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American Gambling Record Hits Historic $66.5B in 2023 – Report

Gambling

According to a Forbes report, the volume of gambling recorded in the United States hit a historical valuation point of $66.5 billion last year.


American Betting Scene Hits Record High


The gambling industry including commercial casinos in the U.S. raked in approximately $66.5 billion from gamblers in 2023. 


Looking at the figure that was released by the National Trade Association, this is the best that the sector has ever recorded. It is worth noting that the figure registered in 2022 was also a record high at the time. 


Markedly, the $66.5 billion recorded for 2023 happens to be 10% higher than the levels seen the previous year, per a statement from the American Gaming Association. 


There are expectations that when revenue figures from tribal-owned casinos are eventually released separately later this year, they will show that the entire casino gambling brought in close to $110 billion to U.S. operators in 2023.


The Evolving Crypto Gambling Sector


Crypto gambling also contributed to this huge volume recorded in 2023. Two weeks ago, crypto enthusiasts got excited about the clash between National Football League (NFL) champions of the American Football Conference (AFC), the Kansas City Chiefs, and their counterparts from the National Football Conference (NFC), the San Francisco 49ers, at this year’s Super Bowl 58.


These fans decided to bet on the outcome of the NFL championship game and Bitcoin (BTC) and other cryptocurrencies were some of the assets of choice. This is not the first time that such a bet is happened during a competition. Notably, celebrity and popular pop star Drake stirred up the Super Bowl scene in 2023 when he won about $512,000 in Bitcoin from the games played.


The use of crypto in the gambling sector is a new path but it is gradually becoming a welcomed initiative. “From the traditional casino experience to online options, American adults’ demand for gaming is at an all-time high,” said Bill Miller, the association’s president and CEO.


It is worth acknowledging that the decision by different jurisdictions to legalize gambling is pivotal to the figure recorded by the growing industry. Particularly, regions like Kentucky, Nebraska, Massachusetts, Maine, and even Ohio debuted new sports betting markets last year.


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