US gaming market hits new record, surpassing US$78 billion in 2025
The commercial gaming industry in the United States closed 2025 at its highest level in history. According to the State of the States 2026 report published by the American Gaming Association, the US market generated US$78.62 billion in revenue last year, representing growth of 9.1 per cent compared to 2024. The figure marks another consecutive record for the sector and highlights the current state of the US market and the expansion of sports betting and iGaming as the main drivers of industry growth.
The data shows that 34 of the 38 US states with commercial gaming operations, in addition to Washington, D.C., which is not officially a state, recorded record revenues in 2025. Only Mississippi remained practically stable, with a slight percentage decline compared to the previous year.
The report also highlights that tax collection kept pace with this growth. The sector generated US$17.86 billion in direct taxes for states, municipalities and other public beneficiaries, an increase of 12.3 per cent over 2024. The AGA itself notes that this figure only considers taxes directly linked to gaming activity. Corporate taxes, payroll taxes, sales taxes and federal taxes related to sports betting are not included.
Revenue has grown almost uninterrupted since 2021
The annual commercial gaming revenue chart in the United States shows continuous growth since the pandemic. After the sharp decline recorded in 2020, the market accelerated again in 2021 and maintained expansion in the following years.
According to the report, annual revenue evolved as follows:
| 2011: approximately US$35 billion |
| 2012: US$36 billion |
| 2013: US$35 billion |
| 2014: US$36 billion |
| 2015: US$38 billion |
| 2016: US$39 billion |
| 2017: US$40 billion |
| 2018: US$42 billion |
| 2019: US$43 billion |
| 2020: decline to approximately US$29 billion |
| 2021: jump to approximately US$53 billion |
| 2022: US$60 billion |
| 2023: US$66 billion |
| 2024: US$ 72 billion |
| 2025: US$ 78.62 billion |
The percentage growth line presented in the chart shows an explosion in 2021, driven by the economic reopening and the expansion of sports betting, followed by more moderate but still strong rates between 2022 and 2025.
This growth becomes even more significant when analysed from a historical perspective. Before the pandemic, the US commercial gaming market took years to advance by a few billion dollars in annual revenue. Between 2011 and 2019, for example, the industry moved from approximately US$35 billion to US$43 billion, representing gradual growth over nearly a decade. Between 2020 and 2025, however, the increase was almost US$50 billion in just five years. An important part of this transformation came from the expansion of sports betting following the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, a decision by the US Supreme Court that allowed each state to regulate its own sports betting market.
The latest figures help demonstrate how online operations have gained much greater weight within the industry. According to the AGA itself, online gaming, combining sports betting and online casino gaming, represented approximately 30 per cent of all national commercial gaming revenue in the United States in 2024. In previous years, the market depended almost exclusively on land-based casinos for growth. Today, digital expansion is the industry’s main driver.
Another important factor is that this sequence of records is happening even in a more challenging economic environment. The US market faced high inflation, elevated interest rates and slower consumer spending across several sectors between 2022 and 2025. Even so, gaming continued to grow.
The speed of sports betting growth also stands out. In 2024, sector revenue reached US$13.7 billion, compared to just over US$11 billion in 2023. ESPN highlighted that this represented another historic record for the segment, reinforcing how sports betting has become one of the most important areas of the US gaming industry since state-by-state legalisation began in 2018.
At the same time, while online gaming continues to accelerate, land-based casinos have been growing more slowly. In 2024, for example, land-based casino revenue increased by only around 1 per cent, while iGaming advanced nearly 29 per cent during the same period. This helps explain why operators and investors have increasingly focused attention on digital platforms and mobile products.
