The United States Igaming Revenue Report – February 2026

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2026/03/06: The United States Igaming Revenue Report – January 2026 2025/10/02: The United States Igaming Revenue Report – August 2025 2025/10/31: The United States Igaming Revenue Report – September 2025 2026/01/06: The United States Igaming Revenue Report – November 2025

The Backstory

Setting the stage for February’s surge

The latest month’s gains land on top of a swift, mostly uninterrupted climb that accelerated through late 2024 and solidified across 2025. A year ago, the market was already pivoting to a higher gear as several states posted all-time highs to close out the year. In December 2024, multiple jurisdictions set records and pushed the national total to what was then a new ceiling, underscoring a structural step-up in online casino demand rather than a one-off holiday spike. The following year validated that premise. A run of record or near-record results across big and small markets alike, coupled with product and operator changes in a few states, reset the baseline for monthly revenue heading into 2026.

That context helps explain why February’s national take can climb sharply despite having fewer days than December and coming after traditional year-end peaks. The cadence that emerged over the past 14 months — record-setting fourth quarters, resilient first quarters and a rising floor in between — put February in position to print another high-growth comparison even as some individual markets cooled month over month.

Two factors run through the narrative: intensifying competition among the three largest markets and outsized percentage gains from smaller states that revamped their platforms or reached scale. Together they pushed multi-state totals to levels that would have seemed outlandish two years ago, while also widening the gap between online casino revenue and the maturing online sports betting vertical in several jurisdictions.

From year-end highs to a new baseline

The inflection was clear by late 2024. Michigan, Pennsylvania, Connecticut and Delaware all posted record months to close that year, a sweep documented in our December 2024 revenue report. New Jersey logged its first $2 billion igaming year, while Pennsylvania blew past prior monthly highs. That finish raised expectations that 2025 would not only top those numbers but normalize at a higher run rate.

It did. By August 2025, Michigan and New Jersey had each notched fresh records, West Virginia and Delaware joined them with state bests, and the national total reached $837.5 million, as detailed in our August 2025 report. September extended the momentum: New Jersey crossed $2.1 billion in year-to-date igaming revenue with three months remaining, while Pennsylvania and Michigan hovered just off their peaks, according to our September 2025 analysis.

The fourth quarter sealed the step-change. New Jersey hit a then-second best monthly total in November and Pennsylvania strung together consecutive $240 million-plus months, lifting the national figure to $835.6 million, per our November 2025 wrap. Even Michigan, which dipped in November as market share rotated among leaders, held above prior-year levels, reinforcing the durability of the broader upswing.

The big three: Rotation at the top

The jockeying among Michigan, New Jersey and Pennsylvania defined 2025 and shaped early 2026. Michigan set a then-record in March 2025 and hovered near that mark again in late summer, as chronicled in both the August 2025 and September 2025 reports. New Jersey, meanwhile, built a streak of $240 million-plus months through the back half of the year and crested above $250 million twice in the fourth quarter, signaling steady depth across licensees rather than a single-operator spike.

Pennsylvania evolved into a consistent challenger. It ended 2024 with an all-time monthly high and spent much of 2025 consolidating share across slots and tables, even as poker remained a minor contributor. By November, the Keystone State had two straight months north of $240 million, per our coverage, narrowing the gap with New Jersey and occasionally surpassing Michigan on a monthly basis.

That tug-of-war framed January 2026 as a test of how sticky December spikes would prove. The market answered: the seven-state total hit $921 million, with New Jersey booking its best January ever and Pennsylvania near its December pace, as shown in the January 2026 tally. Michigan cooled from its December record but still cleared year-ago levels by a wide margin, setting up February’s year-over-year gains despite typical first-quarter seasonality.

Small states, big percentage gains

Outside the big three, 2025 was the year smaller markets outsized their weight. West Virginia repeatedly reset its ceiling, culminating in a then-record August before topping it again in September, according to the August and September 2025 reports. Delaware’s renaissance accelerated after the platform handoff to BetRivers in early 2024, producing a new monthly high in August and sustaining double to triple the prior operator’s output, as tracked in our August 2025 coverage. By November, poker returned and the state cleared $10 million again, per our November 2025 analysis.

Connecticut quietly set and then threatened its own records through 2025, with September’s result establishing a new high as the two-operator market matured, based on our September 2025 report. Rhode Island, a monopoly structure at far smaller scale, posted consistent year-over-year growth, though from a low base, across the same stretch. Those comp dynamics created fertile ground for early 2026: in January, West Virginia hit a new all-time mark while Delaware and Rhode Island nearly doubled their prior-year months, according to January’s dashboard.

Importantly, these states’ growth is not just a rounding error. As the larger markets rotate leadership, steady double-digit increases from smaller jurisdictions provide a rising floor that keeps national totals elevated even when one heavyweight dips month to month.

Seasonality, fewer days and the tax angle

The pattern over the past year clarifies how to read month-to-month shifts. December remains the seasonal high-water mark for several states, with product promotions and holiday traffic lifting play. January often eases back, then February contends with fewer days. That’s why the more telling signal is the year-over-year change. Across January 2026, every reporting state topped its prior-year month, some by wide margins, per our January analysis. February’s broad-based increases extend that trend even as a couple of leaders retrenched from December peaks.

The stakes for governments have scaled alongside revenue. In December 2024 alone, New Jersey and Pennsylvania together collected more than $130 million in taxes from igaming, supported by higher effective rates on online slots and tables compared with retail, as noted in our December 2024 report. Sustained growth through 2025 translated into dependable, recurring receipts that many states now integrate into budget forecasts. That reliance increases sensitivity to policy shifts, competitive dynamics among operators and any crosswinds from adjacent verticals.

Heading into the rest of 2026, watch three threads: whether New Jersey’s $250 million-plus cadence hardens into a floor; if Pennsylvania can keep stacking $240 million months and challenge for the top spot more consistently; and how far smaller markets can stretch after platform overhauls and product refreshes. The last 14 months suggest the runway remains long. The February print adds another data point that the market is still climbing, even on a short month.