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US Gaming Revenue Hits Record $17.63 Billion in Q2 2024

US commercial gaming revenue reached a record $17.63 billion in Q2 2024, marking 14 consecutive quarters of growth. Sports betting and iGaming drove the surge, while traditional casinos showed mixed results.
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Branimir Ivanov | Senior News Contributor

Updated: Sep 2, 2024

iGaming Gets bigger in the USA

The American Gaming Association (AGA) has released its latest quarterly report, revealing that the U.S. gambling industry continues to maintain strong momentum. The total commercial gaming revenue in the United States reached $17.63 billion in the second quarter of 2024, marking the 14th consecutive quarter of growth. This represents a 14% increase compared to the same period last year, underscoring the industry's sustained expansion.

The AGA's report highlights that all four major sectors of the industry—traditional casinos, sports betting, online casinos (iGaming), and total gaming revenue—posted their best-ever second-quarter results. This performance is particularly notable given the broader economic challenges, with consumer spending showing signs of slowing in other sectors.

 

Key Points

  • Record Revenue: The U.S. gambling industry achieved a record $17.63 billion in revenue for Q2 2024, marking 14 consecutive quarters of growth.
  • Surge in Digital Gambling: Sports betting and iGaming drove the revenue increase, with sports betting generating $6.67 billion and online casinos contributing $3.95 billion, reflecting year-over-year growth rates of 28.7% and 25.2%, respectively.
  • Mixed Results for Traditional Casinos: While traditional land-based casinos remain dominant, they saw only a modest 1.1% increase in revenue, with 15 out of 27 state markets experiencing declines in traditional casino revenue.

 

Surge in Sports Betting and Online Casinos

According to David Forman, Vice President of Research at the AGA, the growth in Q2 2024 was significantly driven by the robust performance of sports betting and online casinos. “While sports betting and iGaming continued to drive overall industry revenue growth in the second quarter, new brick-and-mortar property openings in Illinois, Nebraska, and Virginia also led to rising traditional commercial gaming revenue,” Forman noted.

Sports betting and iGaming have become increasingly influential in the overall revenue mix, generating $6.67 billion and $3.95 billion, respectively, during the quarter. These figures represent substantial year-over-year growth rates of 28.7% and 25.2%. As a result, online gaming's share of total revenue has risen to 28.7%, indicating a significant shift in consumer behavior towards digital platforms.

Traditional land-based casinos remain the dominant force in the industry, contributing 71.4% of the total revenue. However, the pace of growth in this segment has slowed, with Q2 2024 showing only a modest 1.1% increase year-over-year, bringing in $24.83 billion. The performance varied across the country, with 15 out of 27 state markets reporting a decline in traditional casino revenue compared to the previous year. On average, these markets saw a 3.3% drop, which Forman attributes to “slower consumer spending economy-wide,” a trend that could persist throughout the remainder of the year.

The second quarter of 2024 also proved lucrative for state governments, which collected $3.73 billion in taxes from gaming activities. This tax revenue reflects the industry's growing contribution to state coffers, with 24 jurisdictions reporting revenue growth during the quarter. These tax figures include only those taxes explicitly tied to gaming revenue, such as those levied on casinos and online gaming platforms.

US gambling revenue hit a record $17.63 billion in Q2 2024, driven primarily by significant growth in sports betting and iGaming, marking 14 consecutive quarters of expansion.

Outlook for the Remainder of 2024

The overall outlook for the U.S. gambling industry remains positive, with year-to-date gross gaming revenue reaching $35.48 billion, a 7.7% increase over the previous year. However, the sector faces challenges, particularly in traditional land-based markets, where growth is uneven. As the year progresses, the industry will likely continue to rely on the booming online gaming and sports betting sectors to sustain its growth trajectory.

The AGA's report underscores the gambling industry's resilience and adaptability in the face of economic headwinds, with digital transformation playing a critical role in its ongoing success.

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