The American Gaming Association (AGA) has released its 2025 Gaming Industry Outlook, highlighting a dual reality for the U.S. gaming sector: while 2024 closed with record revenues, 2025 has begun with a noticeable deceleration in performance indicators.
According to the report, 2024 was the fourth consecutive year of commercial gaming revenue growth, reaching $71.92 billion, up 7.5% year-over-year. However, the first quarter of 2025 shows signs of cooling. The Gaming Industry Current Conditions Index fell 0.9% compared to Q1 2024, its worst performance since the COVID-19 pandemic.

The AGA explains that this decline is due to slower macroeconomic growth and weaker consumer spending, particularly as inflation continues to affect real wage purchasing power. The Gaming Executive Panel, part of the AGA’s Outlook, reflects this cautious environment: more industry executives expressed pessimism (31%) than optimism (26%), yielding a net confidence score of -5.6%.

Despite the softer sentiment, 46% of executives still expect revenue growth in the next six months, while 41% foresee an increase in capital investments, particularly in hotel, food and beverage, and slot machine modernization.

Notably, the online gaming segment continues to surge. iGaming revenue grew 28.7% year-over-year, totaling $8.4 billion across seven states. Sports betting and digital verticals are expected to remain critical drivers for future revenue, especially as new markets emerge. The AGA emphasized the importance of adapting to these mixed conditions: “While the gaming industry remains strong, operators are navigating an economic environment that requires strategic investment and long-term planning,” the association stated.


