YTD June 2025
Through the first six months of 2025, total domestic gaming revenue increased by $2.9bn year-over-year, or 7.8%. We highlight the significant growth across the iGaming and sports betting segments, and to a lesser extent, the growth in VGT distributed gaming and commercial casino segments. However, despite the significant growth in iGaming and sports betting the YoY commercial casino increase of $593.0mm represented approximately 21% of the $2.9bn.
The overall domestic gaming market and its’ segments continue to trend up as a whole, despite a few markets that have experienced declines through June 2025.
Within the commercial casino segment, 30 of 38 markets experienced growth during the YTD June 2025 period compared to YTD June 2024. The 30 markets that have grown YoY have done so at a pace greater than that of the eight declining markets, and growth in four of these markets (Illinois, New Hampshire, Nebraska, and Virginia) is largely due to recent expansions and locations ramping up. The average decline of the eight markets that are not growing is -0.8% YTD, the highest of which is Iowa at -1.7%.
The iGaming segment continues to ramp with significant growth across all markets totaling growth of 29.9% through YTD June 2025. During this period, we highlight NJ iGaming revenues of $1.4bn slightly surpassed NJ commercial casino revenues. We also note PA iGaming revenues of $1.3bn through YTD June 2025 increased 28.6% YoY compared to PA commercial casino revenues of $1.7bn during the same period which experienced a slight YoY decrease. Similar to NJ, it appears that PA iGaming revenue is on pace to surpass PA commercial casino revenue in the not too distant future.
Sports betting segment growth hit 17.1% year-over-year through YTD June with 28 of 33 markets experiencing YoY growth. The Mississippi sports betting market had a strong June performance. This makes two positive months in a row to reverse course on significant revenue declines of the first four months of 2025, continuing a trend from 2024. This market reported lower write, or handle, YTD through June 2025 indicating that the declining revenues are not only the result of lower hold %. Pennsylvania and Vermont sports betting revenues continue to be down significantly despite increased handle, a trend worth further monitoring.
VGT distributed gaming revenues were up YoY in June in total and across four of eight reporting markets. Pennsylvania is only 0.6% behind its YTD 2024 performance while Oregon is 3.0% behind. Notably, Pennsylvania’s VGT market is nominally quite small as a result of regulatory constraints. Total YTD VGT revenues have grown by 4.4% YoY through June.