America’s industrial casinos received $66.5 billion from gamblers in 2023, the business’s finest 12 months ever, in response to figures launched by its nationwide commerce affiliation Tuesday.
The American Gaming Affiliation mentioned that complete was 10% greater than in 2022, which itself was a record-setting 12 months.
When income figures from tribal-owned casinos are launched individually later this 12 months, they’re anticipated to indicate that general on line casino playing introduced in near $110 billion to U.S. on line casino operators in 2023.
That each one occurred in a 12 months wherein inflation, whereas receding, nonetheless saved issues like grocery and power prices greater than they’d been.
“From the traditional casino experience to online options, American adults’ demand for gaming is at an all-time high,” mentioned Invoice Miller, the affiliation’s president and CEO.
Early final 12 months, when the group gave its annual statistical evaluation, “inflation was high, uncertainty was in the air. Forecasters couldn’t agree what these challenges might do to discretionary income,” Miller mentioned.
As they 12 months went on, “inflation began to cool, consumers began to spend and the (Federal Reserve) held rates steady,” he added. “The result was a record-breaking year for our industry.”
Not even the pre-holiday buying crunch discouraged gamblers from laying their cash down: casinos received $6.2 billion in December and $17.4 billion within the fourth quarter of 2023, each of which set data.
Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey’s Stockton College, which research the playing business, mentioned sports activities betting remains to be new sufficient that it could show enticing even to these watching their budgets.
“As a form of entertainment, legal sports betting might be a new and novel experience for many patrons, and with its relatively low cost of entry, may be attractive to them even if their discretionary spending budget is limited,” she mentioned.
In-person playing stays the bread and butter of the business. Slot machines introduced in $35.51 billion in 2023, a rise of three.8% from the earlier 12 months. Desk video games introduced in $10.31 billion, up 3.5%.
Sports activities betting generated $10.92 billion in income, up 44.5%. Individuals legally wagered $119.84 billion on sports activities, up 27.8% from the earlier 12 months.
5 new sports activities betting markets that turned operational in 2023 — Kentucky, Maine, Massachusetts, Nebraska and Ohio — contributed to that and generated a mixed $1.49 billion in income.
By the top of the 12 months, Massachusetts and Ohio established themselves among the many nation’s high 10 sports activities betting states by income, New Jersey and Illinois exceeded $1 billion in annual sports activities betting income for the primary time, and New York topped all states with $1.69 billion.
Web playing generated $6.17 billion, up 22.9%. Whereas Michigan and New Jersey every generated $1.92 billion in annual web playing income, Michigan outperformed New Jersey by simply $115,500 to grow to be the most important web playing market within the nation. Pennsylvania was third with $1.74 billion in annual income.
Different states providing web playing are Connecticut, West Virginia and Delaware; Nevada affords on-line poker solely.
Casinos paid an estimated $14.42 billion in playing taxes final 12 months, up 9.7% from the earlier 12 months.
Nevada stays the nation’s high playing market, with $15.5 billion in income. Pennsylvania is second at $5.86 billion, adopted intently by Atlantic Metropolis at $5.77 billion.
New York is fourth at $4.71 billion, adopted by Michigan at $3.58 billion; Ohio at $3.31 billion; Indiana at $2.82 billion; Louisiana at $2.69 billion and Illinois at $2.52 billion.
New York’s Resorts World on line casino reclaimed the title because the top-performing U.S. on line casino outdoors Nevada. It was adopted by MGM Nationwide Harbor close to Washington, D.C., Encore Boston Harbor and Atlantic Metropolis’s Borgata.
Of the 35 states which have industrial casinos, 31 noticed income improve final 12 months.
Jurisdictions the place income declined had been Florida (-0.4%); Indiana (-2.3%) and Mississippi (-3.5%). The sports activities betting-only market of Washington, D.C., had a extra important decline, with income trailing 2022 by 17.6%, the most important drop within the nation.
