The US gaming sector received a glowing progress report from the American Gaming Association (AGA) in its Q3 2023 analysis. Casinos nationwide are experiencing a surge in prosperity, with combined gaming income reaching an impressive $16.17 billion. This represents a 6.1% rise from the same period last year, establishing it as the most lucrative third quarter on record.
This achievement continues the pattern of a thriving 2023, with Q3’s earnings securing the second-highest position ever, narrowly trailing behind the benchmark set in the first quarter.
Examining the specifics, every segment within the gambling realm witnessed expansion. Slot machines, often considered the foundation of many casinos, generated $8.98 billion (a 1.7% increase). Table games such as blackjack and roulette followed closely, amassing $2.64 billion (a 3.8% surge).
However, sports wagering and internet gaming emerged as the true champions. Driven by the introduction of new markets in states like Maryland, Massachusetts, Nebraska, and Ohio, sports betting income soared by 22.8% to hit $2.15 billion. Analysts anticipate that 2023 will be a groundbreaking year for sports betting, with US residents already placing a staggering $79 billion in wagers within the first nine months alone – a 32.7% increase compared to the corresponding period last year.
Internet gaming also demonstrated remarkable expansion, with income escalating by 26% to achieve $1.52 billion. Both conventional physical casinos and their digital counterparts celebrated their most successful quarterly profits to date. The outlook for the American gambling industry appears promising.
William Miller, the top dog at the American Gaming Association, expressed significant enthusiasm regarding the latest figures emerging from the gaming sector. He noted that both brick-and-mortar casinos and internet-based platforms are thriving, generating numerous employment opportunities and contributing substantial tax revenue to localities nationwide. He underscored how gaming has evolved into a preferred leisure activity for a vast number of Americans, emphasizing the considerable transition towards legalized wagering on sporting events. This surge in favor, Miller contends, clearly demonstrates why it is increasingly crucial for federal and state authorities to take stringent measures against illicit offshore entities.
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