January sees US sports betting revenue rise 58% year-on-year

According to a report compiled by the American Gaming Association (AGA), the gambling sector brought in a total of $5.5bn in January 2023.

The data was collected by state regulators and was taken from gaming industry wins across traditional casino games, sports betting and iGaming markets.

These totals mark 23 months of consecutive growth for the commercial gaming sector and a 21% year-over-year increase. Indeed, all arrows seem to be moving up.

For the first time, monthly sports betting revenue exceeded $1bn, after a total of $10.9bn was wagered by American sports fans, a 58% year-over-year increase.

This was across 29 live commercial markets, with the 58% increase explained by a further three markets going live since January 2022.

Over the past year, the online sports betting markets in Arkansas, Maryland and Ohio were all legalised.

Kansas also entered the market in May 2022 with legalised sports betting, but is yet to take it online.

The Ohio market alone reported $208.9m in its first month of operating, which broke the former single-month sports betting record for any state.

Land-based casino revenue accounted for $3.9bn, which was generated from slot machines and table games. This is a 14% increase from January 2022.

Slots alone generated $2.9bn in revenue, a 15.5% increase from the previous year.

Despite Michigan’s revenue not accounting for the state’s 23 tribal casinos, there was still an increase of 64% when compared to January 2022.

Source: Read Full Article