AGA Q2
The top line
US commercial gaming revenue reached a record $13.6bn in Q221 vs. previous record of $11.1bn in 2019. At state level, 22 out of 25 commercial casino states saw GGR increases over the two-year comparison.
Slot GGR was up 16.7% on Q219 to $8.7bn, table games GGR up 0.8% to $2.1bn. Sports betting GGR was up 643% on Q219 to $889m (down 8% QoQ), while igaming GGR was up nearly 692% on 2019 to $901.2m (up 15% QoQ).
New and old: Both newly-regulated sports-betting states and newer and existing igaming jurisdictions such as Michigan and New Jersey had contributed to strong performances for AGA members.
CEO Bill Miller said: “The industry is on its way back and in any other sector there would be a victory lap, but full recovery depends on the full return of conferences, events and international travel.”
He added that the industry’s strong performance will be sustained, but it was reasonable to assume that it would soften once “more leisure options are available and people diversify how they have fun.”
NY state of mind: Asked about the six consortia applying for mobile-wagering licences in New York and whether the winning bids would provide real choice and competition to consumers, Miller said it was not in his remit to comment on how states approached regulatory issues.
Miller added: “Today the illegal market has the strongest control over those wanting to wager in New York, so regardless of the composition of the applicants it will be a good day when New York citizens are able to bet legally.”
Keys to Florida: He adopted the same tactic when discussing the approval of the Seminole-Florida gaming compact by the DOI at the end of last week. The Seminole are AGA members and “believe they’re continuing to move forward,” he said. “We represent healthy and vigorous competitors and opining on who should be winning through is not for the AGA.”
Cashless evolution: The gradual introduction of cashless payments has been one of the biggest changes to the operations of the land-based casino industry. Miller said he always believed “payment modernization was important because it aligns with consumer needs and desires and we should be responsive to that.” The move to cashless also resonated with government agencies, “which have always been clear about tackling money digitally in terms of origin of funds and to fight money laundering,” he added. The industry hasn’t switched “to digital overnight, but the evolution is taking shape.”
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