US iGaming Revenue Tops $1tn In 2025 After Record-Breaking December
iGaming across all regulated markets in the US reached $934.3million in December, setting a new record and helping push the country’s iGaming revenue to more than a trillion dollars.
December was the best-performing month with revenue of $934.4m across all regulated markets.
The country also posted figures above $900m in two other months – August ($914m) and March ($905.9m).
The worst-performing month was February, which saw $785m of revenue – some of this can be attributed to the fact that February is a shorter month.
Regulated US Markets
Michigan, New Jersey and Pennsylvania were the leading states, making up around 80% of the total market share, but they will see their share slip in the coming years.
Maine has already taken steps to regulate iGaming and several states, including Virginia and potentially even New York, are progressing their own iGaming legislation.
2025 was a quiet year, in terms of regulatory movements, but 2026 looks like it will be busier.
Online casinos are currently only regulated and available in seven states. Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia.
Of those, Rhode Island was the most recent to launch online gambling, passing legislation in June 2023. Bally’s launched in March 2024.
And while there has been some discussion about ending IGT’s sports betting monopoly in the state, Bally’s remains the only licensed online casino permitted in the Ocean State.
It is common for residents to have to wait up to a year after regulation to be able to play at online casinos.
That means Maine could come online before the end of the year, and add to the size of the gambling market, although its relatively low population means it won’t rival the likes of Pennsylvania.
Pennsylvania set a new monthly record for revenue in December, with its online casinos generating $324.3m gross gaming revenue.
Total revenue for the year was $3.46bn – a huge 27.9% increase compared to 2024, and the biggest monthly revenue of any state in the country.
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iGaming Competition
The industry has a lot to compete with. Sweepstakes casinos, with their dual-currency models, manage to skirt iGaming regulation and taxes.
However, as many states have attempted to curtail their efforts, another threat has risen.
Predictions markets have seen unprecedented growth.
The binary option markets are treated as trading by the federal government, which means the platforms can operate in states where gambling is illegal.
It also means that revenue from the platforms is not treated as iGaming revenue for reporting.
Prediction markets are opening in some other markets, including Matchbook opening in the UK, due to the perceived intuitiveness of prediction market layouts, but they are especially buoyant in the US where they offer an alternative to gambling.
In January, these markets posted a combined $12bn of revenue.
Some states are attempting to fight back, but companies like Polymarket and Kalshi continue to lobby the government and fight back against attempted closures.
