U.S. Set Gambling Record In 2022 With More Than $54.9 Billion In Revenue
Revenue for the first 11 months of 2022 surpassed the record set in 2021, according to the American Gaming Association. Meanwhile, New York is now the sports betting capital of America.
Wanna Bet: The Main Pit at Caesars Palace in Las Vegas. Nevada also set a revenue record for 2022.
David Becker/Getty Images
Americans gambled a record amount of money in 2022. The country’s casinos and mobile gaming apps generated a record $54.93 billion in revenue during the first 11 months of 2022. With one month still to count, 2022 has already broken through. A record $53.04 billion, up 13.5%, according to data compiled by state regulators from the American Gaming Association. (These numbers do not include the nation’s tribal casinos, nor do they include illegal gambling.)
Casey Clark, a senior vice president at the American Gaming Association (AGA), says the gaming industry has bounced back after a punishing recession caused by the pandemic. “To have already surpassed the record numbers we achieved in 2021 by a month is truly remarkable,” says Clark.
MORE FROM FORBESThe Big Gamble: Inside The Battle to Operate a New York City Casino By Will Yakowicz
Of the nation’s 33 commercial gaming jurisdictions, 30 reported year-over-year revenue growth over the same period in 2021. (The sports betting market in Washington, D.C. saw a nearly 15% decline, while Mississippi and South Dakota saw revenue declines of 3.7% and 1%, respectively.)
Slot machines and tables generated more revenue than any other form of gambling. Slots and table games across the U.S. generated $43.79 billion, a 6.7% increase over the same 11-month period in 2021. Sports betting wagered $83.13 billion from January to at the end of November. Sportsbooks generated just $6.56 billion from these bets, but that’s a 65.4% increase over the same period in 2021.
In Nevada, the nation’s gambling epicenter, the state’s casinos have already broken last year’s all-time record revenue of $13.4 billion through November. During the first 11 months of 2022, Nevada casinos generated $13.5 billion in gaming revenue, up 10.2% from 2021, according to the Nevada Gaming Control Board. The Silver State has also been on an incredible winning streak as gamblers have spent more than $1 billion per month for 21 consecutive months.
Meanwhile, New York has become the largest sports betting market in the country. In the Empire State, bettors wagered a total of $16.7 billion through the mobile app during the market’s first year of operation, according to the New York State Gaming Commission. Sportsbooks across the state generated $1.4 billion from these bets.
Brendan Bussmann, managing partner of B Global, a consulting firm focused on gaming and hospitality, says it’s a good sign that the industry racked up two years of record revenue after being crushed by the pandemic in 2020. “Not only did the industry bounce back from pandemic, but the industry has expanded,” says Bussmann. “It will continue to penetrate, and the industry will be in a good position for 2023, regardless of what happens with the economy.”
MORE FROM FORBESA Will Macau Be The Casino Capital Of The World Again? By Will Yakowicz
Bussmann says he expects a slight slowdown in 2023 due to economic headwinds, but he believes the public’s views on gambling have evolved and are now seen as a form of entertainment, not a vice. The concern now is that economic pressures could cut into discretionary spending. “We need to see where that discretionary income goes and where it stays,” Bussmann adds.
When asked if 2023 will set another record, Clark remains cautiously optimistic. “The economy faced a lot of headwinds over the last year or two, but our businesses continued to expand and grow,” he says. “I think we have a strong foundation for continued growth.”
