The US gaming sector has continued its prosperous run, recording a second straight quarter of income expansion. Overall earnings reached \$15.17 billion in the third quarter of 2022, a 2% rise compared to the corresponding period last year, and exceeding the \$14.81 billion generated in Q2.
This robust showing puts 2022 on course to be the most profitable year yet for the US gaming sector, with earnings for the first nine months already exhibiting a 14.7% year-over-year jump, as per the American Gaming Association (AGA).
Remarking on the financial outcomes, Bill Miller, AGA President and CEO, stated: “Despite broader economic headwinds, our sustained expansion highlights the potency of consumer appetite for gaming entertainment and the industry’s overall financial well-being as we anticipate 2023.”
Sports wagering, in particular, has become a standout performer, establishing a fresh quarterly earnings benchmark of \$1.68 billion, signifying a massive 80% surge year-on-year. This is unsurprising, considering the continuing surge of legalization throughout US states. Numerous states, including Kansas, have initiated sports wagering in the past nine months, while Ohio has established a launch date of January 1, 2023, and Maryland is projected to follow in Q4 2022. Massachusetts has also joined the trend, authorizing the activity with a rollout slated for sometime in 2023.
Newly legal sports wagering jurisdictions are a beacon for gaming enterprises. They are pulling out all the stops with enticing offers to attract fresh players. For instance, DraftKings is presenting a generous $200 bonus wager simply for creating an account, along with an opportunity to win a massive $100,000 reward in a raffle.
