Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20). The American Gaming Association said that the total earnings were 10 per cent higher than those in 2022, the year which had set the previous record.
The latest record has been set in a year that saw grocery and energy prices remaining high in spite of cooling inflation.
“From the traditional casino experience to online options, American adults’ demand for gaming is at an all-time high,” Bill Miller, the president and CEO of American Gaming Association. He was quoted by The Associated Press.
Miller also said that earlier in the last year, there were few signals of record-breaking earnings.
“…inflation was high, uncertainty was in the air. Forecasters couldn’t agree what these challenges might do to discretionary income,” he said.
But inflation cooled as the year progressed and Federal Reserve held the interest rates steady. Consumers began to spend more.
“The result was a record-breaking year for our industry,” said Miller.
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“As a form of entertainment, legal sports betting might be a new and novel experience for many patrons, and with its relatively low cost of entry, may be attractive to them even if their discretionary spending budget is limited,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey’s Stockton University, as quoted by AP.
The institute studies gambling industry.
As reported by AP, in-person gaming reflected the biggest earnings for the industry. In year 2023, slot machines brought in USD 35.51 billion. This was an increase of 3.8 per cent from the year 2022. Table games scored USD 10.31 billion. The earnings were up by 3.5 per cent.
The biggest spike was seen in legal sports betting. It generated USD 10.92 billion. This was 44.5 per cent more than the previous year.
(With inputs from agencies)
