US gambling companies earned almost $635 million in a month

In the month of May, companies operating in the seven states where gambling is legal collectively generated $634.8 million, reflecting a 27.6% increase in industry revenue compared to the previous year. This makes May 2024 the second most profitable month in the history of the US gambling industry, behind only March 2024 when operators brought in $678.4 million.

In terms of online casino revenue, Michigan led the pack with $198.6 million, closely followed by New Jersey with $192.1 million and Pennsylvania with $174.1 million. These top three states saw significant increases in revenue compared to the previous year, with Michigan at 31.9%, New Jersey at 19%, and Pennsylvania at 23.5%. Together, these states made up an impressive 89% of all online casino revenue in the US for the month of May.

However, other states also saw an increase in revenue from the gambling business. In Rhode Island, which is the last state to allow gambling, sole gaming operator Bally's reported $2.2 million in May revenue.

Connecticut broke its own monthly revenue record, reporting $46.3 million. West Virginia saw a meteoric rise of 61.6% to $16.8 million.

Statista's study reveals that the US gambling sector is set to see substantial expansion, thanks to advancements in mobile technology and better payment options, including crypto betting solutions. Additionally, the country is predicted to exhibit a growing acceptance of online gambling. Analysts project that revenues from the industry in the United States will double within a span of five years.