Another record quarter of growth for the US gambling industry, according the the American Gaming Association.
The American Gaming Association released its Q3 2021 report last week, and the results were even better than expected. The US gaming industry managed to generate $13.89 billion in a single quarter for the first time. The Q3 record was the second consecutive one, as the numbers in Q2 also showed significant improvement on the first quarter
The AGA publishes a Commercial Gaming Revenue Tracker that provides details about its financial performance. The tracker recorded a total of $38.67 billion in gaming revenue since the start of the year (first nine months).
The President of the American Gaming Association, Ben Miller, stated that making two consecutive records was an incredible accomplishment in any context, let alone in one of the most challenging years for the industry, which faced various lockdowns and restrictions due to Covid. Miller concluded that the success came from world-class entertainment, widespread favorability, and outstanding leadership in responsible reopening.
Slots and table games collected a total of $12.5 billion, setting a new record. Table games recorded a revenue increase of 10% year on year. Out of 25 states with commercial casinos, 10 set a new record for commercial casinos, with Las Vegas boasting an all-time high of $2.06 billion. Tourists also started returning to Las Vegas, as a total of 9.2 million visitors are recorded in Sin City, which is 10% more compared to Q2 this year. It’s also the highest visitation level recorded since the start of the pandemic.
The sports betting revenue for Q3 2021 was $886.5 million, even though the overall handle decreased slightly compared to 2020 (from $10.1 billion to $10 billion). There was also a slight decrease compared to Q1 and Q2 2021 as there were fewer sports competitions during that period.
Most importantly, online gaming also recorded a massive increase from Q2 to Q3 – 4.1%. Online operators in the US earned $938.6 million in Q3 2021.
Miller concluded that the industry is now strongly positioned for a full recovery.
The overall revenue in 2021 is already higher than in 2020, and is well on its way to surpassing the 2019 numbers, set before the pandemic.
The iGaming industry had a solid quarter, having recorded more than $1 billion in revenue. Land-based operations also recorded an increase, showing further evidence that the online gaming industry doesn’t affect its land-based counterpart in any way. The two types of gaming can co-exist and grow simultaneously, contrary to the fear of many land-based gaming enthusiasts.
To sum up, it’s safe to say that the gaming industry is rapidly returning to life after the tests of the pandemic. Even though there are some Covid restrictions still in place, they are being lifted one by one, and many more people are willing to travel and enjoy gaming activities all over the US, particularly in states like New Jersey. Moreover, with the increasing number of states opening up to legalizing online gambling (with Connecticut being the most recent), the online casino and sports betting sector is bound to continue flourishing in the future.