America's Gambling Triumph: A Record-Breaking Year of Unparalleled Wagers
It was in 2023, the United States witnessed a historic year in gambling, with Americans gambling a record $66.5 billion.
This marked the industry's best year ever, showcasing a third consecutive year of record growth, particularly highlighted by the surge in sports betting, which soared to nearly $11 billion.
The American Gaming Association (AGA) reported that this total was 10% higher than the previous record set in 2022.
When combined with the anticipated figures from tribal-owned casinos, the overall casino gambling revenue for U.S. operators in 2023 is expected to approach $110 billion.
The growth in gambling revenue occurred despite the backdrop of receding inflation, which continued to keep costs for essentials like groceries and energy higher than previous levels.
This suggests that economic concerns did not deter gamblers, as both in-person and online gambling flourished.
Slot machines, the traditional mainstay of the industry, brought in $35.51 billion, marking a 3.8% increase from the previous year. Table games also saw growth, bringing in $10.31 billion, a 3.5% increase.
Sports betting, however, was the standout, generating $10.92 billion in revenue, a significant 44.5% increase from 2022.
The surge in sports betting was fueled by a 27.8% increase in the amount wagered on sports, totaling $119.84 billion. This growth was further supported by the introduction of five new sports betting markets in 2023—Kentucky, Maine, Massachusetts, Nebraska, and Ohio—which collectively generated $1.49 billion in revenue.
New York led all states with $1.69 billion in sports betting revenue, while New Jersey and Illinois each surpassed $1 billion in annual sports betting revenue for the first time.
Internet gambling also saw significant growth, generating $6.17 billion, up 22.9% from the previous year.
Michigan and New Jersey were the largest internet gambling markets in the country, each generating $1.92 billion in annual revenue, with Michigan slightly outperforming New Jersey. Pennsylvania followed as the third-largest market with $1.74 billion in annual revenue.
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