West Virginia gambling industry reported a surge in revenue as reported by the American Gaming Association’s latest report. The figures indicate that the state’s gambling revenue increased by 16.8% in 2022, generating a total of $769.2 million in revenue from casino slots, table games, sports betting, and online gambling.
This growth is consistent with the United States overall trend, which saw a 13.9% increase in gambling revenue in the same period. West Virginia is among the 13 states that exhibited 16% growth or more in 2022, with Nevada retaining its position as the country’s gaming capital. Nevada generated $12.84 billion in revenue last year, marking a 10.5% increase from 2021. The Las Vegas Strip dominated the market, generating the highest gambling revenue with $8.24 billion.
Increase in WV Gaming Revenue
The traditional gambling industry in West Virginia experienced a significant surge in revenue, according to the latest report from the American Gaming Association. The figures showed that the state’s land-based casino revenue, including slots and table games, increased by almost 10% in 2022 compared to 2021. This increase in revenue is part of a nationwide trend that saw many states record a 5% or higher increase in casino revenue in 2022.
The report also highlighted the growing popularity of online casinos in the country. The online gambling sector generated close to 5% of all revenue in 2022, a marked increase from the previous year. Although the online gambling industry is not expected to surpass brick-and-mortar casinos anytime soon, it is worth keeping an eye on as more states legalize the concept.
West Virginia is one of six states that currently offer online gambling, and Mountaineer State’s online gambling industry is expected to continue to grow. Several online gambling companies have secured licenses in the state, including DraftKings Casino WV, Play’n Go, Hacksaw Gaming, and Internet Vikings.
As more states look to legalize online gambling, industry experts predict that the online gambling industry will continue to grow in the coming years. The American Gaming Association report shows that the industry has experienced significant growth over the past four years, and it is expected to remain a major player in the gambling industry.
The AGA report also highlighted the tremendous growth of several states in 2022, including Connecticut with 430.1%, Wyoming with 268.5%, and Arizona with 252.5%. On the other hand, Colorado, Rhode Island, and Kansas showed growth rates similar to West Virginia’s, recording 15.1%, 15.8%, and 18.5%, respectively.
Gambling Revenue in the US
In 2022, the industry totaled $60.42 billion in revenue, which is a 13.9% increase from 2021’s figures and 38.5% higher than 2019’s numbers, the year before the pandemic.
The sports betting and online gambling sectors showed the most significant growth, with sports betting revenue of $7.5 billion in 2022, which is a 72.7% increase from 2021. US Online casino revenue totaled $5.02 billion, a 35.2% year-to-year leap.
This positive trend is expected to continue as more states legalize and expand their gambling offerings. With this in mind, the United States gambling industry is on track to surpass $100 billion in revenue for the first time.