The Evolving Landscape of US Casino Revenue in 2025: iGaming Surges While Las Vegas Slips
Table of Contents
- Introduction
- US Casino Revenue Overview
- The Rise of iGaming
- State Spotlight: Maine and Massachusetts
- Leading States: New Jersey, Pennsylvania, and Michigan
- New Casino Developments
- Las Vegas: Challenges Ahead
- The Impact of Sports Betting
- Conclusion
- Frequently Asked Questions (FAQs)
Introduction
As we delve into the vibrant world of the US gambling industry in 2025, the data reveals an extraordinary year marked by remarkable growth and unique challenges. While iGaming has surged ahead, capturing the attention of lawmakers and players alike, traditional gambling hubs like Las Vegas are slipping under economic pressure. This article aims to explore these trends in detail, providing insights and projections for the future of the industry.
US Casino Revenue Overview
In the first 10 months of 2025, the US Casino revenue skyrocketed to $64.3 billion, representing an 8.7% increase compared to the previous year. This robust uptrend signals not only resilience in traditional gambling sectors but also the potential to outpace 2024’s total revenue of $72 billion.
| Month | Revenue (in billions) | Yearly Growth (%) |
|---|---|---|
| January | 6.4 | 6.5 |
| February | 6.2 | 7.8 |
| March | 6.5 | 8.1 |
| April | 6.6 | 8.3 |
| May | 6.7 | 9.0 |
| June | 6.8 | 8.9 |
| July | 6.9 | 9.1 |
| August | 7.0 | 8.5 |
| September | 7.1 | 9.2 |
| October | 7.1 | 9.5 |
This data exemplifies a thriving sector that has adapted to shifting consumer preferences and regulatory landscapes.
The Rise of iGaming
Performance Statistics
iGaming has emerged as the star performer of 2025, generating impressive revenue figures. In October alone, iGaming revenue reached $968.7 million, boasting a staggering 27.3% year-on-year growth. When summed up from January to October, iGaming revenue stood at approximately $8.8 billion, showcasing a whopping 29.4% increase from 2024.
| State | October Revenue (in millions) | Yearly Growth (%) |
|---|---|---|
| New Jersey | 253.0 | 18.2 |
| Pennsylvania | 242.7 | 21.0 |
| Michigan | 233.3 | -10.9 |
This rapid growth is prompting more states to consider legalizing online casinos, recognizing the substantial financial benefits.
Legal Developments
Currently, seven states have legalized iGaming: Delaware, New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, and Rhode Island. This movement toward online gambling is supported by the American Gaming Association, emphasizing enhanced safety measures for consumers.
State Spotlight: Maine and Massachusetts
Maine and Massachusetts are at a legislative crossroads regarding iGaming. While Maine initially positioned itself for expansion, Governor Janet Mills has shelved its online casino bill, citing concerns over its impact on state lotteries. Conversely, Massachusetts is trying to navigate its path forward, with lawmakers pushing for iGaming legislation that could elevate the state to eighth among those offering online gambling.
Leading States: New Jersey, Pennsylvania, and Michigan
In the competition for iGaming supremacy, New Jersey, Pennsylvania, and Michigan emerged as clear leaders in 2025. Each state reported revenues exceeding $200 million in November, affirming their positions as the top contributors to the iGaming market.
| State | November Revenue (in millions) | Yearly Growth (%) |
|---|---|---|
| New Jersey | 253.0 | 18.2 |
| Pennsylvania | 242.7 | 21.0 |
| Michigan | 233.3 | -10.9 |
While New Jersey continues to lead, Michigan shows promising development despite a recent downturn.
New Casino Developments
New York’s Casino Race
New York is poised for dramatic changes as several new casino projects move from proposal to reality. The bid for downstate licenses drew attention from high-profile investors and stirred local opposition. As three licenses have been approved, new ventures in Brooklyn, Queens, and the Bronx are set to launch between 2026 and 2030.
Louisiana’s New Land-Based Casinos
Louisiana has recently welcomed the Live! Casino & Hotel Louisiana in Shreveport, transforming the gambling landscape in the state. Built on the former site of a riverboat casino, this establishment is expected to generate significant tax revenues and create hundreds of jobs.
Virginia’s Temporary Venues
Virginia is also on the cusp of transformation, with the opening of Boyd Gaming’s Interim Gaming Hall in Norfolk. This temporary venue has already reported profits, illustrating the strong demand for gaming in this market.
Las Vegas: Challenges Ahead
The casino capital of the world, Las Vegas, has seen declines in tourism and gaming revenue, down 5.2% in November alone. Year-to-date figures reveal a substantial 7.4% decline as rising prices and local policies deter visitors. Visitors once flocking to Las Vegas for its opulence are now seeking newer prospects; the economic pressures underscore the need for Las Vegas to adapt in an increasingly competitive environment.
Declines Across the Board in November
| Indicator | 2025 Performance |
|---|---|
| Visitor Decline | 5.2% in November |
| Year-to-date | 7.4% decline |
| Hotel Occupancy | Down 2% |
The Impact of Sports Betting
Missouri’s Sports Betting Launch
Missouri’s sports betting is another highlight from 2025, with a launch that saw over 250,000 active accounts within the first week. This influx signals a pivotal shift, potentially affecting neighboring states.
Kansas Casinos at Risk
As Missouri thrives, Kansas casinos may feel the pinch. Geolocation data shows a migration of bettors crossing state lines, erecting a new challenge for Kansas operators.
Conclusion
The gambling landscape in the United States has evolved dramatically in 2025. With iGaming leading the charge, states like New Jersey and Pennsylvania are carving their niches while traditional hubs like Las Vegas face uncertain futures. As regulations adapt and consumer behaviors shift, a focused strategy on digital expansion could be a game-changer for operators.
Frequently Asked Questions (FAQs)
Q: What is the revenue outlook for the US casino industry in 2025?
A: The US casino industry is on track to surpass 2024’s total revenue of $72 billion, with a reported 8.7% increase in revenue in the first 10 months of 2025.
Q: How has iGaming influenced US casino revenues?
A: iGaming has surged, generating $968.7 million in October 2025 alone, representing a 27.3% year-on-year growth, significantly contributing to the overall increase in casino revenues.
Q: Are new casinos being built in the US?
A: Yes, several states, including New York, Louisiana, and Virginia, are opening new casinos or have approved new casino projects, indicating a robust market for gambling expansion.
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