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US Casino Industry Sees Robust Annual Growth in July 2024

In July 2024, the U.S. online casino industry achieved its fastest annual growth rate since 2022, with gross gaming revenue reaching nearly $672 million. This 32.6% increase from last year highlights a strong recovery despite the usual summer slowdown, driven by standout performances in states like Pennsylvania, New Jersey, and Michigan.
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Branimir Ivanov | Senior News Contributor

Updated: Sep 2, 2024

Hottest month of the year for igaming

In July 2024, the American online casino industry experienced its fastest annual growth rate in gross gaming revenue (GGR) since 2022. According to industry data, combined revenue from all legal online casino states totaled approximately $672 million for the month. This figure includes an estimate for Rhode Island, which has historically been slow to release its revenue numbers.

This total represents a 2.9% increase in daily average revenue compared to June 2024 but remains significantly below the all-time high of $716 million set in March. Despite these figures seeming modest at first glance, they reflect a substantial achievement given the typical seasonal downturn during the summer months. Both June and July are known to be slower periods for online gambling, as fewer people engage in online gaming due to the summer weather and reduced crossover from sports betting. In both 2022 and 2023, July saw negative growth rates in daily average revenue compared to previous months.

Annual growth provides a clearer picture of the industry's performance, highlighting the substantial increase from the $507 million earned in July 2023—a 32.6% rise. This growth rate is the highest observed since November 2022, indicating a robust recovery and strong performance in the sector.

State Analytics

The iGaming industry showed resilience in Q3 2024, continuing its upward trend without the launch of any major new markets. Rhode Island, which started its online gaming operations in March, contributed minimally to the overall revenue with under $3 million per month. The key drivers of growth were better-than-expected performances in established markets like New Jersey and Michigan, with nearly all states exceeding their revenue projections for the month.

Pennsylvania reported $215.4 million in online casino and poker revenue for July, marking a 37.1% increase year-over-year. This growth surpasses February’s 32.6% increase and sets a new high since January 2022. The daily average revenue rose to $6.9 million, reflecting a 6.6% month-over-month increase. The state’s unexpectedly strong performance in July exceeded forecasts by 10.7%, putting it ahead of its year-to-date target.

Michigan saw revenue of $191.4 million in July, up 24.6% from the previous year. Although this increase is slightly lower than in earlier months, Michigan's consistent outperformance of projections since February resulted in July’s revenue beating forecasts by 8.1%. The state is expected to reach between $2.3 billion and $2.4 billion in total revenue for 2024.

New Jersey’s online casino and poker sites earned $195.4 million in July, achieving a 25.9% increase year-over-year. This growth rate is second only to February this year and reflects three consecutive months of small revenue increases despite seasonal trends. New Jersey's revenue exceeded forecasts by 7.9% in July, pushing its year-to-date total to $1.32 billion, well above the projected $1.24 billion.

Connecticut saw online casino revenue of just under $42.0 million, up 48.8% from the previous year. This marks a significant rebound from a low growth rate of 25.5% in June. The daily average revenue climbed to $1.4 million, up 2.5% from June. Despite the slight shortfall in its year-to-date projections, Connecticut is expected to meet its annual revenue target of $550 million.

West Virginia’s online casino market generated $20.0 million in July, representing a 75.1% increase year-over-year. This growth rate is the highest since September 2022. The state’s daily average revenue rose 1.5%, and its July performance exceeded forecasts by 26.1%, bringing its year-to-date total 13.7% ahead of projections.

Delaware set a new state record with $5.2 million in revenue for July. The annual growth rate of 339.5% remained consistent with June's figures. The daily average revenue and the revenue share from slots remained unchanged from the previous month.

Rhode Island has not yet reported its July revenue, but estimates suggest it was around $2.4 million. This figure is based on historical trends and may be updated once official data is available.

 

“July 2024 saw the fastest annual growth in U.S. online casino revenue since 2022, reflecting a robust recovery despite the traditional summer slowdown.”

 

Economic and Industry Influences

The strong performance of U.S. online casinos in July can be partly attributed to FanDuel Casino's aggressive market strategies. FanDuel has seen significant annual growth rates in Pennsylvania (62.4%) and Michigan (54.1%), although it has lost market share in New Jersey. This shift may reflect broader macroeconomic trends, such as the recent decline in inflation, rising stock markets, and increasing disposable personal income. However, the recent spike in U.S. unemployment could also be influencing gambling behaviors.

Overall, July's results demonstrate the resilience and growth potential of the U.S. online casino industry, even during traditionally slower periods. The sector's performance suggests continued optimism for the remainder of 2024, with many states exceeding revenue projections and showing strong year-over-year gains.

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