American Gaming Association Posts Record $17.71 billion Q3 Revenue!
The American Gaming Association has reported record-breaking revenues of $17.71 billion for the third quarter of 2024, and online gaming is one of the driving forces.
This is the highest-grossing third quarter in history, and this year is set to be the fourth consecutive record breaker in the American gaming industry. Total revenue for the first 9 months of the year is a jaw-dropping $53.24 billion, up 8% from 2023.
$5.14 billion came from iGaming and online sports betting. The iGaming industry grew 30.2% year-on-year to generate 2.08 billion. Sports betting is still the biggest online gambling source in the United States, with a 42% rise in revenues to $3.24 billion.
These numbers are all the more remarkable when you consider that online casinos are banned in the vast majority of the United States. While social casinos and the top sweepstakes casinos have also taken off in a major way this year, they fall under sweepstakes laws. As such, they aren’t a part of the AGA’s figures.
This year’s growth spurt was partially down to Kentucky, Maine, North Carolina, and Vermont relaxing the rules on online sports betting. 19 States now have legalized sports betting, but the only States that have legalized online casinos are:
It’s bad news for traditional land-based casinos, however. Old-world casinos still generated $12.38 billion in Q3, but this is a 0.9% year-on-year decline. That’s a clear indication of where the industry is headed.
Online casinos are slowly taking over, and US legislation now has to catch up. The best online crypto casinos are leading the way in other regions with provably fair gaming and blockchain security. It’s an industry is waiting for the world’s biggest market to catch up.
The face of sports betting has changed dramatically, thanks in part to more relaxed legislation. FanDuel have enjoyed a bumper year. With just a handful of States at their disposal, the online casinos have made a significant impact, and Q4 could be even better.
