021. This exceeds the record third quarter 2021 figure of $13.93 billion.
One of the major changes in the industry has been the adaptability and real adoption of traditional brands online."
Bill Miller, AGA president and CEO
According to the AGA, of the 34 operating commercial gambling jurisdictions, 23 have set individual records for annual commercial gambling revenue. By contrast, each commercial gambling vertical has set new revenue records at the national level.
Land-based gaming is still king
In 2021, traditional gaming was the main driver of the industry's recovery. Combined revenues from table games and slot machines were $44.94 billion, up 6.6% on 2019.
Growth in sports betting was also impressive. This segment generated $57.22 billion in revenue and $4.29 billion in revenue. This is an increase of 165% and 177% respectively compared to 2020. Now, with more than 30 states at some stage of passing sports betting legislation, some of which are just now coming online, these figures will increase by 2022.
According to the report, demand in existing markets in Nevada, New Jersey, Pennsylvania and the opening of many new markets have led to a peak in the sector.
Virginia legalised sports betting in January 2021. In addition, new sports betting markets were opened in Arizona, Louisiana and New York. Last year, new iGaming markets were opened in Connecticut and Michigan, helping the sector achieve record revenues of $3.71 billion.
Overall, sports betting and online gambling revenues totaled $8bn in 2018, up 158% from the previous year.
But there is still more recovery ahead. Miller added: "Despite our record year, the full recovery of the gambling industry still depends on the full return of travel and major events, which requires a health-safe environment and an open economy. I am optimistic that we will see further growth in 2022."
Eleena Timmons