AGA Reports Massive Spike in Sports Betting Sector, Second-Best … – Covers

AGA's October numbers are highlighted by a massive $5.29 billion in revenue, barely falling short of the previous $5.35 billion record set back in March. They also showed significant year-over-year spikes in the sports betting sector.
According to figures released by the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker this week, the U.S. commercial gaming industry earned $5.29 billion in revenue in October, falling just short of the previous record of $5.35 billion set in March.
“As 2022 draws to a close, the gaming industry remains on track for another record-setting year,” read the report.
Not only does this reflect impressive 10.5% year-over-year growth over the same period in 2021, but it also marks 20 consecutive months of GGR growth in an industry that has maintained its momentum in the face of high inflation, high interest rates, and fears of possible recession.
The encouraging October results boosted year-to-date commercial gaming revenue for 2022 to $49.85 billion, an overall increase of 14.7% over the same 10-month period a year ago, with huge gains coming in the legal sports betting sector. 
The AGA further reported that sports betting generated $804.7 million in revenue in October, a massive 77.7% gain over the same month in 2021. That represents the highest YoY percentage gain among all verticals.
Sports betting accounted for 15.2% of total October GGR, compared to iGaming, which set an all-time monthly record by generating $453.1 million in revenue (8.6% of total GGR). Combined retail revenue of $4.03 billion from slot machines and table games represented 76.2% of GGR. 
“Largely driven by a busy sports calendar, September and October have seen the highest proportion of commercial gaming revenue come from these emerging verticals since the peak of pandemic-driven casino closures in 2020,” read the report.
Figures for October were positively impacted by increased betting activity due to the fact that all major pro sports leagues were in action, including Major League Baseball, which attracted heavy betting interest due to the playoffs and the beginning of the World Series.
The month saw Americans make $9.07 billion in sports wagers, the highest level of wagering action since January. That handle generated $804.7 million in revenue for the month. 
These figures will be adjusted higher in the coming days to include results from Arizona, the only one of 27 legal sports betting jurisdictions in the U.S. that had yet to report its October numbers in time for the release of the study. 
U.S. sports betting handle for the first 10 months of 2022 now stands at $73.11 billion, a massive 70% YoY increase over the same period last year when only 24 markets were live and before New York — the largest sports betting state — launched in January.
These numbers put the U.S. sports betting industry within striking distance of $90 billion in GGR for 2022, as compared to last year’s $57.22 billion handle.  
Meanwhile, sports betting revenue for the first 10 months of 2022 now totals $5.76 billion, up 77.9% over the same January-October period last year.
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