US Gaming Revenue Sees the Highest-Grossing February on Record at $4.39 Billion
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US Gaming Revenue Sees the Highest-Grossing February on Record at $4.39 Billion

US Gaming Revenue Sees the Highest-Grossing February on Record at $4.39 Billion

It appears that the iGaming industry is truly recovering following 2 long and hard years characterized by a global pandemic. The gaming industry in the country recorded its highest gaming revenue at the start of the year. In the first 2 months of 2o22, the country’s iGaming market managed to generate an impressive revenue of $8.9 billion in commercial gambling.

According to the American Gambling Association, in January and February 2022, commercial gaming revenue climbed by 19% compared to the same difficult period in 2022. The commercial gaming revenue countrywide hit $4.39 billion in February, which made it the highest growing month on record for the industry.

The high slot revenue and the jam-packed sports calendar in the first two months of the year certainly helped to boost the numbers. The continued strength of the iGaming market has also contributed to enduring that February produced the 12th highest consecutive $4 billion-plus revenue month.

According to reports from the AGA, slot games and table games continued to be the biggest revenue generator for the industry. In total, slot games produced $6.6 billion out of the $8.9 billion that was produced as a whole by the commercial gaming market. Sports betting and iGaming also performed well in January but the numbers were slightly lower in February.

Sports betting and iGaming only accounted for 16% of the total commercial casino revenue. This was the lowest amount generated by the 2 verticals since August last year. According to AGA’s report, visitation at brick and mortar casinos has improved greatly since the first 2 months of 2020.

Based on AGA’s report, only 5 states recorded lower gaming revenue compared to 2020’s first 2 months. Out of these poorly performing states, Rhode Island reported the deepest drop of 13%. The steep deterioration can principally be accredited to the increased competition from a new local tribal gaming casino, as well as the debut of the Encore Boston Harbour, which took place in 2019.

As the year progresses the number should keep improving. The mobile wagering market in New York will help to drive continued growth this year. Indeed, since the mobile sports betting market was launched in New York at the beginning of the year, the Empire State has unsurprisingly emerged as the country’s new sports betting mecca.

March’s numbers should also help to boost the revenue generated in the first 6 months of the year. This year’s March Madness generated a lot of interest and it is easy to see why. After a tumultuous 2 years, March Madness returned for the first time since its cancellation in 2019 and its bubble season in 2020. March Madness was so highly anticipated this year that the AG estimated that almost 45 million Americans would wager on the sporting festivities.

The NCAA Men’s Division I Basketball tournament has always been a massive hit with avid and novice sports bettors. According to a report compiled by the AGA, at least 17% of adults in the country planned to place bets on the varied events during the tournament. As a result of the additional legalization of sports wagering in new states, this year sports lovers had more opportunities to wager on the tournament than ever before.

Nevada’s winning streak

In January 2022, the state of Nevada recorded gaming revenue that surpassed $1 billion. This marked the 11th successive month that operators in the Silver State have bested the billion-dollar revenue point. According to data shared by the Nevada Gaming Control Board, operators in January produced a revenue of $1 billion.

This was an increase of 41% compared to the same period last year and managed to generate $761 million. This is the 11th time in a row that the Silver State has produced more than $1 billion, a winning streak that the state started in March last year. In Nevada, slot machines generated the most revenue, producing $731.5 million.

This was a year-to-year increase of 39% compared to the $526 million that was produced last year. As one can expect, multi-denomination slots produced the highest revenue totaling $358 million. One Cent slot machine produced the second-highest revenue at $279 million. Table, Card and Counter games produced $347 million, which was a rise of 48%. 

Blackjack produced a revenue of $106 million, followed by Baccarat’s revenue at $64 million. Sports wagering revenue, on the other hand, produced $67.7 million, which was a drop of almost 5%. The sport that contributed the highest revenue was football, which contributed $36 million. Basketball was the second-highest revenue generator in sports betting, managing to generate $11.3 million.

New Jersey, on the other hand, also smashed sports wagering and iGaming records in January. Punters in New Jersey, wagered a record $1.35 billion on sports this January. iGaming revenue in the Garden State also reached an all-time high at the start of the year despite being the first month in which mobile wagering was accessible for bettors in neighboring New York.

The total betting revenue for New Jersey in January totaled $381 million, which was an increase of 10.3%. a total of $1.21 billion was bet online in January while the remaining $139 billion was bet at brick and mortar sportsbooks. In the Garden State, FanDuel, PointsBet, and partner Meadowlands remained the leader, generating $38 million in sports wagering revenue.

Final Thoughts

Mobile sports wagering, as well as iGaming, which consists of online games, slots, as well as digital slots, have helped the industry to keep growing. Revenue from brick and mortar casinos had stopped trickling in for several months. However, now that the world is getting back on its fits, retail casino revenue has also seen drastic improvement over the last year or so.

After such a strong finish in 2021 and a marvelous start in 2022, the future couldn’t look brighter for the iGaming industry in the country. This growth should persist all through 2022 as the world’s economy continues to recover and a safe, healthy environment is once again restored.

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