Americans wagered $31.75 billion on sports in Q2 2024, according to the latest figures released by the American Gaming Association (AGA).
This action generated $3.16 billion in quarterly revenue representing 35.3% year-over-year growth for the sector, spurred by new market launches in the Kentucky, Maine, Vermont and North Carolina sports betting markets.
Overall wagering through the nation’s sportsbooks continues to rise, too, with a robust commercial sports betting handle of $31.75 billion in the second quarter notching a 32.8% increase year-over-year. The $3.16 billion in operator revenue was thanks to a 9.96% industry wide hold, slightly higher than Q2 2023’s 9.77%
Through the first six months of 2024, the legal sports betting industry has hauled in $6.67 billion in gross gaming revenue, which is 28.7% better than the same period last year.
Americans wagered $31.75B on sports in Q2 2024, generating $3.16B in quarterly revenue (+35.3% YoY). The growth compared to Q2 2023 was bolstered by new market launches in Kentucky, Maine, North Carolina and Vermont since last spring. pic.twitter.com/Sv1WnZhKQo
— American Gaming Association (@AmericanGaming) August 15, 2024
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Overall commercial gaming revenue reached $17.63 billion in Q2, and 24 jurisdictions - or nearly 75% of active commercial gaming states - saw year-over-year revenue growth as well.
“While sports betting and iGaming continued to drive overall industry revenue growth in the second quarter, new brick-and-mortar property openings in Illinois, Nebraska and Virginia also led to rising traditional commercial gaming revenue,” said AGA vice president of research David Forman.
“Across the country, land-based gaming markets are seeing mixed year-over-year comparisons due to slower consumer spending economy-wide, which may continue to be a factor through the remainder of 2024.”
Online betting gains
iGaming grossed an all-time high of $1.98 billion in Q1 when Rhode Island welcomed the nation’s seventh-regulated real money online casino market. Q2’s revenue stayed on par with Q1’s, finishing at $1.97 billion which reflects a 25.2% year-over-year growth rate. After Q2, iGaming operators have grossed $3.95 billion in total revenue, good for a 25.6% boost from the first six months of 2023.
Each of the six iGaming states that were live in 2023 achieved year-over-year growth too, with Delaware and its single-operator market climbing 264%.
Combined revenue from online sports betting and iGaming was $5.04 billion in Q2, accounting for 28.6% of commercial gaming revenue.
Traditional gaming stays steady
Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.49 billion on a 1.8% year-over-year growth rate.
Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.49B (+1.8% YoY), with annual revenue gains in May and June buoying a slow beginning to the quarter in April. pic.twitter.com/0L1biE6phS
— American Gaming Association (@AmericanGaming) August 15, 2024
Both slot and table game revenue expanded in the second quarter from the previous year. Slot machines gained 1.9% with $9.06 billion in Q2, while table games produced $2.52 billion on a 2.5% year-over-year increase.
Twelve of the 27 traditional casino markets expanded by an average of 9.7% in the second quarter, while the other 15 experienced revenue declines compared to the prior year by an average of 3.3%.
