The United States Igaming Revenue Report – September 2025
An overview of igaming revenue in New Jersey, Michigan, Pennsylvania, West Virginia, Connecticut, Delaware, and Rhode Island, the seven states where online gambling is legal in the US.
National
Total igaming revenue for September 2025 in Michigan, New Jersey, Pennsylvania, Connecticut, West Virginia, Delaware, and Rhode Island added up to US$818.3 compared to US$686.7 million in September 2024.
1. Michigan
Michigan’s 15 online operators reported US$259.1 million in igaming revenue in September compared to US$202.6 million a year ago. The total fell short a mere US$1.4 million of the state record of US$260.5 million set in March.
2. New Jersey
New Jersey’s 28 online casinos grossed US$243.1 million in revenue in September, slightly short of the monthly record of US$248.4 million set in March; it compared to US$208.1 million in September 2024. It was the fourth-highest total and fourth out of the last five months that igaming revenue was more than US$240 million. And the Garden State’s internet casinos surpassed US$2 billion for the year, reaching US$2.1 billion with three months to go, compared to US$1.73 billion through nine months of 2024.
3. Pennsylvania
Revenue from igaming in September in the Keystone State totaled US$233.4 million compared to US$176 million year over year. It was the second highest amount, trailing March’s US$238.2 million.
Online slots accounted for US$181.1 million, while table games jumped from US$42.4 million to US$50 million. Poker rose slightly to US$2.3 million.
4. Connecticut
Connecticut’s two main online-casino operators, DraftKings and FanDuel, in September earned US$53.7 million in revenue compared to last year’s US$37 million and breaking the record set in May of US$51.8 million.
5. West Virginia
The Mountain State’s igaming revenue for the four-week period in September reached US$34.2 million, fully US$14.2 million more than the take in September 2024. It also beat the record set a month earlier of US$32.8 million.
6. Delaware
Delaware’s online casino generated US$9.9 million in September compared to last year’s US$5.8 million (and 2023’s US$1.1 million when the lone igaming operation was run by 888). Slots earned US$7.3 million and tables US$2.6 million; poker has returned to the First State, winning just under US$67,000.
7. Rhode Island
Rhode Island’s igaming revenue, monopolized by Bally’s, generated US$4.9 million compared to US$3.1 million year over year, a gain of 53.3%.
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The Backstory
How the summer surge set up September
The run-up to September followed a three-month stretch of outsized gains that reset expectations for the rest of 2025. In July, national igaming gross gaming revenue climbed to US$817.6 million, up from US$623.4 million a year earlier, as New Jersey set a then-record and Michigan crossed the quarter-billion threshold for the third time. That acceleration is detailed in the July 2025 Igaming Revenue Report, which also showed Pennsylvania, Connecticut and Delaware logging strong double-digit increases.
August pushed even harder. Aggregate U.S. win rose to US$837.5 million as Michigan and New Jersey broke monthly records again, West Virginia set a new high and Delaware marked its fourth record month since the start of the year. Those milestones are laid out in the August 2025 Igaming Revenue Report, which put Michigan at US$263 million and New Jersey at US$248.4 million. With two of the three largest markets printing records back-to-back and smaller markets compounding gains, September entered with momentum and a higher floor for national performance.
That backdrop matters for interpreting September’s slight comedown from peak records in a few states. New Jersey’s fourth-highest monthly total still kept the Garden State above US$240 million in four of the last five months, and Michigan missed its high-water mark by a sliver. The cadence suggests the market is trading near a new plateau rather than spiking and fading, which sets the stage for the typical fourth-quarter lift tied to product launches and seasonal engagement.
A year of recalibration after a record December
The industry’s glide path into 2025 began with a reset in December 2024, when four states posted all-time monthly records and national revenue reached US$778.6 million. The December 2024 Igaming Revenue Report captured that breakout, with Michigan at a then-record US$244 million and Pennsylvania hitting US$223.7 million, the highest single-month figure in its history. West Virginia also set a new high at US$27 million and Delaware closed the year with US$7.7 million.
