Sports betting revenue has left a major impact on the total gaming industry. The American Gaming Association (AGA) has released the revenue report for 2022 and it shows growth industrywide. Sports betting revenue is up 61.1% year over year, reaching $7.5 billion in 2022.
AGA Sports Betting And Casino Gaming Report Breakdown
Per the report, Americans wagered a whopping $93.2 billion on sports, mostly at online betting sites, in 2022. This increase in action stems largely from new mobile markets in Louisiana, Maryland, and New York. The addition of the New York sports betting market, in particular, provided a major push.
NY has established itself as the No. 1 sports betting state. Bettors have wagered more than $22.7 billion since mobile betting launched in January 2022. The market dominates sports betting, easily outstripping others established for years. NY led all markets in regulated sports betting GGR for 2022.
Casino gaming and iGaming revenue have also been on the rise. A 35.2% increase in iGaming revenue was reported nationwide in 2022, pushing the market to $5.02 billion. Casinos have seen a 14% increase in consumer spend with $60.458 billion in 2022. The industrywide increase in revenue has led to a boom in taxes across the board.
Sports Betting And Gaming Taxes On The Rise
2022 saw an all-time high of $13.487 billion in direct gaming tax revenue for commercial casinos. This is a 15.3% increase year over year. The AGA views this increase as a major success for the total market. Revenue from sports betting and gaming contributes across the nation for a plethora of advancements.
“As one of the biggest taxpayers in states across the country, we know that when gaming is successful, so are our communities,” Bill Miller AGA president and CEO. “Beyond our significant tax contributions, our industry is ingrained in local communities, bolstering economic development through job creation, supporting local charities and nonprofits, and setting the standard on corporate responsibility.”
2022 saw an increase in tax revenue in nearly all 35 jurisdictions with commercial casinos and sports betting operations. The only markets that saw a decline in revenue were Mississippi, South Dakota, and Washington D.C.