US gambling sector made over $60b in revenue in 2022
The AGA has recently published its State of the States 2022 report, which has highlighted the rapidly expanding nature of the US gambling industry.
The sector continued to grow and set new records in 2022, as its revenue increased by around 14% from 2021’s 53 billion dollars to nearly 60.5 billion dollars. The report also highlighted that from the total of 35 states where the pastime is legal and regulated, 27 of them set new records in terms of revenue in the past year, while only three of them reported decreases of any kind.
Another noteworthy statistic was the industry’s total tax contributions in the period, which were recorded at just shy of 13.5 billion dollars. This constitutes an increase of over 15% from the prior year’s 11.7 billion dollars of paid taxes and makes the sector one of the country’s top taxpayers.
Breaking down by state, in several of them, like Wyoming, Arizona, and Connecticut, the industry experienced growth at or in excess of 200%, with the latter taking the top spot for the highest expansion rate at over 430%. In terms of raw figures, however, states like New Jersey, Pennsylvania, and Nevada remained in the top three, with the latter still holding the first position at a revenue figure of over 14 billion dollars.
In terms of total taxes paid, however, Nevada takes third place with only 1.1 billion dollars of taxes, while Pennsylvania and New York generated over 2.2 billion dollars and 1.8 billion dollars respectively.
Breaking down the figures by segment, on the other hand, reveals that retail gambling establishments continue to generate the most in revenue, however, other ones like sports wagering are catching up rapidly. Thanks to a combined handle of over 93 billion dollars, the aforementioned betting segment grew by over 60% and generated around 7.5 billion dollars for wagering operators.