November Revenue Pulls Back From October Record

US online casino revenue eased slightly in November 2025, totaling $918.6 million across the country’s seven regulated iGaming states.

While the figure marked a pullback from October’s record-setting performance, it still represented the second-highest monthly total in US online casino history and underscored the sector’s continued long-term growth.

The November total was down 5.3% from the all-time high of $969.7m in October and followed several months of exceptional growth.

Revenue remained substantially higher than a year earlier, with the year-over-year comparison against the $774.9m generated in November 2024 demonstrating the market’s resilience after a record-breaking run.

Growth Moderates After Strong Run

For the first time in several months, year-over-year growth dipped below the 20% threshold.

From July through October, monthly revenue increases exceeded 25% compared with the prior year. Although November’s growth rate was lower, it still reflected solid gains across the vast majority of jurisdictions.

State-by-State Performance

Pennsylvania remained the top market with $304.4m in online casino revenue for the month, representing a 20.7% year-over-year increase.

New Jersey ranked second with $253.0m, edging out Michigan, which placed third with $248.4m.

Michigan’s total was affected by the payout of a record-setting progressive jackpot late in the month, reversing the usual top-three rankings.

Several smaller iGaming states posted some of the strongest percentage growth.

West Virginia’s revenue surged 58.5% year over year to $37.1m, while Delaware climbed 66.1% to $12.7m. Rhode Island nearly doubled its online casino revenue, rising 99.7% to $5.6m.

Michigan’s November results were heavily influenced by the largest online casino jackpot ever paid in the US - a $22.4m payout from DraftKings Casino on a 20-cent spin.

Impact of Record Jackpot on National Totals

Without that win, total US online casino revenue for the month would have been closer to $938m, pushing year-over-year growth above 21%.

Prospects for a $1 Billion Month

Looking ahead, the modest dip in November means US online casinos will need to reach the notable milestone of $1bn in revenue in December to set a new record.

December has historically been the strongest month of the year for Pennsylvania, Michigan, and New Jersey, with all three states posting December revenue records in prior years.

The seven iGaming states reported a combined $846.6m in online casino revenue in December 2024.

A year-over-year growth rate of just over 18% would push December 2025 beyond the $1bn mark.

With momentum building and the holiday season underway, reaching that milestone remains a realistic possibility and could cap the year with another record-setting performance.