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US Online Casino Industry Sees Record Summer Growth

Discover how the US online casino industry achieved record growth in July 2024, with key states like Pennsylvania and New Jersey driving a 32.6% annual revenue increase despite seasonal challenges.
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Branimir Ivanov | Senior News Contributor

Updated: Sep 4, 2024

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In July 2024, the American online casino industry reported its fastest annual growth in gross gaming revenue (GGR) since late 2022, with total revenue across all legal states approaching $672 million. This figure includes an estimate for Rhode Island, which has yet to release its official data. Despite being lower than the record $716 million set in March, this total represents a 2.9% increase in daily average revenue compared to June—a notable achievement given the typical summer slowdown in online gambling.

This July growth is particularly significant when considering the seasonality of the industry. Historically, the summer months see a decline in online gambling activity due to fewer sports betting events and increased outdoor activities. In both 2022 and 2023, July saw negative growth in daily average revenue, making this year’s 32.6% annual increase particularly impressive. This is the first time since November 2022 that the annual growth rate has exceeded 30%.

 

Key Points

  1. Record Growth in July 2024: The US online casino industry saw a 32.6% annual increase in gross gaming revenue (GGR), marking the fastest growth rate since late 2022, despite the typical seasonal slowdown.
  2. Strong State Performances: Key markets like Pennsylvania and New Jersey led the surge, with Pennsylvania recording a 37.1% year-over-year growth and New Jersey maintaining steady gains, both significantly exceeding their 2024 revenue projections.
  3. Economic and Industry Factors: The growth was driven by a combination of improved economic conditions, such as rising disposable income, and strategic market moves by major operators like FanDuel Casino, particularly in states like Michigan and Pennsylvania.

 

Strong Performance Across Key States

The surge in online casino revenue has been driven by better-than-expected performances in several states, particularly New Jersey and Michigan. Even smaller markets like West Virginia have outperformed projections, with West Virginia recording a 75.1% year-over-year growth, its highest since September 2022. Connecticut also reported a significant rebound, with a 48.8% year-over-year increase.

Pennsylvania, the largest online casino market, generated $215.4 million in July, marking a 37.1% increase from the previous year. This growth helped the state surpass its year-to-date revenue target by 1.6%, despite conforming closely to projections earlier in the year. Meanwhile, Michigan saw a modest recovery from its seasonal slump, with $191.4 million in revenue and a 24.6% annual growth rate, keeping it on track to meet its year-end targets.

New Jersey’s online casinos earned $195.4 million in July, with an annual growth rate of 25.9%, the highest since February 2024. This steady performance has kept the state well ahead of its revenue projections for the year, with total revenue of $1.32 billion by July, compared to the forecasted $1.24 billion.

The strong performance of the US online casino industry in July can be attributed to several factors. FanDuel Casino has emerged as a key player, especially in Pennsylvania and Michigan, where it has reported annual growth rates of 62.4% and 54.1%, respectively. However, FanDuel’s market share in New Jersey has declined since January, suggesting that broader economic trends may also be contributing to the industry’s overall growth.

Economic conditions, such as declining inflation and rising stock markets, have improved disposable income, potentially fueling higher spending on online gambling. Additionally, the recent spike in US unemployment over the summer might have also played a role, as economic stress can sometimes lead to increased gambling activity.

 

The US online casino industry defied typical summer slowdowns in July 2024, achieving a remarkable 32.6% annual growth in revenue—a feat not seen since November 2022—driven by strong performances in key states like Pennsylvania and New Jersey.

 

Future Outlook

As the online casino industry enters the third quarter of 2024, its continued growth without the addition of significant new markets is noteworthy. Rhode Island’s recent launch, though small, adds to the total, but the overall surge in revenue is largely driven by existing markets exceeding expectations. With Pennsylvania, New Jersey, and Michigan leading the charge, the US online casino industry is on track for a strong year, with total revenues potentially reaching $4.6 billion by year-end.

The data for this analysis was sourced from state regulatory reports and revenue projections developed by industry analyst Alex Weldon, in collaboration with Play USA and Bonus.com.

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