Those results rolled into a strong January. The January 2025 Igaming Revenue Report showed US$762.2 million nationwide, with Michigan immediately topping December’s record at US$248.2 million and Pennsylvania clearing US$210.1 million. New Jersey carried a 21% year-over-year increase. Connecticut, West Virginia and Delaware posted sizable gains as well, underscoring that December’s momentum was not a one-off.
February cooled sequentially, as is typical, but kept the growth arc intact with US$711 million in national win. The February 2025 Igaming Revenue Report documented New Jersey’s third instance of igaming revenue topping brick-and-mortar in a month and Pennsylvania’s 12% increase year over year. The early-year pattern — record December, elevated January, normalized February — framed expectations for the spring and summer. By July and August, the sector had returned to record-chasing form, setting up September’s near-peak comparisons.
Tax receipts underscore policy relevance
Sustained revenue growth has translated into a steadier stream of public receipts across key states. In July, New Jersey collected US$48.9 million in online gambling taxes, up from US$29.4 million a year earlier, while Pennsylvania booked US$67.4 million from igaming, according to the July 2025 report. Michigan’s operators paid US$49.2 million in state and local igaming taxes that month, including payments to Detroit and tribal governments.
January’s higher base reinforced those fiscal stakes. Michigan’s operators remitted US$43.7 million, with US$11.8 million to Detroit and US$5 million to tribes, per the January 2025 report. Pennsylvania’s tax take hit US$93.9 million, driven by elevated slots and table contributions. In February, Pennsylvania still collected US$91.8 million and West Virginia’s operators paid US$3.7 million, the February 2025 report shows.
These numbers matter beyond monthly leaderboards. Stable, growing receipts strengthen political support for igaming frameworks, insulate budgets and sharpen debates over tax rates, promotional deductions and market access. The evidence across recent reports points to dependable fiscal contributions even when monthly revenue steps back from a record. September, with multiple states hovering near highs, fits that pattern.
Operator shifts and market composition
Operator dynamics have shaped both growth and competitive balance. Delaware is the clearest example. Since Rush Street Interactive took over the statewide concession in January 2024, revenue more than doubled from the previous regime. The January 2025 report pegged Delaware at US$7.9 million compared to US$3.4 million a year earlier, and the August 2025 report logged a new record at US$9.3 million, which September then topped at US$9.9 million. That step-change, coupled with the return of online poker, has lifted a small market into consistent record territory.
In New Jersey, brand clusters tied to major platforms continue to trade the top three spots. January put Golden Nugget (FanDuel) ahead of Borgata/BetMGM and Resorts (DraftKings), per the January 2025 report, while February had Borgata/BetMGM at No. 1 and Golden Nugget a close second, according to the February 2025 report. The rotation at the top has not dented the larger takeaway: the state’s online casinos maintain a US$200 million-plus monthly baseline.
West Virginia highlights how smaller markets can compound. The Mountain State set a record in August at US$32.8 million after posting its third-highest month in July, as detailed in the July and August 2025 reports. September beat that with US$34.2 million. Operator breadth — eight brands across four licenses — has helped sustain year-over-year gains of 50% or more for much of 2025.
The stakes heading into the fourth quarter
September’s results confirm the market’s glide into the last quarter from a position of strength. New Jersey surpassed US$2 billion in year-to-date igaming revenue with three months to go, a marker achieved only once before by year-end. Michigan stayed within US$1.4 million of its all-time high. Pennsylvania notched its second-best month ever with online slots at US$181.1 million and tables at US$50 million. Connecticut set a fresh record at US$53.7 million.
The causal chain runs through product cadence, broader brand reach and a maturing regulatory map. December 2024’s peak established a higher starting point. January sustained it. February normalized without breaking the trend. July and August reaccelerated with multiple records, and September held near those peaks across the largest markets. That pattern argues for a solid fourth-quarter trajectory absent exogenous shocks.
For policymakers, the back half of 2025 will test whether higher baselines can coexist with responsible gaming mandates and evolving tax frameworks. For operators, the question is whether content upgrades and cross-sell into casino from sports can preserve share as competition tightens. September’s near-record performance across several states suggests the industry has room to run — and that the bar for what counts as a breakout month is rising.
