U.S. commercial gaming revenue regained momentum in October, reversing the softer performance recorded in September. Operators reported higher takings across all major segments, reinforcing expectations that 2025 is shaping up to end as another record-setting year for legal commercial gaming in the United States.
“U.S. commercial gaming revenue grew 17.0% year-over-year in October, reaching $6.81 billion with all three major verticals expanding,” according to the Commercial Gaming Revenue Tracker published in December 2025. The tracker further stated that “Through the first ten months of 2025, total commercial gaming revenue stands at $64.30 billion, 8.7 percent higher than [the] same period last year [2024].”
Land-based casinos secure record October performance
Traditional casino gaming delivered its strongest October result on record, with both slots and table games advancing compared to the prior year. The tracker noted that “Traditional casino gaming expanded by 5.0 percent, 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.” Slots remained the primary contributor to land-based revenue, generating $3.10 billion in October, which represented a 3.7% year-over-year increase. Table games also posted gains, with revenue of $822.5 million and a 9.5% increase in the same month in 2024.
The growth trend was widespread across the country. The report said that “Nearly every state grew traditional gaming revenue in October. Expansion markets in Illinois, Virginia, and Nebraska, as well as double-digit revenue growth in New Jersey and Louisiana, drove the national performance higher.”
Sports betting strengthens following weak September
Sports betting revenue rebounded in October, driven by seasonal wagering tied to football and stronger sportsbook hold rates. The tracker reported that “After an unfavourable month in September, sportsbooks fared far better in October as hold increased 193 basis points, to 9.02 percent from 7.09 percent last October.” Year-to-date, hold levels remained elevated compared to 2024, with the tracker adding: “Year-to-date, the sports betting hold is 9.77 percent, up 29 basis points over the same period last year.”
Total sports betting revenue for the month reached $1.6 billion, while handle stood at $17.78 billion. The tracker also noted that the availability of wagering through event contract platforms had not slowed regulated handle growth during the early football season, with October producing the fastest handle expansion rate observed in more than a year.
iGaming maintains fastest growth pace among tracked segments
Online casino gaming once again outpaced land-based revenue growth and continued to expand rapidly in key states with legal iGaming frameworks. The tracker reported that “iGaming continued its rapid expansion, generating $968.7 million in October (+27.3%).” Cumulative revenue reached $8.78 billion year-to-date through October, marking a 29.4% year-over-year increase.
Digital casino revenue surpassed brick-and-mortar revenue in several large markets. The tracker stated that “In Michigan, New Jersey, and Pennsylvania, iGaming surpassed brick-and-mortar revenue in both September and October.” It further noted that “Year-to-date through October, iGaming revenue in Pennsylvania and Michigan exceeds brick-and-mortar revenues.”
State budgets benefit from regulated gaming while tax leakage persists
Regulated commercial gaming continued to generate revenues for public programmes across the states. According to the tracker, “Regulated gaming generated $1.54 billion in state gaming tax revenue in October and has produced $14.81 billion through the first ten months of the year for vital state programmes.”
However, the tracker also identified ongoing tax leakage associated with unregulated or differently regulated products. It stated: “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.” The fiscal loss was quantified in the report, which said that “Event contract platforms offering sports bets have cost state governments nearly $200 million in lost gaming taxes this year alone, depriving seniors, pension plans and responsible gaming programmes, among other victims, of roughly a $1,000 a minute while they remain active.”
Source:
American Gaming Association LinkedIn, linkedin.com, January 2026
