Analysis

US-wide revenues show value of igaming options

Monthly gaming revenues released by the American Gaming Association (AGA) show the value of states offering broad-ranging online gaming and betting options to consumers. 

The Wedge Index’s top 10 states all recorded the highest levels of betting revenues during August 2020.

New Jersey recorded betting revenues of $668m during August, the biggest total of all the states and confirmed its number 1 position on the Wedge Index.

It was followed by:

*       Nevada (7th) with $474.5m

*       Pennsylvania (2nd) with $365m

*       Indiana (4th) with £169m

*       Colorado (3rd) with $128.6m

Rescheduled sports calendar

The activity was driven by the rescheduled sports calendar, which “resulted in one of the strongest months for legal sports betting in U.S. history”, said the AGA.

A record $2.1bn was wagered on sports across 17 states and the District of Columbia. 

The record handle generated $119.4m in revenue, the second-highest grossing month ever, behind January 2020 ($138.9m).

Several states saw more money wagered on sports in August than in any previous month.

These included Pennsylvania, Indiana, West Virginia, and New Jersey. All of them are in the Wedge Index top 10.

The $668m staked by New Jersey players during August was the largest monthly handle ever recorded in any state. Once again it showed the value of having land-based and online options widely available to consumers.

National sports-betting revenues increased 31.5% in the first seven months of 2020 compared to the same period in 2019 and the total amount wagered rose 24.1%.

Gradual recovery

August marked the fourth consecutive month of recovery for the commercial gaming industry following April’s historic low point caused by the nationwide lockdowns.

Gaming revenue rose 5.6 percent from July to $3bn in August, showing evidence of gaming’s continued return.

However, the AGA pointed out that the path to a full recovery was still a long way away. Overall casino revenues were down 19.8% for August when compared to the same period in 2019.

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Jake Pollard

Jake Pollard is an experienced journalist and editor who has covered the online gaming and betting industry for many years. He has written for the leading media outlets as well as operators and suppliers in the igaming space. His current areas of focus are wide-ranging and include regulatory developments in the US, emerging markets in South America and how European countries are adapting to a decade of igaming regulation.

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