States with the highest growth
The report provides a full comparison between consumer spending on commercial gaming in 2024 and 2025. Among the markets with the highest percentage growth were:
| Nebraska: +79.8 per cent |
| Washington D.C.: +75.9 per cent |
| Montana: +45.1 per cent |
| New Hampshire: +31 per cent |
| Connecticut: +27.9 per cent |
| Oregon: +26.5 per cent |
| North Carolina: +25.9 per cent |
| Kentucky: +21.3 per cent |
| Michigan: +20.1 per cent |
| Illinois: +17 per cent |
The largest markets by total revenue remained Nevada, New Jersey, Pennsylvania, New York and Michigan.
Nevada once again led with US$15.79 billion in revenue. It was followed by:
| Pennsylvania: US$ 7.70 billion |
| New Jersey: US$ 6.98 billion |
| New York: US$ 5.72 billion |
| Michigan: US$ 5.03 billion |
The report also notes that Illinois recorded significant growth thanks to the opening of new casinos, helping the Chicagoland and St. Louis markets grow above the national average.
The figures show how gaming growth in the United States no longer depends solely on traditional markets such as Nevada and Atlantic City. States that until a few years ago had limited participation in the sector now stand out thanks to sports betting regulation and the expansion of new land-based developments. According to analysis published by iGaming Business, North Carolina recorded significant progress following the official launch of the state’s sports betting market, while Washington D.C. grew after abandoning its previous monopolised betting model and opening space for a more competitive environment.
Michigan also deserves attention because it has become one of the strongest examples of integration between land-based casinos, sports betting and iGaming. The state has become one of the most robust online markets in the United States and consistently ranks among the national leaders in both sports betting and online casino revenue.
Land-based casinos still dominate, but growth slows
Despite online expansion, land-based casinos remain the largest source of revenue for the US commercial gaming industry. The 493 commercial properties spread across 27 states generated US$51.06 billion in 2025, representing a growth of 2.3 per cent compared to the previous year.
The category revenue chart shows that the land-based segment remains stable and consolidated, but is already growing at a much slower pace than sports betting and iGaming.
Among the largest land-based markets in the United States, the 2025 ranking was as follows:
- Las Vegas Strip
- Atlantic City
- Chicagoland
- Baltimore-Washington DC
- Queens/Yonkers
- Gulf Coast
- Philadelphia
- Detroit
- St. Louis
- Boulder Strip
- Reno/Sparks
- Black Hawk/Central City
- The Poconos
- Lake Charles
- Memphis
- Kansas City
- Downtown Las Vegas
- Cleveland
- Boston
- Miami
The Las Vegas Strip remained the country’s largest commercial market, despite largely stable resort revenues across the region.
Resorts World New York leads among casinos
Nevada and Mississippi do not disclose detailed property-by-property figures. Resorts World New York City once again appeared as the commercial casino with the highest revenue in the United States in 2025. The property located in Queens still operates only with electronic gaming machines, but received authorisation in December to add table games and a sportsbook. It was followed by:
- MGM National Harbor in Maryland
- Borgata Hotel Casino & Spa in Atlantic City
- Encore Boston Harbor in Massachusetts
- Live! Casino & Hotel Maryland near Baltimore
Historically, Las Vegas dominated the US casino sector almost on its own. Today, markets located near major urban centres such as New York, Maryland and Massachusetts have rapidly gained prominence thanks to high population density and the regional entertainment model. Instead of depending exclusively on international tourism, many of these casinos operate with a constant flow of local consumers.
The performance of Resorts World New York City stands out because the property still operates with significant limitations compared to major resorts in Las Vegas or Atlantic City. Even operating only with electronic gaming machines, the casino continues to lead in revenue among US commercial properties that disclose detailed data. According to the American Gaming Association, the expectation is that the future addition of table games and a sportsbook will further strengthen the property’s position in the national market.
MGM National Harbor, for example, has consolidated itself in recent years as one of the most important properties on the US East Coast. Located near Washington, D.C., the resort benefits from a region with a high average income and a large population concentration. According to data from the Maryland Lottery and Gaming Control Agency, the casino frequently leads the state market in monthly revenue and has maintained consistent performance since its opening in 2016.
