AGA Reports Record $71.9 Billion In Gaming Revenue For 2024

The American Gaming Association reported Wednesday a record $71.9 billion in gross gaming revenue for 2024, fueled by double-digit percentage increases from both internet casino gaming and sports betting.

Total revenue across the three gaming verticals, which also includes brick-and-mortar casinos, was up 7.5% from 2023. It was the fourth consecutive year-over-year increase in revenue. Land-based gambling revenue at casinos via slots and table games continued to comprise the majority of operator winnings at $49.8 billion, but the 0.8% increase was the lowest among the three.

Sports betting revenue was up 25.4% to $13.7 billion, while the seven states that offer iGaming combined to generate $8.1 billion, a bump of 28.7%. Internet casino operator revenue surged in the fourth quarter to $2.4 billion, up 33.1% year-over-year.

“In 2024, Americans embraced the diverse legal gaming options available to them — whether in casinos, at sportsbooks, or online — leading to another record-setting year for our industry,” said AGA President and CEO Bill Miller. “As we build on this success, the AGA remains committed to fostering additional growth that benefits consumers, operators, and communities alike.”

The AGA estimated total revenue generated when including tribal gaming figures will be $115 billion. Commercial operator revenue generated $15.7 billion in taxes at the state and local levels, an increase of 8.5% compared to 2023.

The “Big 3” power iGaming growth

Online casino growth was again spurred by large-market states Pennsylvania, Michigan, and New Jersey. Each state surpassed $200 million in monthly revenue every month in the fourth quarter of 2024, and the trio accounted for more than $7.5 billion of the $8.1 billion in operator winnings.

Pennsylvania led the group with $2.68 billion, followed by Michigan at $2.44 billion and New Jersey at $2.39 billion. The Keystone State also had the highest year-over-year growth at 29.1%, with Michigan up 26.9% and New Jersey increasing 24.1%.

Substantial growth also occurred in the smaller-sized markets, with revenue in West Virginia up 56% to $244.6 million, and Connecticut climbing 32.5% higher to $537.4 million. Delaware had a near nine-fold increase to $72.9 million, thanks in large part to switching platform providers to Rush Street Interactive, while Rhode Island’s first 10 months with iGaming resulted in $22.7 million in operator winnings.

Cannibalization concerns persist

Miller addressed potential revenue cannibalization of brick-and-mortar casinos via iGaming. While nine states introduced legislation to regulate internet casino gaming this year, many have seen those bills either halted or slowed in state assemblies.

Cannibalization is also a concern in markets where both already exist. Atlantic City casinos in New Jersey saw a 1.7% decline in revenue to $2.8 billion in 2024, and the nine venues started 2025 being outperformed by their iGaming counterparts by $11.5 million in January.

“It’s certainly a hot topic and has been for a period of significant period of time,” Miller said when asked by a New Jersey-based reporter. “I don’t think it’s settled by any means with regard to cannibalization or the added elements or benefit. I think that there’s evidence to be pointed to on both sides.

“And I think it’s because there is an appreciation at the state level that this impacts and affects the brick and mortars. Therefore, these legislatures are proceeding with caution, which is appropriate.”

The share of revenue from online gaming climbed 24.6% to $21.54 billion, easily outpacing the 0.6% increase from land-based venues to $50.32 billion. If there was one silver lining for brick-and-mortar casinos, it was that the average age of a patron declined (in other words, grew younger) for the fifth consecutive year.

Sports betting revenue up despite rough December

Sportsbooks nationwide weathered a closing flurry by the betting public, which limited the house to a 6.1% hold in the final month of 2024. That put a drag on overall revenue growth as December revenue tumbled 29% compared to 2023, but the 9.3% hold for 2024 marked the fifth consecutive year operators improved their performance.

Illinois solidified its status as the No. 2 sports betting market in the United States ahead of New Jersey as operator revenue climbed 21.1% from 2023 to $1.21 billion. Growth from existing and new operators contributed to a 20.6% increase in handle to $14 billion.

In addition to growth in existing markets, expansion into North Carolina and Vermont made a notable contribution. The Tar Heel State launched in March and still finished ninth nationally for revenue at $583.6 million.

Six of the other nine states in the top 10 reported year-over-year revenue growth of at least 20%, led by Massachusetts at 38.8% to $670.7 million. Ohio was the only state with a decline in revenue at 3.9%, but its near-$900 million haul ranked fourth.

The AGA reported operators in Tennessee claimed $573.3 million in revenue, good for 10th and up one spot from 2023. The Sports Wagering Council there does not publish revenue figures since it levies the state’s tax on handle.

Illinois’ gaming presence continues to grow

It has been nearly six years since Illinois Gov. JB Pritzker signed a gaming expansion bill that created six new casino licenses and legalized sports betting. All six licenses are currently active, including one in downtown Chicago, which contributed to the Land of Lincoln having an 11% year-over-year increase in traditional casino gaming revenue to $1.69 billion.

That expansion helped firm up Chicagoland’s status as the third-largest casino marketplace behind Las Vegas and Atlantic City at $2.25 billion, up 2.6% from 2023. That total also includes contributions from three Indiana-based casinos within an hour of Chicago in the northwest portion of the state.

Las Vegas remained a comfortable No. 1 at $8.51 billion, though that figure represented a 4.4% decline. The Queens/Yonkers marketplace cracked the top five nationally at the expense of Mississippi’s Gulf Coast: The two flipped spots as the New York venues reported a 2.5% increase in winnings to more than $1.58 billion while the Mississippi locations had a 0.3% downswing to just under that figure.