It seems that the gambling industry and the economy are on contrasting paths. As the world suffers from the effects of inflation and the remnants of coronavirus, states with commercial casinos have reported all-time highs in the gambling revenue department. While on its surface, this is great for the gambling industry — especially after 2021’s record revenue — what does the 5.3 billion dollar revenue mean for avid gamblers?
Casinos also reported their best first-quarter revenue amounts ever, with many states with legal betting setting all-time revenue records. The annual State of the States report was released as well, indicating the strength of the gambling industry around the country. There were a few telling indicators from this report about the direction of the industry. There was an all-time high in casino revenue in 2021, and it was accompanied by a record $11.69 billion, a 75% increase in tax revenue collected from casinos in 2021.
Traffic is down in casinos, and so is age. The average age of visitors fell by almost five years, down to 44 years old. While traffic may be lower, spending per individual has increased compared to 2019 levels. Tribal casinos have yet to report revenue numbers, but experts believe the number could exceed $40 billion. Americans bet $57.7 billion on sports, which led to $4 billion in sports betting revenue.
As the third biggest revenue source, the gambling industry is obviously doing well, and so are the largest casino markets. The Las Vegas strip is on top with $7.05 billion in revenue, with the slackers coming later being Chicago, Baltimore-Washington D.C., the Gulf Coast, and New York City.
Finally, internet gambling revenue is up to $3.71 billion, two more states added internet gambling in 2021, and seven more added legalized sports betting as well.
Will This Growth Continue?
Betting is a growing industry, and the casino industry will likely continue to grow in the future. At this stage, you can probably say that it’s a runaway train. There are more states on the verge of legalizing legal sports betting, including large populations like California and Georgia and Hawaii, Kansas, Missouri, and Massachusetts. This will naturally lead to more “previous records have been broken” headlines. Even if the economy never makes a full recovery, it’s highly likely that we have yet to see the peak of the casino and betting industry.
What Does It Mean for Gamblers?
For gamblers, this change only means that the commercial gaming industry will continue to grow and appeal to the trends of the casual gamer. The industry has turned its focus to short-length and instant reward games, which fit the mold of casinos. Slots and table games fit the niche perfectly, creating the likelihood that the highest-grossing months and years are still yet to come.
Need Help With a Gambling Problem?
Gamblers should be aware of the industry’s growth and take measures to combat any signs that gambling has gone too far. If you’re worried about a potential gambling problem, help is right around the corner. Reach out to us through our 24/7 helpline at 1-800-GAMBLER or find a help meeting to get the assistance you need today.