The American Gaming Association (AGA) released its latest figures for August, and the gaming industry brought in an astounding $114.9 million in revenues. This makes August 2020 the second highest grossing month on record yet!
The American Gaming Association (AGA) released its latest figures for August, and the gaming industry brought in an astounding $114.9 million in revenues. This makes August 2020 the second highest grossing month on record yet! This figure represents a 90.2% year-on-year increase.
These figures were due in no small part to sports betting and online gaming. Sports betting saw a surge with the NBA resuming games and the NFL starting their season. Online gaming industries, or iGaming, rose a staggering 224.2%; equating to $143.5 million.
Players wagered $2.1 billion in the month of August alone. It should be no surprise that New Jersey came out at the top of the pack, as online casino games are thriving there. NJ saw a 127.5% increase in amounts wagered, equal to $668.0 million. This also led the state to bring in the largest revenue in the industry at $39.5 million, a year-on-year increase of 56.5%
Pennsylvania, another state where online casino gaming is legal, also saw an increase in amounts wagered totaling to $365.0 million. PA’s revenue from the gaming industry totaled $27.6 million for the month of August.
This added revenue is coming in at a crucial time for states as the US continues to struggle during the COVID-19 pandemic, and all 50 states are scrambling to seek out new means of revenue to shore up their budgets.
As the states of New Jersey and Pennsylvania are seeing positive results from legalizing online casino games, it is not surprising to see other states making moves on legislation towards legalization.
In Connecticut, a bill from State Senator Cathy Osten is being reintroduced to give tribal casinos the rights to online gaming and sports betting.
Wes Ehrecke, president and CEO of the Iowa Casino Association, has announced that there are talks of adding online casino gaming to the state.
And Wynn Resorts has made a deal with the state of Michigan to create iGaming and internet sports betting software platforms available.
It’s true that many states are struggling with state revenues and budget dilemmas during this trying time. Because of this, it is obvious why we see state legislators advocating for and taking steps towards legalizing online gaming in their states.
People are continuing to stay at home more, and revenues at brick-and-mortar casinos continue to be down. However, Lady Luck is certainly on the side of the iGaming and online sports betting industries. If there’s one sure bet to be made, it’s that we can expect to continue to see an increase in states moving towards legalization for both of these ventures.
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