The summer may be a slower time of year for retail and online sportsbooks, but the growth of legal wagering opportunities across the United States is giving a lift to monthly revenue numbers.
Figures published Wednesday by the American Gaming Association (AGA) showed year-over-year growth in the receipts earned from legal sports betting in July, as there were 25 jurisdictions with some form of commercial wagering during the month, up five from a year earlier.
According to the AGA, land-based and online sportsbooks generated $359.6 million in revenue for July from commercial operations, up 34.5% from a year earlier.
Year-to-date commercial sports betting revenue as of the end of July was $3.45 billion, up 62.7% from a year earlier, while handle was $50.7 billion, an increase of 88.3%.
Serious game
The year-over-year growth in sports-betting receipts was stronger than those of the broader gaming industry, although the latter is still managing to eke out gains.
Per the AGA, U.S. commercial gaming revenue overall hit $5.06 billion for July, up 2.8% from a year earlier and the third-highest grossing month of all time for the industry. Year-to-date revenue for the sector was $34.3 billion as of July’s end, or 15.5% more compared to the same point of 2021.
“While national gaming revenue growth has slowed significantly since the late spring due to more difficult annual comparisons, higher gas prices and increasing interest rates have not resulted [in] a steep drop-off in gaming revenue,” the AGA said. “The gaming industry has repeatedly weathered high gas prices over the past two decades and although higher interest rates and inflation are impacting operator costs, it does not yet appear to be driving dramatic changes to gaming consumer behavior.”
