Records Shattered: U.S. Casinos Rake In $60 Billion Haul

The U.S. Casino industry continues to buck market trends by claiming record revenues of over $60 billion in 2022, newly released figures show.

The American Gaming Association compiles annual revenue figures to document the state of the slots, sports betting, and table game industry, and for the first time ever it reports that total revenues generated by U.S. based casino firms have tipped the scales just north of $60 billion. 

This sum represents a modest increase on 2021 figures, with bets on slots still being the most popular form of betting for casinogoers across the country.  

New data reveals that, in total, over $34.2 billion dollars were bet of slot machines throughout 2022, a rise of 5.1% year-on-year, and over $10 billion was staked at the tables, an increase of 13.9%.

Unsurprisingly, resort venues performed well, with Atlantic City and Las Vegas continuing to be leading locations for casino tourists. 

Sports betting was also a key driver of growth in the industry, with a 72.7% increase in revenues seeing $7.5 billion being collected by betting firms across the States. 

The impact of Covid-19 on the betting industry also appears to have crystallised within 2022. 

At the height of the global pandemic the only option available to gambling fans was through online betting platforms. So, the 35.2% increase in revenues in the mobile-based iGaming niche was largely expected. 

Although figures point out that online gambling venues brought in only $5 billion in revenues, it must be appreciated that this form of betting is only currently legal in six States. These numbers are likely to pressure other legislators to legalise mobile casino sites for the taxes the site owners can generate. 

Commenting on the news of record revenues for the industry, President and CEO of the American Gaming Association, Bill Miller, highlighted a move away from illegal betting routes as being instrumental, saying that revenues could only rise in 2023 “if the AGA remains focused on combating the illegal market”. 

The record breaking news comes on the back of continued industry success, with initial reports suggesting that over $16 billion was bet on Superbowl LVII by Gridiron fans as part of 100 million sports bets that were placed over the championship weekend.