The 2022 revenue report shows a continued surge in gambling popularity, especially iGaming and sports betting.
Good news for gambling aficionados in the US. The industry is thriving and interest in the sector continues to grow as more states regulate online operations and sportsbooks.
Figures released by the American Gaming Association (AGA) in February 2023 show that 2022 US gambling revenues surpassed $60 billion for the first time, up from $53 billion in 2021. That’s an overall an increase of 13.9percent, while iGaming in particular was up 35.2 percent, and sports betting 72.7 percent.
The figures prove that it’s been a good year for gambling across the board. In a year marked by the war in Ukraine and a growing sense of economic uncertainty, Americans have shown that betting is a form of leisure they enjoy and want more of. In the words of AGA President and CEO Bill Maher:
“Simply put, American adults are choosing casino gaming for entertainment in record numbers, benefitting communities, and taking market share from the predatory, illegal marketplace.”
When you consider that the 2022 US economy growth was 2.1 percent, it’s clear just how impressive these AGA numbers are.
Liberal approach is driving growth
So, what else can we make of these numbers? It’s clear that Americans increasingly trust and look to the gambling industry for entertainment. This move has been driven in part by the increasingly liberal approach that some states are taking towards betting.
Since 2018, when the US Supreme Court overturned the Bradley Act, 36 states have regulated legal sports betting. More are expected to follow suit this year. Smaller but nonetheless important steps have been made in online casino regulations as well. States like Connecticut and Pennsylvania have both recently legalized the activity.
And in states where lawmakers have made space for gambling, the industries have prospered. For instance, New York sports betting revenue was over $1 billion in 2022. It would be fair to say that this liberal approach is proving a boon to all involved; be it the players, the industry, or the states.
Change in the composition of the industry
Last year’s numbers also make clear what type of change Americans most want. iGaming is a relatively new phenomenon in the US, and yet its growth outdid traditional gambling in a big way.
In Q4 for instance, iGaming grew by 28.2 percent, while traditional gaming was only up by 1.7percent. At the end of the year, online gaming now makes up 19.5 percent of the sector’s revenue — a record high — and it would take a brave soul to bet against this share growing.
In a digital world, American gamblers want their action online. This is why we should expect to see continued prosperity in the online gambling industry.
Liberal approach is working
This new liberal approach to gambling should be welcomed. The numbers speak for themselves — the industry is posting record revenue year over year. This not only means more jobs, but also more tax revenue for states. And this approach doesn’t just work from an economic perspective, it also makes sense on a societal level.
Humans are naturally drawn to the thrill of the risk and rewards of gambling, and will seek them out whether they are permitted by the state or not. Isn’t it much better that these practices take place in a safe, regulated environment, where the games are fair and there are checks in place to help those who may have a problem?
Yes, we can debate the ethics of sports betting and gambling, but isn’t it preferable that these practices take place out in the open where they can be monitored and regulated rather than on the black market? The relaxing of the laws and the record profits are signs that things are moving in the right direction. Long may it continue.
You don’t need to wait
Luckily, US residents do not need to wait for Congress or their state legislature to enjoy safe, regulated, gambling action. The best US online real money casinos will accept players from almost every US state. They have international licenses and regulations, as well as games from reputable industry software companies.
Let’s hope that this time next year we’ll be celebrating another boom year for the gaming industry and the US economy as a whole. And if you enjoy this pastime, remember to do so safely and responsibly.
