U.S. Commercial Gaming Revenue Hits $7.06 Billion in November, Poised for Record 2025

Traditional casino gaming expanded by 5.0%, growing more than twice as fast as it did in October of 2024, making it the best October on record for commercial brick-and-mortar gaming.

State View: Two thirds of states grew traditional gaming revenue in November. Strong double-digit growth in Delaware, Nebraska, South Dakota, and Virginia offset declines in nine states. Of the five states that report admissions data, four had increased casino visitation during November: IL (0.3%), LA (2.4%), MO (0.7%), MS (5.6%). In Iowa, visitation contracted 7.4%, driving brick-and-mortar revenue down by 6.8%.

Sports betting revenue reached $1.92 billion (+16.5%) in November with a handle of $16.83 billion (+9.6%).

After a slow start to the fall betting season in September, sportsbooks revenue rebounded in both October and November as November hold increased 68 basis points compared to the previous year, to 11.4%. Year-to-date, the sports betting hold is 10.0%, up 36 basis points over the same period last year.

Illinois Tax Impact: Earlier this year Illinois began imposing a 25 or 50 cent tax on each online wager. Since August, total individual wagers in the state are down 16.6%. However, the average value of each bet has increased significantly. In November, there was a 13.7% decrease in number of wagers, but a 26.8% increase in bet size.

iGaming continued its rapid expansion, generating $919.9 million in November (+28.3%). Year to date, iGaming revenue reached $9.70 billion (+28.3%).

State View: For the third consecutive month, New Jersey, Pennsylvania and Michigan iGaming revenue surpassed commercial brick-and-mortar revenue. Year-to-date through November, iGaming revenue in both Pennsylvania and Michigan is greater than traditional brick-and-mortar revenue.

State Budget Impacts: Regulated gaming generated $1.61 billion in state gaming tax revenue in November and has produced $16.44 billion through the first eleven months of the year for vital state programs.

This figure could be significantly higher but is impacted by operators of skill machines, “sweepstakes casino” sites and those offering sports bets through event contract platforms, none of which pay state gaming taxes. Event contract platforms offering sports bets have cost state governments nearly $230 million in lost gaming taxes since the start of 2025, depriving seniors’ pension plans and responsible gaming programs, among other victims, of roughly $1,000 a minute while they remain active.