US gambling revenues in 2025 mark a shift to market maturity

US online gambling revenue reached $26.8 billion in 2025, representing nearly 15 percent year-on-year growth driven by regulated sports betting and iGaming markets. The figures underline a structural shift as operators increasingly prioritise profitability, retention, and market positioning over rapid geographic expansion.

Sports betting remained the primary growth engine, with New York generating more than $2 billion in mobile revenue over the past year. Established states such as New Jersey, Michigan, and Pennsylvania continued to deliver strong results, reinforcing the importance of scale in mature markets. Across seven regulated iGaming states, online casino revenues reached record levels, reflecting sustained player engagement and improved digital product performance.

New Jersey marked a defining milestone for the US industry. In 2025, iGaming revenue surpassed land-based casino floors for the first time outside pandemic conditions. Online casino income rose sharply while retail gaming declined, confirming a long-term shift in consumer behaviour. The state’s balanced tax framework has helped sustain growth and remains a reference point for other jurisdictions considering legalisation.

At the operator level, consolidation accelerated. FanDuel and DraftKings now command roughly 80 percent of US sports betting market share, while BetMGM leads iGaming with a significant share of online casino revenue. Loyalty programmes, data-driven segmentation, and disciplined marketing have become central to operator strategies.

Looking ahead, analysts expect further market expansion, with iGaming potentially live in up to 15 states by the end of the decade. However, rising taxes, payment restrictions, and regulatory scrutiny are increasing pressure on margins. As a result, technology investment, compliance efficiency, and customer retention are likely to define the next phase of US gambling growth.