The American Gaming Association (AGA) has released its new Commercial Gaming Revenue Tracker survey, reporting 6.3 percent of commercial gaming revenue from September to October ahead, suggesting the continued recovery of the industry.
Some key results, namely that gaming revenue reached $3.38 billion, matching 93 percent of October 2019 revenue levels, are highlighted in the study. Six states, Colorado, Iowa, New Jersey, Ohio, Pennsylvania and South Dakota, saw revenue growth over October 2019, mainly guided by good results in sports betting and igaming.
The association also noted that it is estimated that Americans have wagered more than $3bn on sports, marking the best month in US history for legal sports betting.
It stated: “October is likely to be the strongest month for legal sports betting in US history as Americans wagered at least $2.82bn on sports across 17 states and the District of Columbia. (This number is expected to surpass $3bn upon the release of the October revenue report for Illinois – the fourth largest market in September.)
“Along with a likely record handle, the quickly growing US legal landscape also reached record revenue, with an all-time high combined hold of at least $237.5m, including free bets and promotions. That equals a gain of 53.5% over the previous record month, October 2019.”
The study also shows that in October, sportsbooks in all but two states accepted more cash in sports wagers than in any previous month. New Jersey smashed the national handle record for a third consecutive month, while Nevada posted an all-time high-state handle. National sports betting handle is up 48 percent in the first 10 months of 2020 while revenue rose 33 percent in 2019 over the same period.
After April’s historic low-point, October marked the sixth consecutive month of recovery for the commercial gaming industry. Almost all commercial gaming jurisdictions, despite continuing to operate with reduced capacity, game availability, and non-gaming facilities, showed promising signs of ongoing recovery in October.
Ohio posted a fourth consecutive month of year-over-year gaming revenue gains, while in each of the past five months, South Dakota has experienced revenue growth. In October 2019, Colorado, Iowa, New Jersey, and Pennsylvania also saw sales gains propelled by strong sports betting and igaming results. All but four of the remaining commercial gaming jurisdictions posted either higher revenue yields or decreased revenue declines year-over-year compared to September.
While sports betting and igaming remain the most prominent factors behind the recovery of gaming, legacy gaming also improves month-over-month. Combined GGR from slot and table games increased from September to $2.98bn in October by 3.4 percent, equivalent to 86.6 percent of the October 2019 rate of the industry.
You can view the full report here.