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Three Trends in 2022 That Pushed the Gaming Industry’s Momentum

by Global Payments Gaming Team / January 5, 2023

The gaming industry will be kicking off 2023 with high expectations for new growth and capabilities. In December of 2022, the American Gaming Association (AGA) reported in their Commercial Gaming Revenue Tracker that the gaming industry remained on track to have another record-breaking year with commercial gaming revenue totaling $49.85 billion, 14.7% ahead of the same 10-month period in 2021. As 2023 kicks off, three trends stood out in the gaming industry that shaped a record-setting year for 2022.

Cashless Gaming
Based on the trends in 2022, many casinos began to truly tap into innovative digital alternatives to traditional forms of wagering. Early in 2022, Downstream Casino Resort (Quapaw, Okla.) successfully launched VIP Mobility™, the industry’s first mobile solution enabling true cashless casino gaming, to provide patrons with an easier, more efficient way to fund their play.

Data suggests alternative spending options appeal to casinos’ most profitable guests. The AGA Payments Modernization report shows that frequent casino customers who spend more than $500 per visit are best satisfied by alternate forms of payment other than cash. By harnessing the convenience, flexibility, and ease of Global Payments’ VIP Preferred® plus functions like Choice 4™ deferred settlement, patrons can transfer funds from their VIP Preferred balance to their game with the touch of a screen.

Sports Betting
In 2022, several states legalized mobile sports betting, which was a huge step forward for the gaming industry. In October 2022, sports betting drove the highest level of betting activity of the year. Patrons in the 27 legal commercial sports betting jurisdictions wagered over $9 billion on sports in 2022. Several casinos were eager to offer a mobile solution for sports betting. In May 2022, Saracen Casino Resort (Pine Bluff, Ark.) selected Global Payments’ iGaming solutions for its new sports betting app, BetSaracen. With Global Payments’ iGaming solutions, sports betting through the BetSaracen app was a seamless and convenient process for patrons that wanted a broad assortment of gaming and payment options.

iGaming
According to the AGA, nationwide iGaming revenue set an all-time monthly record of $453.1 million in revenue from the month of October. Global Payments’ iGaming solutions enable patrons to leverage ACH guaranteed services to fund their bets electronically and receive real-time access to their earnings using their on-file checking account. BlueBet USA, Inc.’s sportsbook ClutchBet selected Global Payments’ iGaming solutions to launch its sportsbook in Iowa, which served as the Australian-based bookmaker’s debut in the United States sports betting market. The partnership enabled ClutchBet to provide patrons with an enhanced funding experience via their smart devices.

Click here to learn more about Global Payments Gaming Solutions products and how they optimize the guest experience.

Tags: iGaming sports betting cashless gaming

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