In a new document, the American Gaming Association (AGA) assured that revenue for the commercial gaming segment expanded 9% in February 2024 compared to the same month of the previous year, the 36th consecutive month of annual growth. State regulator data compiled by the AGA shows that the gaming industry win from traditional casino games, sports betting, and iGaming was USD 5.61 billion, a new record for the month of February.
Moreover, through the first two months of 2024, commercial gaming revenue totaled USD 11.46 billion, 6.8% ahead of last year’s record pace.
In total, 28 of 34 commercial gaming jurisdictions that were operational a year ago and had published full February 2024 data at the time of writing saw combined revenue from traditional casino games, sports betting and iGaming rise from the previous year. Sports betting revenue was not yet available for Arizona and Kentucky at the time of writing.
GREAT NUMBERS FOR LAND-BASED GAMING
After contracting 5.9% in January 2024, revenue from land-based gaming rebounded in February 2024, driven by strong table game performance. Combined revenue from casino slots, table games and retail sports betting reached USD 4.16 billion, a 3.7% increase from the previous year.
Revenue momentum for online gaming (encompassing online sports betting and iGaming) decelerated somewhat from 34.6% in January to 27.5% in February, largely due to a slower pace of sports betting revenue growth.
While the more mature traditional casino slot machine and table game segments continue to see slower growth than digital offerings, they remain the dominant revenue drivers for the commercial gaming industry. In February 2024, these segments collectively generated USD 4.13 billion in total revenue, a year-over-year increase of 4.0%. Specifically, slot machines produced USD 2.91 billion in revenue, up 1.8%, while table game revenue jumped 12.8% to USD 916.2 million.
Note that the individual slot and table game figures exclude data from Louisiana and Michigan due to differences in state reporting, but their combined figures contribute to the nationwide total.
At the state level, 20 out of the 27 states offering traditional casino slot machines and/or table games posted gains compared to February 2023, with a median increase of 1.8%.
Through February 2024, year-to-date revenue from casino slot machines and table games trails the same period in 2023 by -1.0% at USD 7.88 billion. At the state level, 21 out of 27 commercial gaming states offering these gaming options in 2023 posted year-to-date slot/table revenue declines through February.
In February 2024, commercial sportsbooks generated USD 827.0 million in revenue across 31 jurisdictions that had published full February data at the time of writing. This marks an increase of 22.3% from February 2023, when commercial sports betting markets were active in 30 jurisdictions. For the month, Americans wagered USD 10.49 billion on sports, up 24.8% year-over-year.
Year-to-date commercial sports betting revenue was USD 2.31 billion, exceeding the same period in the previous year by 32.1%. The national hold rate was 7.9%, unchanged from February 2023.
iGAMING IS ALSO CLIMBING
In January 2024, the U.S. iGaming sector marked a new single-month revenue record as combined operations in Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia generated USD 648.0 million, up 30.9% year-over-year. All six iGaming markets saw gains compared to the previous year and three -Delaware (USD 3.9M) Michigan (USD 188.0M) and Pennsylvania (USD 215.3M)- reported monthly revenue records.
Year-to-date iGaming revenue stands at USD 1.26 billion, an increase of 25.7% compared to the same period in 2023.
