Tribal Casinos Hit $43.9B Record in 2024 Despite Mounting Challenges

Tribal-owned casinos reported an all-time high $43.9 billion in gross gaming revenues in fiscal year 2024, the National Indian Gaming Commission (NIGC) revealed in a report published Thursday. The milestone marks the fourth consecutive year of growth, highlighting the sector’s enduring resilience following the pandemic-induced slump of 2020.

Tribal Gaming Enjoyed Nationwide Growth

NIGC’s data encompasses 532 casinos run by 243 federally recognized tribes in 29 states. The $2 billion year-over-year growth amounts to a 4.6% increase from FY 2023. 2024’s $43.9 billion is the largest single-year total since NIGC started reporting in 1990, and a dramatic increase compared to the $27.8 billion low seen just four years ago.

California was once again among the most profitable markets. With no commercial casinos allowed in the state, tribal gaming venues remain the only option for slot machines and live-dealer table games outside a few limited card clubs. California’s 87 tribal casinos took in about $12.1 billion in revenue, taking the No. 1 regional ranking. 

Tribal governments across the country continue to build sustainable economies through innovation, strategic development, and sound regulatory practices.

NIGC statement

The Eastern and Southeastern region, encompassing leading tribal operations in Florida, Connecticut, and New York, ranked second with $10.2 billion. Meanwhile, tribal venues in Oklahoma, Kansas, and Texas generated about $7.2 billion. The report was optimistic that the positive trend would continue into 2025 and beyond, preserving this revenue stream vital for tribal communities.

Tribal Leaders Remain Apprehensive Regarding Prediction Markets

Despite 2024’s unparalleled success, tribal leaders are concerned about an emerging threat. The emergence of prediction markets and the legal ambiguity surrounding their regulation could infringe on the tribes’ exclusive privilege to conduct regulated gaming under the Indian Gaming Regulatory Act (IGRA). Contracts on sports events offered by platforms like Kalshi are especially problematic since they directly compete with regulated offerings.

Tribes are increasingly concerned about how the Commodity Futures Trading Commission (CFTC), which oversees prediction markets, intends to move forward under expected new leadership. Brian Quintenz, viewed as the front-runner to be the next chair, has offered little clarity on whether sports or event-based contracts fall under the same category as traditional betting.

While the NIGC report presents an image of growth and financial strength, the future is anything but certain. Tribal governments remain heavily reliant on gaming revenue to finance healthcare, education, housing, and other vital services. An industry shift undermining tribal exclusivity in sports betting could impact revenue streams vital to sustaining such programs, justifying the tribes’ increasingly vocal stance.