US commercial gambling sets new record for October at $5.6 billion in revenues

The U.S. commercial gaming industry has reported a record-setting $5.62 billion in total revenue for the month of October, according to data compiled by the American Gaming Association (AGA) from state regulators. This figure represents a 5.9% increase compared to the same period last year and ranks October 2023 as the third highest-grossing month in U.S. gaming history, trailing only behind March and September of this year. It also marks the industry’s 32nd consecutive month of Y-O-Y growth.

Traditional casino gaming, encompassing casino slots, table games, and retail sports betting, experienced a modest 2.2% dip, contributing $3.95 billion to the total revenue. On the flip side, online gaming exhibited a remarkable surge, with a notable 34.4% year-over-year growth. This surge is largely attributed to the successful integration of online sports betting in Kansas, Kentucky, Maryland, Massachusetts, and Ohio within the past year.

One of the standout performers in October was the sports betting sector, achieving a new pinnacle with operators reporting a record-breaking $1.13 billion in revenue. This marks a 38.8% increase compared to October 2022. The nationwide handle, totaling $12.16 billion, surpassed the previous year by a remarkable 25.5%.

The launch of sports betting in new states within the last year played a pivotal role in this surge. Year-to-date, commercial sports betting revenue has reached an astonishing $8.33 billion, surpassing the entire revenue for 2022. Of the year-to-date total, the new markets accounted for 20.6 percent, or $1.72 billion.

The iGaming vertical continued its robust growth trajectory, contributing $533.6 billion in revenue across the six active states in October. This represents a noteworthy 17.8% increase year-over-year, positioning October as the third highest-grossing month for iGaming on a nationwide scale. As of October, the U.S. online gaming sector is well on its way to another record-breaking year, with cumulative revenue standing at $5.02 billion, reflecting a substantial 23.1% increase from the same period last year.

At the state level, the gaming landscape painted a dynamic picture. Nineteen out of 33 commercial gaming jurisdictions witnessed a surge in year-over-year revenue in October, contributing to a cumulative revenue through October that outpaced 2022's record pace by 9.6%. However, D.C. trails 2022 by 15.3%, and seven jurisdictions, including Florida, Indiana, and Mississippi, narrowly miss last year's gaming revenue pace.

Breaking down the numbers for traditional casino slot machines and table games, October saw a combined revenue of $3.95 billion, reflecting a 2.1% decline year-over-year. This decline is attributed to individual drops in both slot machines and table games. It's important to note that data from Louisiana and Michigan was excluded due to differences in state reporting, although their combined figures contributed to the nationwide total.