Sports betting advances by more than 22 per cent
The commercial sports betting segment generated US$16.89 billion in revenue in 2025, an increase of 22.6 per cent year-on-year. The report chart shows almost continuous growth since 2020:
| 2020: approximately US$5 billion |
| 2021: approximately US$9 billion |
| 2022: approximately US$10 billion |
| 2023: nearly US$11 billion |
| 2024: approximately US$11.5 billion |
| 2025: US$16.89 billion |
The AGA notes that these figures do not include operations conducted by Native American tribes, including the Florida mobile market, which operates under a tribal model.
According to the American Gaming Association, US sports betting revenue more than tripled between 2020 and 2025. This progress was mainly driven by the expansion of mobile betting, which quickly became the country’s main betting channel. In many states, more than 90 per cent of total wagering volume already takes place online through apps and digital platforms.
The jump between 2024 and 2025 also stands out because it comes at a time when several state markets are already relatively mature. In the first years after legalisation in 2018, growth was mainly driven by the launch of new states. Now, expansion is also coming from increased consumer engagement, mobile consolidation and growing integration between sportsbooks, sports media and major US leagues.
According to an analysis published by ESPN, sports betting has become an increasingly integrated part of sports consumption in the United States. Companies such as DraftKings, FanDuel, BetMGM and Caesars have significantly expanded investments in advertising, sports broadcasting, league partnerships and digital experiences in recent years.
Another important factor is the strength of major US sporting events within this market. NFL, NBA, MLB and NCAA continue generating billions in handle every year, but the NFL remains the main driver of sports betting in the country. According to data from the AGA itself, NFL seasons and the Super Bowl frequently generate record activity for US sportsbooks.
The growth of sports betting has helped transform perceptions of wagering in the United States. For decades, the sector was associated mainly with Las Vegas and the illegal market. Today, sports betting appears integrated into sports broadcasts, TV programmes, social media and official league and franchise apps.
iGaming surpasses land-based casinos in some states
iGaming was once again the fastest-growing segment in the sector. Total online market revenue reached US$10.73 billion in 2025, up 27.6 per cent compared to the previous year. The seven US states with legalised online casinos collectively surpassed the US$10 billion mark for the first time.
Although Delaware, Rhode Island and West Virginia recorded the highest proportional growth, Pennsylvania, Michigan and New Jersey continued to account for almost 90 per cent of all national iGaming revenue. Pennsylvania maintained leadership in the segment, reaching US$3.46 billion in annual revenue after growth of nearly 28 per cent.
The report highlights an important detail: for the first time, iGaming revenue surpassed land-based casino revenue in both Pennsylvania and New Jersey.
Another important detail is that Maine approved legislation to legalise iGaming in 2025, although the law only officially came into effect at the beginning of 2026.
Illegal market becomes the main regulatory concern
Beyond the financial figures, the report shows growing concern among US authorities regarding the illegal market. According to the AGA, state regulators and law enforcement authorities spent much of 2025 focused on combating unregulated operations, particularly sweepstakes platforms and offshore sportsbooks. Throughout the year:
- 16 states took action against sports-related prediction markets.
- Five states approved specific laws banning sweepstakes that imitate online casinos or sportsbooks.
- Arizona and Louisiana adopted enforcement actions based on existing laws.
- Regulators in Florida, Michigan, Mississippi and Tennessee intensified measures against offshore operators.
The states that approved specific legislation against sweepstakes were:
- California
- Connecticut
- Montana
- New Jersey
- New York
According to the estimate released by the AGA in August, illegal devices, offshore online casinos and unregulated sportsbooks generate approximately US$53.9 billion per year in illegal revenue in the United States, causing losses exceeding US$15 billion in tax revenue. The association also states that this calculation does not even include the loss of tax revenue related to sports event contracts offered by prediction markets.
This article was first published in Portuguese on 14 May 2026.
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