Q1 Generates US Record-Breaking $14 Billion In Gambling Revenue
Author: Dean Carr
Last Updated: May 12, 2022
It’s fair to say that online gambling has well and truly arrived in the United States.
The opening of new states through legislation has seen records broken on a regular basis throughout the country, but no figure has been more impressive than the one generated through the nationwide revenue of Q1.
It has been revealed that the revenue generated in the first quarter of 2022 was the greatest total ever recorded in Q1 at $14.31 billion. It was also just shy of the all-time quarterly record of $14.35 billion, which was set in Q4 in 2021.
“Consumers continue to seek out gaming’ s entertainment options in record numbers,” AGA President and CEO Bill Miller said in a media release. “Qi’s strong results build on the industry’s record year in 2021 despite continued headwinds from supply chain constraints, labor shortages and the impact of soaring inflation.
“Four years post-PASPA, legal sports betting’s success is proving what we’ve known all along: American consumers are eager to wager within the protections of the regulated market.
“Our industry’s success goes beyond the bottom line and into communities across the country. The record state and local tax contributions fund vital services from infrastructure and education to healthcare and emergency services.”
There was a 29% increase in revenue year-on-year from Q1 2022, with all 32 of the official commercial gaming jurisdictions surpassing their previous year’s tally. There were new quarterly records recorded in New York ($996.6 million), Florida ($182 million) and Arkansas ($147.4 million).
Online sports betting sites enjoyed a fruitful time too. Sports betting reported a record gross gaming revenue of $1.58 billion, while iGaming numbers stood at $1.21 billion.
AGA report that the annual record for commercial gaming in the United States came in 2021 and stood at $53.03 billion in revenue. That was 21.5% higher than the previous record in 2019 and current metrics strongly speculate that 2022 will be another annual record breaker.