Casinos in America Had a Record-Breaking March

Casinos in America Had a Record-Breaking March

Following a prosperous 2022 prediction at the beginning of the year, records show that this year has indeed been prosperous. In fact, the American Gaming Association confirmed that it has been a successful year for U.S. casinos. The association explained that March was the most profitable month since the legalization of gambling in the country.

The legal gambling operators made over $5 billion in March. This made the first three months of this year the most successful first quarter in the U.S. gambling market. Notably, most stakes broke their gaming revenue records.

While the Las Vegas casino industry is still recovering from the Coronavirus pandemic, it still led the gaming market. Last year, Las Vegas Strip generated over $7 billion.

While some gaming markets are still doing badly, they are not as affected as many other industries. In fact, the gambling market is bouncing back to its glory while other industries are still struggling.

According to the American Gaming Association, sports betting and online gaming have helped rebound the gaming industry. Some new casinos are yet to hit the road following supply chain disruptions.

New Casino Records in March

The American Gaming Association tracks and oversees the country’s gaming sector. It released a report last week showing that March was the most profitable month. Commercial casinos generated $5.3 billion in March, $0.38 billion more than the previous record of $4.92 billion in July 2021.

Ideally, retail casinos had their first best start to a year in 2022. According to the American Gaming Association, the total quarterly revenue was close to the quarterly record of $14.35 billion which was set in the last three months of 2021. The consecutive high quarterly revenues indicate that the U.S gaming sector is doing well.

The gaming association report also shows three states that set new quarterly records. This included New York, with a record of $996.6 million. The state legalized mobile sports betting and online gaming earlier this year.

The second state with a high quarterly record is Florida with $182 million, followed by Arkansas with $147.4 million. Arkansas also legalized mobile sports and online betting this year.

Las Vegas Performed the Best

The report released on Wednesday shows that Las Vegas was the most profitable market in the country. Nevada generated $10 billion in 2021 with Las Vegas producing $7 billion of the revenue.

Other cities that did well include Atlantic City, Chicago Area, Gulf Coast, Baltimore in Washington, Philadelphia, New York City, Louis, Detroit, and Boulder Strip in Nevada. Last Year, legal commercial casinos paid over $11 billion in taxes. This was a 75 percent increase from 2020 and 15 percent more than 2019’s.

All industries were affected by the Coronavirus pandemic. Moreover, the shortage of supply and labor has affected many industries in the country. Another thing affecting the country is the rising inflation.

Yet, the gaming industry is going against all odds to perform better with each passing month. According to the gaming association, the industry’s success could be a result of more states allowing online and mobile sports betting.

Last year, legal gaming operators generated $53.03 billion. Around seven new jurisdictions legalized sports betting last year while two legalized online betting. Notably, these changes improved the generation of gaming revenue.

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