The tribal gaming industry has hit a remarkable milestone, with a record-breaking revenue of $41.9bn in 2023, as revealed in the 26th Annual Indian Gaming Cost of Doing Business report. This report, which was released just last month, draws data from 132 tribal casinos across 18 states in the US.

Despite this new high, profit margins in tribal gaming saw a slight dip, decreasing from 30% in 2022 to 26% in 2023. The report was conducted by Wipfli, a prominent business and consulting firm.

Grant Eve, the leader for tribal gaming and government industry at Wipfli, highlighted the significance of the data, stating, “While profit margins have narrowed, the overall financial health remains strong. It’s crucial for casino operators to use these insights to strategically navigate the economic challenges ahead and continue delivering value to their tribal communities.”

Some key findings from the report include the fact that the legal sports betting industry raked in a record $119.84bn in bets in 2023, marking a 27.5% increase from the previous year. However, the majority of this revenue came from online sportsbooks rather than brick-and-mortar locations.

According to the American Gaming Association, only about 10% of sports betting action takes place at physical sportsbooks, with some states reporting even lower numbers. For instance, in New York, retail handle accounted for just 0.3% of total sports betting handle in July.

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