In 2023, the total revenue in the finance industry saw a significant increase of 10% compared to 2022, reaching $66.44 billion. This growth was driven by the strong performance in the fourth quarter, which saw a record quarterly revenue of $17.4 billion.
Land-based casinos continued to thrive, with a record Gross Gaming Revenue (GGR) of $49.4 billion in 2023, marking a 3.3% year-on-year increase. Additionally, sports betting experienced impressive growth, with a total handle of $119.8 billion and revenue of $10.9 billion – both setting new records.
Looking ahead, the US total GGR for 2023 is projected to reach approximately $110 billion, with the addition of tribal gaming revenue later in the year. The American Gaming Association (AGA) is focused on combatting illegal operators and promoting responsible gambling initiatives to drive further growth in the legal market.
Despite the positive outlook for the industry, the expansion of online gaming (iGaming) in the US has been slow. Currently only legal in six states, igaming is gaining traction with a 22.9% year-on-year increase in online casino revenue in 2023, reaching $6.2 billion.
New York, however, has yet to legalize igaming, as Governor Kathy Hochul did not include it in her 2025 budget. While some have expressed concerns about igaming cannibalizing land-based casinos, a recent study commissioned by the iDevelopment and Economic Association (iDEA) found that online gaming has actually had a positive impact on the traditional casino industry.
