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Online casino revenue in the US’s seven jurisdictions fell $38.3 million from October to November, closing the month at $836.4 million. The month-over-month decline was driven largely by a drop in revenue from one of the industry’s top markets.
November totals do not include Rhode Island revenue, as the state lottery reports its monthly win figures one month later than the other six jurisdictions.
iGaming’s Big 3 can’t overcome losses elsewhere
Pennsylvania, which consistently generates the most real-money online casino revenue among the seven states, posted a 3.9% increase from a record $251.1 million in October to a new high of $260.9 million in November.
However, gains in the flagship market were not enough to offset declines in Michigan and New Jersey, which saw revenue fall 10.85% and 2.80%, respectively.
| State | November 2025 | October 2025 | % change |
|---|---|---|---|
| Pennsylvania | $260.9 million | $251.1 million | +3.90% |
| New Jersey | $253.0 million | $260.3 million | -2.80% |
| Michigan | $233.3 million | $261.7 million | -10.85% |
| Connecticut | $48.8 million | $55.6 million | -12.23% |
| West Virginia | $42.7 million | $34.6 million* | 23.41% |
| Delaware | $7.5 million | $11 million | -31.82% |
| Rhode Island | N/A | $5.0 million | N/A |
| Total | $834.1 million | $879.7 million | -3.81% |
The remaining four markets were split between growth and contraction.
West Virginia reported a 23.41% jump in revenue from October to November, while Rhode Island — reporting one month behind — posted a 10.20% increase in October revenue compared with September.
Meanwhile, Delaware recorded a 31.82% decline, and Connecticut’s revenue dropped 12.23%, from $55.6 million to $48.8 million.
How close did the industry get to $1 billion in 2025?
Despite a strong year of growth for US online casino revenue in 2025, the industry did not reach a $1 billion total in any single month. November 2025 revenue across the seven regulated online casino states totaled $918.6 million, marking the second-highest monthly total on record but still short of the $1 billion threshold. That figure was down about 5.3% from October’s all-time high of roughly $969.7 million.
Even so, underlying trends over the year suggest continued momentum in the US iGaming market. States such as Pennsylvania, Michigan and New Jersey repeatedly posted near-record or record monthly totals throughout 2025, and year-over-year comparisons remained positive in most major markets.
With the industry’s overall expansion and rising player demand, many analysts still view a $1 billion month as likely in 2026 — even if it remained elusive in 2025.
