The United States Igaming Revenue Report – October 2025

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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 2025/03/03: The United States iGaming Revenue Report — January 2025  2025/08/31: The United States Igaming Revenue Report – July 2025

The Backstory

Momentum that built to a clean sweep

October’s across-the-board records did not materialize in a vacuum. The seven-state online casino market has been stacking monthly highs for most of the year as product breadth expanded, promotional intensity normalized and consumer familiarity with regulated apps deepened. By late summer, multiple jurisdictions had already broken through prior ceilings, setting the stage for October’s unique outcome where every state posted a new peak.

Signs of a broad upswing were evident in midsummer. New Jersey set a then-record in July, surpassing US$247 million as online casinos cleared US$230 million for a fourth straight month, according to the July 2025 revenue roundup. Michigan and Pennsylvania also crossed key thresholds that month, while smaller markets such as West Virginia and Delaware more than doubled year-over-year gains, pointing to a rising tide rather than isolated outliers.

The upward trajectory continued in late summer. In August, Michigan and New Jersey each notched fresh records while West Virginia and Delaware joined them with new highs, per the August 2025 report. Pennsylvania climbed as well, with the three largest markets together acting as the engine for national growth. That set a high base heading into the fall.

September didn’t cool demand. Instead, it reinforced the pattern of recurring near-record prints. Michigan finished just shy of its state best, New Jersey logged its fourth month in five above US$240 million, and Pennsylvania posted its second-highest total on record, as detailed in the September 2025 revenue snapshot. Connecticut, West Virginia and Delaware all broke records in September, tightening the springboard for October’s sweep.

Summer’s surge primed the fall breakout

Three dynamics carried from summer into fall. First, content pipelines stayed busy. Operators rolled out new slot titles and live-dealer tables at a faster clip, supporting higher play frequency and session length. Second, cross-sell from sports betting into online casino remained effective even in shoulder periods, cushioning revenue when sports calendars were lighter. Third, competitive positioning stabilized as leading brand clusters held share, reducing volatility and fueling consistent month-over-month compounding.

By July, the market was already on pace to outstrip 2024’s totals, with national iGaming revenue reaching US$817.6 million, per July’s performance breakdown. August extended that run to US$837.5 million, and September followed with US$818.3 million, according to the August and September tallies. With that base, October had a realistic path to a national record and, as it turned out, a rare uniform record across all seven states.

Larger states provided lift while smaller ones delivered outsized growth rates. Delaware’s post-concession-change momentum and Rhode Island’s early lifecycle growth each set floors that proved durable. West Virginia’s sequence of monthly records in late summer highlighted how even less populous markets can materially influence national totals when product depth and operator rosters expand.

State standouts and share shifts to watch

The three biggest markets continued to joust for the top podium. Michigan and New Jersey traded state records during the summer, while Pennsylvania steadily closed the gap. In July and August, New Jersey and Michigan leapfrogged one another for monthly bests, then Michigan narrowly missed another top mark in September before all three states posted October records. The rotation underscores a maturing competitive field where leading brands consolidate gains rather than cede share after promotional bursts.

Connecticut emerged as a quiet accelerator. The state set records in September and October after posting robust totals earlier in the year. It reached the low US$50 millions in February and climbed again over the summer, with August ranking as its third-highest month at the time. October’s first-ever move past US$60 million illustrates how a two-operator regime can still compound meaningfully through content cadence and operational execution.

Delaware’s transformation remained a 2025 storyline. Year-over-year comparability began to stabilize after a concession shift, which more than doubled monthly win from the outset. By January the First State was already printing nearly US$8 million a month, then climbed to fresh highs in July, September and again in October. Rhode Island, which reports on a lag and concentrates activity under one operator, continued to scale from a smaller base, with gains visible across August and September before October’s step-up.

Tax haul and policy implications

The revenue arc has translated into larger and steadier tax receipts, a key datapoint for lawmakers weighing market expansions or rule changes. In January, Pennsylvania collected nearly US$94 million in iGaming taxes, while Michigan operators delivered more than US$43 million with earmarks to state, city and tribal governments. New Jersey’s internet gaming tax haul approached US$49 million in July and topped US$33 million in February, underscoring how sustained monthly revenue above US$200 million fortifies state budgets.

Smaller markets matter for policy narratives. Delaware’s shift to a new concessionaire, measured in early-year results and extended through summer and fall, created a sharper tax ramp without broadening the operator field. West Virginia’s repeated record-setting months in August and September showcase the incremental impact of adding brands and deepening libraries even in a smaller population center. Those examples will inform debates in states considering iGaming legalization or revisions to tax rates and promotional deductions.

The October sweep adds new evidence for budget forecasters. Consistent growth across every operating market suggests the category is less episodic than in its early years. That matters as states weigh whether to earmark digital gaming taxes for ongoing programs rather than one-time projects.

Setups for the holiday quarter

Seasonality, sports calendars and product launches tend to favor a strong fourth quarter. The industry entered October with momentum from cumulative records and near-records in July, August and September. Sports betting cross-sell typically strengthens as football schedules intensify, and operators often time feature upgrades and new-game pipelines to the holiday period. Those factors raise the ceiling for November and December, though comparisons get tougher as the bar climbs.

Looking to early 2026, watch for whether Michigan, New Jersey and Pennsylvania continue their monthly leapfrog or if one pulls away on the back of exclusive content or deeper live-dealer penetration. In the mid-tier, Connecticut’s pace will test the upper bounds of a two-license framework. And in smaller markets, the durability of Delaware’s and Rhode Island’s gains will signal how much room remains for growth without additional operators.

The throughline from January’s elevated baselines to October’s clean sweep is clear in the monthly accounting: a broader, stickier customer base, more robust content and operational discipline that converts engagement into record revenue and larger tax receipts. If those threads hold, the holiday quarter could set the next marker the industry spends 2026 trying to beat.