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Gaming

As Traditional Retail Casinos Stagnate, Online Gambling Accelerate: AGA tracker report

Friday 29 de November 2024 / 12:00

2 minutos de lectura

(Washington).- US gamblers are shifting toward sports betting and online casinos and turning away from traditional retail casinos, says AGA’s latest Commercial Gaming Revenue Tracker report, which shows traditional casino gross gaming revenue declined by 0.9% in Q3. 

As Traditional Retail Casinos Stagnate, Online Gambling Accelerate: AGA tracker report

Meanwhile, sports betting revenue grew by 42.4%, and online casinos saw a 30.3% increase in the quarter. Notably, the online growth rate is higher than last year, indicating that online casinos are accelerating despite fewer markets opening.

The revenue tracker report shows that the total gross gaming revenue in the US was $17.7 billion. Despite their decline, traditional casinos still accounted for nearly 70% of the total, generating $12.38 billion. However, that was about a 1.5% distribution decrease compared to the same quarter last year.

Sports betting brought in $3.24 billion, representing 18.3% of total revenues, while online casinos generated $2.1 billion (11.7%). Year-to-date figures show a similar distribution, but traditional casino revenue is slightly up by 0.4%.

Despite Limited Expansion, iGaming Revenue Soars

While the other two sectors benefit from geographic expansions, online casino legalization has stalled; the only recent exception is Rhode Island, which launched its online casino market in March. However, the small market has only one operator, Bally Casino.

Despite that, online casino revenue continues to accelerate. So far, in 2024, online casinos have generated over $6 billion, a 27.2% increase from 2023.

Even New Jersey, which legalized online casinos a decade ago, is enjoying record revenues and an over 27% year-over-year increase. Smaller markets like West Virginia and Delaware are seeing even higher numbers. The latter has benefited from switching its technology provider to Rush Street Interactive (RSI) and saw a 424% boost in annual growth in October.

Game innovation is a crucial driver of online gambling’s continued growth.

Operators consistently introduce new titles to attract and retain players. On the one hand, more retail favorites like the Buffalo slot are getting the digital treatment. At the same time, unique digital games are increasingly available. For example, Caesars Palace Online Casino features exclusive bespoke titles like the Caesars Palace slot. Meanwhile, Hollywood Casino recently introduced Multiplayer Blackjack, a social game allowing users to create private tables or watch and bet on other players’ hands.

Live dealer games have also become popular, particularly interactive game shows like Evolution’s Crazy Time. These games combine the convenience of online play with the experience of a traditional casino floor and appeal to a broad audience.

Sports Betting Benefits From Expansion

Sports betting had the highest growth in Q3 and 2024 overall. Unlike online casinos, US sports betting has expanded significantly and is now available in nearly 40 states, including 30 with online betting options. Among this year’s launches was North Carolina, which went live in March. In operation for about six months, the state has already become the ninth-largest market, closely trailing established jurisdictions like Maryland and Massachusetts.

According to the AGA report, Kentucky, Washington, DC, and Delaware had the highest Q3 increases. Kentucky saw a rise of 2300% after launching sports betting in September 2023 and barely recording revenue that month. Meanwhile, Washington, DC’s 427% rise is primarily due to FanDuel replacing GambetDC as the DC Lottery’s partner.

Delaware has benefited from its partnership with RSI in sports betting. Previously limited to retail sports betting under its former partner, Evoke (formerly 888 Holdings), Delaware’s market rapidly expanded after RSI introduced mobile wagering.

Mixed Results For Retail Casinos

While the other two sectors enjoy significant growth, retail casinos are seeing mixed results.

Slots saw a slight 1.4% increase, but table game revenue was down by 8.3%. Out of 27 states with casinos, 13 saw revenue decline. The remaining 14 expanded their casino segment and saw an average increase of 8.5%. Among the highest increases were in Nebraska, Virginia, and Illinois.

In August, Nebraska welcomed its newest casino, WarHorse Casino Omaha. While Virginia had no new market openings, the state also enjoyed strong growth. That will likely continue: Hard Rock Bristol opened on November 14, and Caesars Danville follows on December 12. Another significant milestone for the state is the start of construction on a fourth casino in Norfolk.

The Bristol casino was not the only new Hard Rock casino in the third quarter. The operator also opened Hard Rock Rockford in Illinois on August 29. Like Virginia, Illinois should see continued growth in 2024’s final quarter with Wind Creek Chicago Southland opening on November 11.

Categoría:Gaming

Tags: Sin tags

País: United States

Región: North America

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