The U.S. gambling industry is absolutely on fire right now. On November 21st, 2024 the American Gaming Association (AGA) dropped some huge news: commercial gambling revenue hit a record-breaking $17.71 billion in the third quarter of 2024. That’s not just impressive—it beats the previous record of $17.67 billion, set earlier this year in Q1. Whether it’s sports betting, iGaming, or traditional casinos, the industry is raking it in and showing no signs of slowing down.
Through the first nine months of 2024, commercial gambling has already raked in $53.2 billion, up 8% compared to the same period in 2023. Online gambling is the real standout, making up 29% of all gaming revenue. Year-over-year, online gambling revenue has shot up by a massive 30.3%, with more people than ever logging in to play slots, or poker.
The global online gambling market was valued at $84.79 billion in 2023, with the crypto gambling market making up $250 million of the total online gambling market. According to Gary McLellan, most trustworthy Bitcoin casino sites offer better bonuses, have faster transaction speeds, and provide players with enhanced privacy and security compared to traditional online casinos. Despite only being a small fraction of the overall market, the crypto gambling sector is showing significant growth, indicating a strong potential for further expansion.
The US gambling market has seen sports betting holding its own. Revenue from sports betting is up 42.4% compared to Q3 2023, driven by major events like the Super Bowl, March Madness, and the start of the 2024 NFL season. With sportsbooks now available online and in physical locations across legal states, betting has never been easier, or more lucrative.
While online gaming and sports betting dominate the headlines, brick-and-mortar casinos are still a critical part of the story. Revenue from traditional casinos dipped slightly, down 1% year-over-year. However, new casino openings in states like Nebraska and Virginia have helped keep this sector vibrant. David Forman, AGA’s Vice President of Research, summed it up saying online casino and sports betting were the factors driving strong growth. He adds that a 25% of revenue now regularly comes from online channels.
So, what’s driving all this growth? It’s not just luck—several factors are working together to push the industry to new heights.
First, sports betting has exploded. More states are legalizing it, and as access grows, so does the market. Whether you’re placing a quick wager from your phone or betting in person at a local sportsbook, it’s easier than ever to get in on the action.
Second, online gaming (iGaming) has been a total game-changer. It’s all about convenience and entertainment, drawing in both casual players and seasoned gamblers. With nearly a third of all gaming revenue now coming from online platforms, this trend is impossible to ignore.
Third, traditional casinos are evolving. New venues are opening in previously untapped markets, and existing casinos are getting creative by adding attractions like esports arenas and live entertainment to keep visitors coming back.
Looking ahead, the U.S. gambling industry seems set for even greater things in 2025. Online gaming, which already makes up almost a third of all revenue, has plenty of room to grow. More states are considering legalizing iGaming, which could push those numbers even higher. Sports betting isn’t slowing down, either. With big-ticket events like the World Series and March Madness driving fan engagement, coupled with the rise of in-play betting, the revenue potential is enormous. Even brick-and-mortar casinos, despite their slight revenue dip, are evolving to stay relevant. New casinos in states like Virginia and Nebraska are creating buzz, while established venues are incorporating more modern attractions to bring in fresh crowds.
