The Adams Revenue Revue describes November 2024 as creating "the perfect storm for gaming," leading to ideal conditions for gaming revenue growth.
The month enjoyed an advantage with five Fridays, Saturdays and Sundays, unlike November 2023, which only had four Fridays.
While Nevada's numbers declined, the national trend continued to rise, and the growth in sports betting and iGaming has been explosive.
What Is the Adams Revenue Revue?
Ken Adams is a gaming analyst and consultant who writes the Adams Revenue Revue, a monthly report on the US gaming industry's revenue. Adams creates the report for CDC Gaming. It includes data on online gaming, sports betting and casino revenues.
Adams also publishes an electronic newsletter called the “Adams Daily Report” and the “Adams Analysis,” a monthly opinion piece.
November 2024 Gross Gaming Revenue
According to the report, total gross gaming revenue rose to $6.5 billion in November, marking an increase of nearly 16% from November 2023.
Nationally, the total betting amount reached $13.7 billion, and the win was $1.4 billion with a 10.6 percent hold, an 80% increase from 2023.
Sports betting was the main driver in every state that offered mobile betting. Additionally, iGaming generated $714 million in revenue, with Michigan, New Jersey and Pennsylvania each earning over $200 million. The total revenue from iGaming in seven states increased by more than 20%.
The total gross gaming revenue for the year increased by 7.5%, reaching $59.824 billion.
November 2024 Casino, VLT, iGaming and Sports GGR
Looking at individual states included in the revue, it’s hard not to notice Nevada sporting the biggest decrease. The revenue drop is blamed on lower earnings from the F1 race and a 20% decrease in baccarat revenue.
South Dakota is the only other state to suffer a loss, and Nebraska dominated November with a triple-digit increase.
Virginia was another standout performer, seeing over 51% growth. Other states, such as Kentucky, Kansas and Michigan, also reported significant gains, reflecting the strong demand and ongoing expansion within the sector.
Here’s the breakdown from the Adams Revenue Revue:
- Nebraska gaming revenue rose 107% to $18.5 million.
- Virginia GGR rose 51.4% to $189.0 million.
- Kentucky HHR/sports revenue rose 44.2% to $114.5 million.
- Kansas gaming revenue rose 41.5% to $69.8 million.
- Michigan gaming casino revenues rose 36.1% to $392.6 million.
- Connecticut gaming revenue rose 27.7% to $143.5 million.
- Massachusetts gaming revenue rose 26.8% to $181.3 million.
- Pennsylvania gaming revenue rose 26.0% to $562.3 million.
- New York casino/VLT/sports revenue rose 25.7% to $489.2 million.
- Ohio gaming revenues rose 24.1% to $315.2 million.
- Colorado casino/sports revenue rose 22.9% to $139.9 million.
- Arkansas GGR rose 22.1% to $64.5 million.
- Maryland gaming revenue rose 20.6% to $240.4 million.
- Delaware gaming revenues rose 20.7% to $43.1 million.
- Louisiana gaming revenue rose 18.4% to $325.0 million.
- Maine gaming revenue rose 18.4% to $20.5 million.
- New Jersey gaming revenues rose 15.4% to $556.9 million.
- Rhode Island gaming revenue rose 15.1% to $63.2 million.
- Illinois gaming revenues rose 11.0% to $407.7 million.
- Indiana gaming revenue rose 10.8% to $274.7 million.
- Mississippi gaming revenues rose 10.7% to $215.5 million.
- Iowa casino/sports revenues rose 7.9% to $170.3 million.
- Missouri gaming revenues rose 3.9% to $153.5 million.
- South Dakota gaming revenue fell 0.5% to $38.1 million.
- Nevada gaming revenue fell 4.2% to $1.316 billion.
November 2024 Was a Remarkable Month for Gaming
According to the Adams Revenue Report, November 2024 was marked by impressive growth across various states. Despite a couple of declines, the overall industry trajectory remains positive.
As we look forward to the December figures, there is optimism for continued growth bolstered by the holiday season and the heightened interest in gaming across multiple platforms.
