Indeed, 2021 has been the right year for the gambling business. The pandemic-weary tourists were forced to visit Las Vegas Strip and the other great casinos spread across the United States to pent-up their savings. Nevada’s casinos have had the best year ever in gambling history. 2020 was the worst one due to the arrival of COVID-19.
According to the gaming officials, Nevada casinos made up $12.3 billion in winnings for the first 11 months of the previous year. The American Gaming Association also added that the States like Michigan and Colorado, with little gambling activities, experienced massive revenue increase from gambling.
Furthermore, there is a positive change with iGaming that was boosted my significant surge of online betting. The revenue of iGaming has increased to over 300% for the new-year period that ended on October 2021.
The 2021 gambling boom in the United States is unforgettable due to the casino revenue that has grown to surpass the limit of $44 billion. It was already an all-time high value before the other states reported their figures for November and December.
Why A Gambling Boom in 2021?
According to the American Gaming Association, sports and online betting accounts for 15% of the gaming revenue collected in the United States. Currently, there is explosive growth in the two gaming activities.
All these are happening due to the increase of table games and in-person slots, leading the economy’s recovery after the unprecedented coronavirus pandemic in 2020 that led to lockdown and quarantine.
What to Expect with Gambling In 2022?
The Las Vegas community is excited to step into 2022. The New Year Eve celebrations happened uniquely compared to what we saw in early 2021. The welcoming of 2021 was dormy, but now with the significant gambling revenue increase despite the bad beginnings, Las Vegas set the 80s and 90s stars to light up a party like it used to happen back in 1999.
Hopefully, with the high-end celebrations to welcome the new year of 2022, Nevada local officials expect to see booming casino activities. Despite the alarming spread of the Omicron variant of COVID-19 in early December, the Las Vegas fireworks gave hope to gamblers as they played casinos while adhering to the mask mandate.
According to the email sent by the senior economist at Nevada’s Gaming Control Board, Michael Lawton, he expects 2022 to break Nevada’s record in casino winnings. The Nevada state casino already had a record of $12.3 million in revenue within the first 11 months of 2021.
Michael Lawton believes that the gambling industry has flourished due to the return of international flights, healthy consumer saving strategies, and the sustained return of leisure travels.
As the world’s economy continues to reopen for 2022, precisely due to the ongoing public vaccination, foreigners will soon flock to the United States and plunge into gambling activities for ultimate enjoyment. That, again, will spur the further increase of gambling revenue.
Lastly, the return of special events and mass concerts is likely to promote gambling as people try to get money from the side-hassles such as betting.
There is a lot for the gambling industry to expect from 2022. In the pre-pandemic period of 2019, the gambling industry had started to experience a commercial increase in casinos. Unfortunately, COVID-19 brought down everything in 2020.
It’s not only Las Vegas and Nevada that is set to get a massive gambling boom in 2022, like for 2021. Kansas and New Mexico revenues stayed flat in 2021, but in New Jersey, there was a 50% increase in revenue compared to what the State had in October 2019. On the other hand, Pennsylvania recorded a 54% jump within the same period.
All these indicate that the exponential growth of gambling is well-spread all over the United States. The trend is anticipated to continue beyond October 2022, when new figures will be out.
Last Updated on by Ryan