- Gambling companies generated a record amount of revenue in 2024.
- Sports betting revenue grew 25% while iGaming income surged 28%.
- Here are the gambling stocks that have performed the best.
The fourth quarter set a record for gambling revenue.
Gambling and gaming stocks have had a strong year, buoyed by record revenue in the United States, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.
AGA reported last week that U.S. commercial gaming generated a record of $71.92 billion in revenue in 2024. That’s 7.5% higher than the $66.5 billion the industry – including casinos, sports betting, and iGaming — made the previous year. It marks the fourth straight year that the industry has posted record revenue.
The numbers were boosted by a single-quarter record of $18.62 billion in the fourth quarter.
“In 2024, Americans embraced the diverse legal gaming options available to them—whether in casinos, at sportsbooks, or online—leading to another record-setting year for our industry,” AGA President and CEO Bill Miller said. “As we build on this success, the AGA remains committed to fostering additional growth that benefits consumers, operators, and communities alike.”
Sports Betting Revenue Grows 25%
The AGA report found that online gaming made up 30% of commercial gaming revenue last year, reaching a record $21.54 billion.
Traditional gaming, which includes on-site casino slots and table games, brought in the most revenue of all – a record $49.78 billion in 2024. That’s up 82 basis points from 2023.
Further, 12 out of the 27 states that have brick-and-mortar casino gaming set records last year. The Las Vegas Strip remained the top market for commercial revenue, followed by New Jersey, the Chicago area, Baltimore, Washington, D.C., and Queens/Yonkers, New York. Queens/Yonkers entered the top five for the first time, replacing the Mississippi Gulf Coast.
Sports betting continues to grow rapidly with revenue surging 25.4% in 2024 to $13.71 billion. The fourth quarter was the most lucrative on record for sports betting, fueled by the fall sports calendar. Sportsbooks earned $3.66 billion in revenue in Q4, up 7.3 percent from the previous record set in Q4 of 2023. New Jersey and Illinois both exceeded $1 billion in annual sports betting revenue for the first time.
iGaming – gambling at online casinos or sportsbooks – had the highest growth rate, with revenue rising 28.7% in 2024 to $8.41 billion. Currently, seven U.S. states offer full-scale legal iGaming.
Which Gambling Stocks Performed the Best?
Among U.S. gambling stocks with market caps of at least $300 million, Rush Street Interactive (NYSE:RSI) has been the top performer. The firm, which operates land-based casinos, iGaming, and sports betting, has seen its stock price rise about 150% over the past 12 months.
PlayAGS (NYSE:AGS), which makes gaming equipment, was the second-best performer in this space, returning 33% over the past 12 months. Flutter Entertainment PLC (NYSE:FLUT), which runs the FanDuel sportsbook, was next with a one-year return of 32% as of February 24.
In the casino space, Bally’s (NYSE:BALY) stock has outperformed, up 57% over the past year, followed by Monarch Casino and Resort (NASDAQ:MCRI), which has gained 31%. Boyd Gaming (NYSE:BYD) is third, up about 23% over the past year.
Year-to-date, DraftKings (NASDAQ:DKNG) has been the best-performing stock, up 22%.