America loves gambling. That’s the American Gaming Association‘s (AGA’s) big message from its recent report on $4.42 billion in national gaming revenue from February. It was the best February on record for the nation’s gaming industry.
“U.S. commercial gaming revenue continued its strong start in 2022 with the highest-grossing February on record,” the AGA reported. February revenue was driven by the continued growth of slot revenue and sustained strength of sports betting and iGaming.”
And according to the latest numbers from the AGA, that love for gaming is particularly intense in Oregon. And with Oregon having the highest gambling growth in the country it’s no surprise the industry is under committee review by state legislators.
Oregon gambling leads the way in growth
Part of the AGA’s report included year–on–year changes in revenue for all states with legalized gambling. And here’s the good news: Oregon gambling was the clear leader in growth.
February year-on-year better than every other state
Of the more than 25 states that reported gross gambling revenue from at least February 2020 to now, Oregon experienced the most growth. The state saw a 125.7% jump in revenue this February compared to 2020. The next closest state was Michigan, which saw an 87.1% jump in revenue.
The February 2022 and February 2020 sports betting reports from the Oregon Lottery explain the ingredients that have gone into the feast that is the state’s revenue growth.
In February 2020, the state’s lottery pulled in $1.48 million in gross gambling revenue, with its biggest cash generators being basketball ($609,647), and soccer ($196,068).
In February 2022, gross gambling revenue jumped to $3.34 million, largely thanks to $1.07 million from basketball. Football did well, generating $893,403 in gross gaming revenue, followed by soccer at $360,430.
Oregon gambling revenue, year-to-date
As for year-to-date revenue change from January-February 2020 to now, Oregon saw the third-biggest jump at 76.1%. Only New Hampshire and Michigan saw bigger leaps.
Sports betting, iGmaing drive $4.42 billion in February
Though the past two years have been a whirlwind of casino closures, professional and amateur sports cancellations, and a tidal wave of uncertainty, Oregon gambling revenue soared this year, according to the AGA’s data.
The year-on-year change from February 2020 to February 2022 was 17%, and the year-on-year from last February to this February was 37%.
Using five states as a benchmark for casino visits and revenue, the report noted that, while fewer people are going to casinos compared to the pre-pandemic years, those who go are spending more. The “average casino revenue per visitor in 2022 is up by about 34.2 percent across the five reporting states,” the AGA said.
The big driver for the gambling industry was sports betting and iGaming. Two industries within the industry that experienced staggering growth.
Sports betting gaming revenue was up 321.0% over February 2020. Additionally, iGaming‘s gross gaming revenue was up 420.0% over that same time. The two industries accounted for 16.6% of the country’s overall gross gaming revenue.
Both industries have experienced massive growth in the past three years. Sports betting, of course, has benefitted from the onslaught of states that have legalized sports wagering since 2018.
In addition to the stellar year-on-year numbers for February, the AGA’s report also noted a considerable jump in year–to–date revenue.
“2022 has seen the industry’s fastest ever start to a year, with $8.96 billion in commercial gaming revenue generated in the first two months, up nearly 20 percent from the previous record set in 2020.”