The American Gaming Association has announced record-breaking commercial gaming revenue of $71.92 billion for 2024.
Marking the industry’s fourth consecutive record setting year, revenue grew 7.5 percent from 2023’s $66.5 billion.
The AGA’s Commercial Gaming Revenue Tracker shows the industry’s growth was driven by two segments: sports betting and iGaming. Traditional casino gross gaming revenue was almost stagnant, with just 0.8 percent growth.
Underlying data strongly suggests that the channel shift from retail to digital is prominent, presenting opportunities for crypto iGaming and sports betting operators, and state regulators to bolster tax purses.
Retail vs. Digital: The Shift That Could Accelerate Crypto iGaming
Brick-and-mortar casinos generated revenue of $49.78 billion in 2024, up from $49.38 billion in 2023. Although growth was 0.8 percent on the year, the fourth quarter exhibited stronger growth figures with GGR increasing from $12.31 to $12.59 billion, up $280 million or 2.3 percent.
Sports betting GGR for 2024 increased 25.4 percent, climbing $2.78 billion to $13.7 billion. This was up from $10.93 billion in 2023, owing to continued expansion and a growing appetite for sports betting. These figures include both retail sportsbooks and online operators, although in states where both types of wagering are available, the latter typically dwarves the former in handle percentages.
When looking at quarterly data, sports betting in the fourth quarter of 2024 generated $3.66 billion in GGR, up approximately $250 million or 7.3 percent from 2023’s fourth quarter figure of $3.41 billion.
18 Million Americans Hold Crypto—Will iGaming Give Them a Use Case?
The consumer pivot from retail to digital is evident, with iGaming exhibiting the largest growth of any segment. This reinforces the potential for cryptocurrency iGaming to grow, with the 18 million Americans reported to hold digital currencies looking for further use cases. Per federal data, only one percent of people surveyed had made payments using the compared to seven percent who hold it in wallets.
The AGA revealed that the online gaming market generated a total of $21.54 billion in 2024, the highest on record. It comprised 30.0% of nationwide commercial gaming revenue and continues its upward trajectory.
Bill Miller, CEO and President of the American Gaming Association, commented: “In 2024, Americans embraced the diverse legal gaming options available to them — whether in casinos, at sportsbooks, or online — leading to another record-setting year for our industry.”
Reported GGR for iGaming in 2024 rose 28.7 percent, increasing $1.88 billion from $6.53 billion in 2023. This number is generated by just seven states that offer full-scale legal iGaming. The AGA reported that each previously established iGaming market achieved new annual revenue records.
The fourth quarter of 2024 saw a 33.1 percent increase on the same period in 2023, with $2.38 billion generated in iGaming revenue.
Tax contributions to the United States also increased 8.5 percent year over year, reaching an estimated $15.66 billion in gaming taxes.
Miller stated: “The sustained growth of legal gaming is a win for our industry and the consumers and communities we serve. Every dollar of gaming revenue fuels jobs, investment, and economic growth — reinforcing why the legal industry’s expansion is so important.”
A combination of Miller’s hopes for expansion, President Trump’s pro-crypto stance, and underlying data could prove positive for crypto iGaming hopefuls.
The legalization of online gaming across America has been slow and steady, and there continues to be loud opposition to iGaming. Recently, executives from traditionally land-based businesses set up the National Association Against iGaming, alleging that iGaming expansion actually causes economic detriment.
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