US commercial gaming is set to surge to yet more records through 2022 despite the macroeconomic environment and budget concerns across the country, reported the American Gaming Association.
This comes as revenue through July increased 2.8 per cent year-on-year to $5.06bn, which in turn represents a third highest monthly performance and fourth in the last five to crack the $5bn barrier. For the year-to-date, revenue rose 15.5 per cent to $34.27bn.
Sequentially, July revenue jumped eight per cent driven by an 8.6 per cent increase in land-based gaming from June, with sports betting and igaming also up 7.9 per cent and 1.2 per cent, respectively.
“While national gaming revenue growth has slowed significantly since the late spring due to more difficult annual comparisons, higher gas prices and increasing interest rates have not resulted in a steep drop-off in gaming revenue,” the AGA report noted.
“The gaming industry has repeatedly weathered high gas prices over the past two decades and although higher interest rates and inflation are impacting operator costs, it does not yet appear to be driving dramatic changes to gaming consumer behaviour.”
Through July, land-based and online sportsbooks from 25 states reached $359.6m in revenue, up 34.5 percent year-on-year when the activity was present in five less regions.
Through the first seven months of 2022, this figure stands at $3.45bn, which is 62.7 per cent ahead of the same period last year. Year-to-date handle is $50.70bn, up 88.3 per cent YoY.
However, igaming was the dominant online performer through the month, with revenue across Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia coming in at $392.4m.
This represents a 28.2 per cent uptick YoY when online casino gaming was operational in five states, excluding online poker in Nevada. YTD revenue stands at $2.81bn, up 41.1 per cent on the same period one year earlier.
When combined, revenue from igaming and sports betting accounted for 14.9 per cent of combined commercial gaming revenue in July, down from 15.4 per cent in June and 19.7 per cent in May.
Elsewhere, land-based slots and table games brought revenue of $4.31bn, which represents the third highest grossing month for traditional gaming revenue despite a 0.9 per cent YoY drop.
Slot revenue generated $3.03bn, down 1.4 per cent, while table games set a monthly record for the vertical in rising 3.5 per cent to $966.7m.
Land-based gaming was also helped by the launch of commercial gaming in Virginia, where Hard Rock Bristol, which brought revenue of $15.1m in its maiden month, became the 26th market across the country.
At the end of July, YTD revenue from both retail activities stood at $27.97bn, which was 9.5 per cent ahead of the same period one year earlier. 21 of 25 states saw annual revenue growth from traditional gaming through the first seven months of 2022.