According to the research data analyzed and published by SafeBettingSites.com, online casinos in the US reported $402.7 million in revenue during Q2 2020. Compared to the performance during Q2 2019, this was more than triple of the previous year’s revenue.
The growth rate for Q2 2020 was 253.8% YoY, while for H1 2020, it recorded an increase of 189.7%.
Land-Based Casino Revenues Plummet Nearly 80% YoY as Sports Betting Platforms Drop 46.2%
On the other hand, brick-and-mortar casinos reported a revenue contraction of 78.8% during the same period. While in Q2 2019 they had total revenue of $10.8 billion, the Q2 2020 figure was $2.3 billion. In comparison to Q1 2020, this was a drop of 75.6%. For the first half of 2020, the total contraction amounted to 45.6%.
Notably, during Q2 2019, land-based casinos were open for a cumulative 42,000 days. In contrast, they were only open for 10,500 days in Q2 2020. Around 80% of land-based casinos had reopened by the end of Q2 and some reaped big courtesy of pent up demand. Consequently, states like South Dakota, Ohio and Oklahoma recorded revenue increases of 42.5%, 19.3% and 9.6% respectively.
Moreover, online casinos also outperformed sports betting platforms. This was in spite of the fact that the sports betting platforms are legal in 18 states according to ESPN, while online casinos can only operate in 5 states. Sports betting performed remarkably during Q4 2019, with revenue exceeding $360 million. But due to the closure and delay of major leagues and sporting events, it reported a decline of 46.3% YoY. However, since sports betting sites had started 2020 on a high note, their revenue for H1 2020 saw an increase of 10.4%