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.
Summer Typically Sees a Slowdown for Online Casinos
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.
State By State Breakdown Shows New Jersey on Top
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.
- New Jersey: In July 2024, New Jersey’s iGaming win was over $195 million, a 26% increase from $155 million in July 2023.
- Michigan: Michigan’s internet gaming revenue in July topped $191 million, up from roughly $154 million the previous year. This marks the fourth-highest total in state history.
- Pennsylvania: Pennsylvania’s online casino games generated more than $174 million, an increase of over 31% from the nearly $130 million last year.
- Connecticut: DraftKings and FanDuel earned nearly $36 million from iGaming in July, up from a little more than $28 million in 2023.
- West Virginia: West Virginia’s iGaming revenue in July 2024 was just over $19 million, up from $14.4 million in July 2023, the second-highest total in state history.
- Delaware: Delaware’s iGaming revenue in July was just over $5 million, $4 million more than July 2023.
- Rhode Island: Rhode Island’s online casino revenue was dominated by Bally’s, but the state had another great month in July, reaching more than $2 million in June, which was $800,000 more than in May, marking a 3.5% increase and the third straight monthly increase.
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.
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