The United States Igaming Revenue Report – November 2025
An overview of igaming revenue in New Jersey, Pennsylvania, Michigan, Connecticut, West Virginia, Delaware, and Rhode Island, the seven states where online gambling is legal in the US.
National
Total igaming revenue for November 2025 in New Jersey, Pennsylvania, Michigan, Connecticut, West Virginia, Delaware, and Rhode Island added up to USUS$835.6 million versus US$714.4 million in November 2024.
1. New Jersey
In November, igaming revenue in New Jersey achieved US$253 million, the state’s second highest monthly total, behind October’s record high of US$260.3 million. That compared to a record set in November 2024 of US$214 million.
2. Pennsylvania
Pennsylvania’s igaming revenue in November was just under US$247.2 million, the second straight month it broke the US$240 million mark. It compared to US$200.4 million in November 2024, which, like New Jersey, set a new record and was the first time the state’s online casinos generated more than US$200 million in a single month.
3. Michigan
Michigan’s online casinos sustained a rare decline month over month to US$233.3 million from US$261.7 in October; it barely squeaked by last year’s US$226 million in igaming revenue. It was also the first time all year that Michigan fell behind New Jersey and Pennsylvania in igaming revenue.
4. Connecticut
The Constitution State generated US$48.8 million from its two online casinos compared to US$41.3 million year over year.
5. West Virginia
The Mountain State’s igaming revenue for November 2025 totaled US$37.1 million compared to last year’s US$23.4 million. It wasn’t apples to apples, as the Mountaineer State reports weekly and this reporting period had 32 days, while last year’s had 29.
6. Delaware
Delaware’s November igaming revenue totaled US$10.6 million compared to US$6.2 million a year ago. Online poker has returned to the First State, though it contributed only US$70,590 to the win.
7. Rhode Island
Rhode Island’s igaming revenue generated US$5.6 million in November, a nearly 100% increase (99.7%) over last year’s US$2.8 million.
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The Backstory
Momentum entering November
November’s surge in U.S. igaming revenue did not happen in a vacuum. The industry entered the month riding a historic high after every legal online casino state set individual records in October, pushing the combined total to US$907.4 million, up from US$688.4 million a year earlier. That clean sweep marked a first for the sector and reset expectations for the fourth quarter. Michigan led the charge with US$278.5 million, followed by New Jersey at US$260.3 million and Pennsylvania at US$251.1 million, while Connecticut, West Virginia, Delaware and Rhode Island also posted new highs. The full picture is detailed in the October ledger, where a record-everywhere pattern signaled broad-based demand rather than a one-state anomaly. See: All seven states set new records in October.
That context matters for November’s outcome. A pullback from October’s peak would have been typical seasonality after a blowout month. Instead, November sustained most of the gains and extended year-over-year growth across the map, with national revenue in the seven active states reaching US$835.6 million versus US$714.4 million in November 2024. The mix shifted, though: New Jersey and Pennsylvania pressed higher, Michigan cooled, and smaller markets continued to broaden their base.
Leaders trade places at the top
The year has been defined by a tight race among the three largest states. Michigan set the early tone with multiple quarter-billion months and a then-record US$263 million in August, a figure that also pushed the state past US$9 billion in gross gaming revenue since launch. New Jersey answered with back-to-back records in July and August, while Pennsylvania kept closing the gap with consistent gains. For more on those midyear milestones and how they recalibrated the leaderboard, see: New Jersey set a July record and Four states hit records in August.
By September, the frontrunners were all within striking distance of their best-ever months. Michigan reached US$259.1 million, New Jersey US$243.1 million and Pennsylvania US$233.4 million, while New Jersey’s year-to-date tally crossed US$2 billion with a quarter to go. That set up October’s across-the-board breakout. See: September’s near-record pace sharpened the competition.
November scrambled the order again. New Jersey retained much of its October momentum to notch its second-highest month on record, Pennsylvania posted a second straight month above US$240 million, and Michigan slipped from its October peak and fell behind both rivals for the first time this year. The rotation shows how thin the margins are at the top and how sensitive ranks can be to product cadence, promotional intensity and one-off calendar factors between months.
Smaller markets drive breadth of growth
What looked like a big-state story in the first half has widened. The smallest markets are now steady contributors to year-over-year gains, with new peaks spreading across the calendar.
