US commercial gambling industry achieves unprecedented growth, setting a new annual revenue record of $71.92bn in 2024, marking a 7.5% increase from 2023.
Key Takeaways:
- US gambling revenue reaches $71.92bn in 2024, up 7.5% from 2023
- Online gaming and sports betting contribute 30% of total revenue
- Industry pays $15.66bn in gaming taxes, up 8.5% year-on-year
Record-Breaking Year for US Gambling
The American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker reveals that 2024 marked the fourth consecutive year of record-breaking revenue for the US gambling industry. The year’s performance peaked in Q4, with operators generating an all-time high of $18.62bn in quarterly revenue.
AGA President and CEO Bill Miller attributed this success to increased consumer engagement across various legal gaming platforms, including traditional casinos, sportsbooks, and online gaming.
Online Gaming and Sports Betting Drive Growth
Online gaming and sports betting were key drivers of the industry’s record performance, accounting for 30.0% of the total commercial gaming revenue at $21.54bn. Online casinos in seven states generated $8.41bn, a 28.7% increase year-on-year. Each of the six established iGaming markets posted new annual revenue records.
Sports betting saw significant gains, with nationwide revenue climbing to $13.71bn, a 25.4% increase from 2023. The industry achieved its most profitable quarter ever in Q4 2024, generating $3.66bn. New Jersey and Illinois both surpassed the $1bn mark in sports betting revenue for the first time.
Traditional Casino Gaming Remains Strong
Despite the rise of digital alternatives, traditional retail casino gaming continued to dominate, generating $49.78bn in revenue. Out of the 27 states with commercial casinos, 12 set new revenue records. The Las Vegas Strip retained its position as the highest-grossing market, while the Queens/Yonkers market ascended into the top five for the first time.
Economic Impact and Future Outlook
The gambling industry contributed significantly to state and local governments, paying an estimated $15.66bn in gaming taxes, an 8.5% increase from the previous year. Miller noted that every dollar of gaming revenue supports jobs, investment, and broader economic development.
The industry’s ability to set new records despite economic uncertainties speaks to its resilience and adaptability. As consumer behavior continues to evolve, the sector is likely to see further innovation and investment in both physical and digital gaming platforms.
While traditional casino gaming remains the dominant revenue generator, the continued expansion of online gaming and sports betting suggests that digital platforms will play an increasingly significant role in the industry’s future.
