Fourth Consecutive Year of Record-Breaking Revenue For US Gambling Industry
At a time when there may be considerable doubt about the future of the American economy and the effect that the new trade tariffs are set to have, one sector certainly has good reason for confidence. That’s because, for the fourth year in succession, the US gambling industry has seen its annual revenue rise.
In figures recently released by the American Gaming Association and their Revenue Tracker the 12 months of 2024 saw an increase of 7.5% compared with 2023. The previous year’s total was $66.5 billion compared with $71.92 billion for 2024. It also saw the single highest quarter’s revenue ever in Q4 of the year when combined turnover across the whole industry reached $18.62 billion.
The president and CEO of the AGA, Bill Miller, put this increase down to a number of different factors. He felt that people were becoming increasingly engaged with gambling now that more and more states are starting to embrace the activity. He also stated the Association’s continuing commitment to supporting and driving more growth.
Breaking Down the Figures
Several different revenue sources went to make up the total with online casinos and sports books making many of the headlines. Together, they amounted to 30% of the gaming revenue coming in at a combined total of $21.54 billion. Around $8.4 billion of this came from online casinos which are now licensed to operate legally in seven states, each one of which also reported all-time highs for turnover.
The gambling industry is also thriving in neighboring Canada, the number of users is expected to amount to 23.7m users by 2029, meaning the biggest operators in the industry will be hoping to create empires across the two countries, as long as Trump’s tariffs don’t make things too awkward. In Canada, user penetration in the Gambling market will be at a whopping 56.6% in 2025. It’s safe to say it’s going from strength to strength and at casino.ca you’ll find the best online casinos who are in prime position to capitalize. But there’s always room for growth so we can expect to see some more names being added to the list.
Retail Leads the Way
As you’d expect, Las Vegas was by far the biggest performer in the retail market – although it still fell some way short of the revenue generated by its Far East rival Macau, as it has done for quite some time now. Overall, retail gambling accounted for $49.78 billion which was only a quite marginal increase over the 2023 figure. That said, looking at the 27 states that do have casinos a grand total of 12 set new records for revenue last year. So there is obviously still a strong appetite amongst gamblers to play in brick-and-mortar establishments, even in the face of online alternatives.
Looking at the leading five states, excluding Nevada, these continued to be New Jersey, home of Atlantic City, Illinois, Baltimore, and Washington DC with the new arrival of New York’s Queens/Yonkers market which knocked out the Mississippi Gold Coast.
Sports on the Rise
Ever since the Supreme Court’s 2018 decision to legalize sports betting revenues have seen a steadily upward curve. Last year it attained a figure of $13.71 billion which represented more than a 25% increase from the previous year’s $11.04 billion. It also hit an all-time record in Q4 of the year at $3.66 billion. The Super Bowl alone saw around $1.25 billion being placed on the event, and the 2025 meeting between the Eagles and the Chiefs is expected to have generated even more. Add to this a full sporting calendar for the rest of the year and it’s easy to see where the revenue came from. Again, New Jersey and Illinois were both big hitters each exceeding $1 billion for the first time.
Looking ahead, 2025 may well see some more states getting their sports betting legislation finalized with Missouri and Minnesota set to come on board.
The Broader Benefits
Of course, it’s not just the operators who have stood to gain from this dramatic increase across the whole range of US gambling activities. That’s because where high revenues are raised, equally high taxes are earned both for the state’s and country’s coffers.
In 2024 the total amount paid in gaming taxes was £15.66 billion, an 8.5% increase on the previous year’s figure. Also to take into consideration are the taxes paid by the players themselves on certain wins. The industry additionally pays tax revenue through a number of other sources including sales of items, payroll, and other corporate charges.
The Broader Economic Benefits
Above and beyond these contributions, a healthy gambling sector provides a number of other economic boosters. Not only does it offer increasing numbers of employment opportunities, it attracts outside investment and can even boost the prosperity of an area. Looking ahead, it’s a sector that is set to continue growing with online and sports becoming ever more dominant. However, this is unlikely to herald the end for the traditional casino as there obviously remains a steady appetite for these. So, we can expect the bright lights of Vegas to continue shining for some time to come.
Disclaimer: This article is for informational purposes only and does not provide financial, legal, or gambling advice. Gambling laws vary by jurisdiction—readers should consult official sources. This content offers general insights and does not endorse or promote gambling. No links are for promotional purposes. The publisher is not responsible for any actions taken based on this information.
