The United States Igaming Revenue Report – January 2026

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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 2025/08/31: The United States Igaming Revenue Report – July 2025

The Backstory

How the seven-state market set the stage

January’s surge in U.S. igaming revenue followed a year when the industry normalized record-setting months into routine performance. The seven legal states collectively pushed past prior highs throughout 2025 as new product mixes, more aggressive promotions and improved user retention expanded the base. That momentum is documented in a series of monthly scorecards. The arc started early with broad-based gains in midsummer, when the seven states tallied $817.6 million and several jurisdictions hit new peaks, as detailed in the July 2025 report. The upswing accelerated in August as Michigan, New Jersey, West Virginia and Delaware all rewrote their record books, lifting the national total to $837.5 million, according to the August 2025 report.

Heading into fall, the pattern held. September delivered $818.3 million, with New Jersey and Pennsylvania near their highs and Delaware continuing to reap outsized gains under a new operator, as covered in the September 2025 report. By November, the group touched $835.6 million and New Jersey posted its second highest month on record, while Pennsylvania logged a second straight month above $240 million, per the November 2025 report. Against that backdrop, January’s $921 million haul reflects both seasonal strength and a larger baseline that formed across the second half of last year.

Michigan’s swing from leader to lagger for a month

Michigan encapsulates the sector’s rapid climb and its ceiling testing. The state crossed the $260 million mark multiple times in 2025 and paid out heavier tax receipts as operators scaled. In July, internet gaming hit $250.5 million and operators remitted $49.2 million in state igaming taxes, according to the July 2025 report. August set a fresh high at $263 million and pushed lifetime iGGR beyond $9 billion less than five years after launch, per the August 2025 report. September came within $1.4 million of a new peak at $259.1 million, as shown in the September 2025 report.

Then November brought an unusual slip. Michigan fell to $233.3 million and, for the first time in 2025, trailed both New Jersey and Pennsylvania, as noted in the November 2025 report. Still, December delivered a new watermark at $315.8 million, setting up January’s $298.3 million result. The dip from December looks like a reversion from an exceptional peak rather than a structural retreat. The state’s long-run drivers — deep operator benches, mature cross-sell and sticky user cohorts — remain intact. The swing underscores a core theme of the last 12 months: record months in top markets can be followed by short-term cooling without altering the trajectory.

New Jersey and Pennsylvania convert scale into consistency

New Jersey spent much of 2025 redefining its own upper bound. The Garden State delivered four straight months above $230 million by July and set a then-record of $247.3 million, per the July 2025 report. It raised that ceiling to $248.4 million in August, according to the August 2025 report, and topped $240 million in four of five months through September, as detailed in the September 2025 report. By November, New Jersey posted $253 million, second only to October’s record $260.3 million, per the November 2025 report. January’s $258.9 million marks the best January since launch and the state’s third highest month overall, underscoring a market that has translated scale into steadier peaks.

Pennsylvania followed a similar path. The Keystone State opened 2025 with a 40.5% year-over-year jump to $210.1 million, as reported in the January 2025 report. It hovered near records through midyear and reached $233.4 million in September, the second highest at that point, with slots at $181.1 million and tables at $50 million, per the September 2025 report. November crossed $240 million for a second straight month, as noted in the November 2025 report. January’s $249.3 million keeps Pennsylvania in the same tier as New Jersey and closes the gap with Michigan. Together, the three largest states supplied more than 88% of January’s national total, showing how market concentration magnifies monthly swings but also supports a higher floor.

Smaller states punch above their weight

Outside the Big Three, growth was broad and often record setting. Connecticut hit $47.9 million in July and $49.8 million in August, then broke a record again in September at $53.7 million, according to the July, August and September 2025 reports. It finished November at $48.8 million, per the November 2025 report, before landing at $54.9 million in January, just shy of October’s record. The lesson is straightforward: two-operator regimes can still scale if both sides invest in product and promo discipline.

West Virginia delivered some of the fastest year-over-year growth in the country. July more than doubled from a year earlier to $29.2 million and August set a record at $32.8 million, as covered in the July and August 2025 reports. September climbed again to $34.2 million and November logged $37.1 million, aided by a longer reporting period, per the September and November 2025 reports. January set a new record at $41.7 million. The state’s weekly cadence can distort month-to-month comparisons, yet the direction is unambiguous.

Operator shifts unlocked an even more dramatic step-change in Delaware. After BetRivers took over the lone igaming concession at the start of 2024, monthly wins more than doubled. By July 2025 Delaware posted $9.4 million, then topped it in August at $9.3 million and again in September at $9.9 million, as shown in the July, August and September 2025 reports. November climbed to $10.6 million, per the November 2025 report. January reached $12.2 million, up from $7.9 million a year earlier, validating that product refresh and marketing can move even a single-license market.

Rhode Island’s monopoly also scaled. Revenue more than doubled year over year in July to $5.1 million and rose to $4.8 million in August and $4.9 million in September, as reported in the July, August and September 2025 reports. By November it hit $5.6 million, per the November 2025 report, before reaching $5.7 million in January.

Tax receipts and mix underpin the stakes

The revenue ramp translated into larger tax takes in 2025, a central stake for policymakers. Michigan operators paid $49.2 million in July state igaming taxes, a record for that month, as outlined in the July 2025 report. New Jersey collected $48.9 million that same month, up from $29.4 million a year earlier, also per the July report. Pennsylvania booked $67.4 million in July igaming taxes versus $57.3 million the prior year. Early 2025 data also showed rising fiscal benefit: in January 2025, Pennsylvania collected $93.9 million in igaming taxes, reflecting the higher slot hold and progressive tax structure, as reported in the January 2025 report. That mix — slots delivering the bulk, tables adding lift and poker steady at a small base — persisted through year-end and into January 2026.

What to watch next

Three questions frame the outlook. First, can the Big Three sustain near-record levels without promotional escalation that pressures margins. Recent months suggest yes, with repeat $240 million-plus months in New Jersey and Pennsylvania and Michigan’s ability to bounce back from a soft November to a record December. Second, will smaller states keep punching above their weight. West Virginia and Delaware show that operator focus and product refresh unlock growth even in limited-license markets. Third, how much seasonal gravity will February and March impose. Last year, spring delivered multiple records across states, as seen in the run-up to the August 2025 peak months and strong September follow-through.

January’s $921 million total builds on that foundation. It reflects a market now large enough that even modest percentage gains in Michigan, New Jersey and Pennsylvania add tens of millions to the national line, while smaller states contribute recurring records. The stakes for 2026 are straightforward: if this base holds through spring, the U.S. igaming market will set a new annual pace well ahead of last year’s run rate.