- Connecticut’s run accelerated into the fall. September set a record at US$53.7 million, then October leapt past US$60 million for the first time at US$64.5 million. The two-operator market has tightened, with FanDuel and DraftKings splitting August nearly down the middle and continuing to scale. See: Connecticut broke its record in September and October’s new high in Connecticut.
- West Virginia has stacked double-digit gains all year. It set a record in August at US$32.8 million, raised it to US$34.2 million in September and hit US$34.7 million in October. The state’s weekly reporting cadence can influence month-to-month comparisons, but the trend line is clear. See: West Virginia’s August record and A new peak in September.
- Delaware has transformed since its platform shift in early 2024. Monthly win rose from single-digit millions last year to recurring highs this fall, reaching US$9.9 million in September and US$12.9 million in October. Poker, revived this year, remains a small contributor but rounds out the product set. For context on the baseline and the vendor change that reset comparisons, see: December 2024’s new apples-to-apples starting point in Delaware.
- Rhode Island, run under a single-operator model, logged progressive increases through the summer and fall, crossing US$5 million for the first time in October after steady gains in July, August and September. See: Rhode Island more than doubled in July, continued growth in August and the US$5 million threshold in October.
This breadth matters for stability. When smaller markets roll forward in tandem, national totals are less exposed to volatility in any single large state. November illustrated that effect: despite Michigan’s rare month-over-month dip, the combined result held near October’s peak and rose sharply over last year.
Tax receipts underscore policy stakes
The revenue wave is translating into steady tax inflows, strengthening the policy case that online casinos deliver reliable budget support even as land-based results fluctuate. In July, Michigan’s operators paid US$49.2 million in igaming taxes, with Detroit’s three commercial casinos contributing US$12.1 million and tribal payments of US$6.1 million to their nations. New Jersey collected US$48.9 million the same month as the state set a revenue record. Pennsylvania generated US$67.4 million in July from igaming alone. See: July’s tax haul across key states.
Year-end 2024 totals offered an early gauge of scale. New Jersey’s internet gaming paid US$358.3 million in taxes for the year, while December alone brought in US$34.1 million. Pennsylvania collected US$98.2 million from igaming in December 2024 as it set a then-record month. Connecticut’s 18% rate delivered US$8.2 million in December 2024 on US$45.3 million in revenue. As 2025’s figures rose, the compounding effect on state coffers followed. See: December 2024’s fiscal baseline.
The tax picture adds urgency to regulatory debates and competitive dynamics. States weighing entry or expansion see maturing markets with predictable peaks tied to product cadence, not just sports calendars. Existing markets are refining compliance and responsible gaming guardrails as dollars grow.
What the year-to-date arc reveals
Through the third quarter, the data pointed to a strong finish. September’s national total reached US$818.3 million versus US$686.7 million a year earlier, then October jumped above US$900 million for the first time. August had already shown the ceiling was moving higher as Michigan, New Jersey, West Virginia and Delaware set records in the same month. See: September’s nationwide step-up and August’s multi-state record pattern.
November extended that pattern with a national total of US$835.6 million across the seven states, up more than US$120 million year over year. The composition shifted with New Jersey and Pennsylvania pressing ahead while Michigan eased from its October record, but the aggregate held firm. Smaller states continued to build on platform changes, improved content lineups and the return of online poker in select markets. Reporting quirks, such as week-based tallies that stretch a month’s length, influenced a few comparisons but did not alter the overall trajectory.
The upshot: as the holiday quarter matured, revenue growth proved diversified across geography and product, tax receipts scaled in step and leadership at the top remained competitive. That is the backdrop for November’s outcome and the setup for December’s final push, which closed 2024 with records and gave 2025 a higher launch point. The past 12 months show an industry behaving less like a series of spikes and more like a rising curve.
Product mix and platform shifts shape outcomes
Operators’ mix decisions and platform stability have been pivotal in 2025. New Jersey’s gains clustered around months with deeper content drops and sustained promotions, reinforcing the state’s ability to stack US$240 million-plus months. Pennsylvania lifted table games above US$50 million in September, hinting at product breadth beyond slots. See: Pennsylvania’s September table games jump.
Platform shifts have been most visible in Delaware, where the changeover that took hold in 2024 continues to reprice expectations, and in Connecticut, where the two-brand structure has produced predictable competition and rising totals. Those operational underpinnings, along with the return and scaling of poker in select states, help explain why November’s national result stayed near October’s pinnacle even as individual leaders rotated. The market looked less fragile and more systemically strong heading into year-end.
