October marks the sixth consecutive month of recovery from the US’ ‘historic low-point’ of April, with the American Gaming Association’s Commercial Gaming Revenue Tracker showing a 6.3 per cent rise from September.
As commercial gaming revenue reached $3.38bn for the month, the group says that almost all jurisdictions showed positive signs of ongoing recovery during the month, despite continuing to operate with limited capacity, game availability, and non-gaming amenities
Six states, namely Colorado, Iowa, New Jersey, Ohio, Pennsylvania and South Dakota, saw revenue gains over October 2019, mostly powered by strong sports betting and igaming performances.
The association also noted that Americans are estimated to have wagered more than $3bn on sports, marking the strongest month for legal sports betting in US history.
“October is likely to be the strongest month for legal sports betting in US history as Americans wagered at least $2.82bn on sports across 17 states and the District of Columbia. (This number is expected to surpass $3bn upon the release of the October revenue report for Illinois – the fourth largest market in September.),” the report noted.
“Along with a likely record handle, the quickly growing US legal landscape also reached record revenue, with an all-time high combined hold of at least $237.5m, including free bets and promotions. That equals a gain of 53.5 per cent over the previous record month, October 2019.”
While sports betting and igaming continue to be the most visible drivers behind gaming’s recovery, legacy gaming is also improving month-over-month. Combined GGR from slot and table games rose 3.4 per cent from September to $2.98bn in October, equal to 86.6 per cent of the industry’s levels from a year earlier.
Ohio recorded a fourth consecutive month of year-over-year gaming revenue gains, while South Dakota has experienced revenue growth in each of the past five months. Colorado, Iowa, New Jersey, and Pennsylvania gains were powered by strong sports betting and igaming.
Of the remaining commercial gaming jurisdictions, all but four reported either higher revenue yields or reduced year-over-year revenue declines compared to September.
Furthermore, sportsbooks in all but two states accepted more money in sport wagers in October than in any previous month. While Nevada reported an all-time high state handle, New Jersey broke the national handle record for a third consecutive month. In the first ten months of 2020, national sports betting handle is up 48 per cent, while revenue grew 33 per cent over the same period in 2019.