US commercial gaming revenue rebounded in October 2025, reaching $6.81 billion, a 17.0% increase from the previous year. All three major sectors—slots, table games, and iGaming—contributed to the growth, marking a strong recovery following a softer September. Year-to-date revenue through October stands at $64.30 billion, up 8.7% from the same period in 2024. Traditional casino gaming expanded 5.0%, more than twice the October 2024 growth, setting a record for brick-and-mortar commercial gaming in the month.
Regional Performance Highlights
Nearly every state recorded gains in traditional gaming revenue in October. Illinois, Virginia, and Nebraska posted notable growth, while New Jersey and Louisiana achieved double-digit increases. Slot machine revenue grew 3.7% year-over-year to $3.10 billion, while table games revenue increased 9.5% to $822.5 million.
Sports betting handled through event contract platforms did not slow regulated market growth. October saw the fastest year-over-year handle expansion in 14 months, despite no new markets opening.
iGaming continued its rapid ascent, generating $968.7 million in October, a 27.3% year-over-year increase. Year-to-date iGaming revenue reached $8.78 billion, up 29.4%. In Michigan, New Jersey, and Pennsylvania, iGaming revenue exceeded brick-and-mortar totals in both September and October.
State Budgets Benefit
Gaming taxes contributed $1.54 billion to state coffers in October and $14.81 billion through the first ten months of 2025. However, unregulated event contract platforms offering sports bets cost states nearly $200 million in lost taxes, affecting funding for seniors, pensions, and responsible gaming programs.
New Jersey stands out as a benchmark for online gaming. In October 2025, total gaming revenue reached $611.1 million, a 22% increase from the previous year. Year-to-date iGaming revenue totaled $2.39 billion, consistently outpacing land-based casinos. March 2025 alone saw $243.9 million in iGaming revenue, a 23.7% increase from the prior year, contributing $36.5 million in taxes.
Operator Performance and Market Dynamics
Major operators continue to focus on profitability and customer retention. FanDuel and DraftKings collectively hold about 80% of the US sports betting market, with FanDuel reporting revenue growth of 29% to over $7 billion in 2025. DraftKings projected $6.3–$6.6 billion, aiming for its first full-year profitability with over six million monthly users.
In iGaming, BetMGM maintains a 22% market share, projecting $2.4–$2.5 billion in revenue, while Caesars Digital anticipates $1.3–$1.5 billion supported by its rewards program. Fanatics is expanding its share to 6%, projecting more than $2 billion, and BetRivers expects $1.0–$1.1 billion.
Operators are balancing tax pressures, technological challenges, and regulatory constraints. Payment restrictions from Visa and Mastercard have increased reliance on digital wallets and cryptocurrencies, while AI tools are being adopted to reduce costs, prevent fraud, and optimize client segmentation.
Future Outlook
US iGaming is expected to expand from seven states to 10–15 by 2029, generating roughly $26 billion by 2030. Larger states like New York could contribute about 19% of revenues, with Ohio and Illinois accounting for 26–28% combined. Operators continue to focus on efficiency, margin management, and strategic growth while navigating evolving tax and regulatory landscapes.
Source:
“Commercial Gaming Revenue Tracker”, americangaming.org, December 22, 2025
