US gaming revenue hits record $5.29bn in October

Finance News

The U.S. commercial gaming industry maintained its momentum in October with revenue reaching $5.29 billion, increasing 10.5 percent year-over-year and marking 20 consecutive months of growth. October was the industry’s second highest grossing month on record, only eclipsed by March 2022 ($5.35B).

As 2022 draws to a close, the gaming industry remains on track for another record-setting year. Over the first ten months, commercial gaming revenue totaled $49.85 billion, 14.7 percent ahead of the same 10-month period in 2021.

Gaming revenue grew year-over-year across all verticals in October, with nationwide iGaming revenue setting an all-time monthly record. Combined revenue from slot machines and table games at casinos was $4.03 billion, or 76.2 percent of total commercial gaming revenue, while sports betting grossed $804.7 million (15.2% of total) and iGaming $453.1 million (8.6% of total).

Together, sports betting and iGaming combined for $1.26 billion in October revenue, composing nearly a quarter (23.8%) of total gaming revenue. Largely driven by a busy sports calendar, September and October have seen the highest proportion of commercial gaming revenue come from these emerging verticals since the peak of pandemic-driven casino closures in 2020.

Meanwhile, trailing 12-month (TTM) revenue, covering the past twelve consecutive months from November 2021 through October 2022, was $59.42 billion. TTM revenue increased about one percent sequentially, i.e. compared to the preceding TTM period (October 2021-September 2022) reflecting the industry’s continuing expansion.

A packed October sports calendar drove the highest level of betting activity since January as Americans in 27 legal commercial sports betting jurisdictions wagered $9.07 billion on sports, generating $804.7 million in revenue. Figures exclude Arizona data, which had not reported October numbers at the time of publication.

Through October, annual U.S. sports betting handle stands at $73.11 billion, a 70 percent increase from the same ten-month period in 2021 when 24 markets were live. Year-to-date sports betting revenue is $5.76 billion, up 77.9 percent year-over-year, while TTM revenue is $6.87 billion, a sequential gain of 5.4 percent.

Meanwhile, iGaming operations in Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia generated a combined monthly revenue record of $453.1 million, up 26.8 percent on the same month in 2021.

Year-to-date iGaming revenue stands at $4.08 billion, up 38.1 percent on the same period in 2021. TTM revenue is $4.71 billion, a 1.8 percent gain on the preceding 12-month period.