There’s no summer slowdown this year for online casinos.
In July, the American online casino industry experienced its fastest annual growth rate in gross gaming revenue (GGR) since 2022. Total iGaming revenue for July 2024 in New Jersey, Michigan, Pennsylvania, Connecticut, West Virginia, Delaware, and Rhode Island added up to $672 million compared to just under $483 million in July 2023, a leap of nearly 26% year over year.
This figure also represents an increase of almost 3% in daily average revenue from June, although it remains below the all-time high of $716 million set in March.
At first glance, that number may not seem that impressive. However, June and July are usually the slowest months for online gambling. During the summer, there is less crossover from sports betting, and many users prefer to enjoy the nice weather rather than play casino games. In 2022 and 2023, the monthly growth rate for daily average revenue was negative in July.
Due to this seasonality, annual growth is a more significant metric than monthly totals or month-over-month growth rates. In July 2023, US online casinos earned just $507 million. This year, revenue grew by nearly 33%, which hasn’t exceeded 30% since November 2022.
Here’s an overview of online casino revenue in the seven U.S. states where online gambling is legal: New Jersey, Pennsylvania, Michigan, Connecticut, West Virginia, Delaware, and Rhode Island.
In addition to a slight decline in inflation, experts credit the surge to consistent growth, since early 2023, of disposable personal income per capita, recovering from the post-COVID economic instability. But keep this in mind, US unemployment rose over the summer, which can drive more people towards gambling as a coping mechanism.
So, records are falling across the country, as the popularity of online casino gaming continues to grow. And with more states considering legalizing it, the numbers may grow even more next summer.