YTD May 2025
Through the first five months of 2025, total domestic gaming revenue increased by over $2.2bn year-over-year, or 7.1%. The US domestic commercial casino market continues to grow YTD alongside meaningful growth across the sports betting, iGaming and VGT distributed gaming segments. We highlight that the YoY commercial casino market growth of $470.0mm represents approximately 21% of the $2.2bn.
The overall domestic gaming market and its segments continue to trend up as a whole, despite a few markets that have experienced declines through May 2025.
The segment with the most unevenly distributed growth is the commercial casino segment where 30 of 38 markets are above their YTD 2024 performance. The 30 markets that have grown YoY have done so at a pace greater than that of the eight declining markets. Four of the 30 markets experiencing YoY growth are largely due to recent expansions and locations ramping up, including Illinois, New Hampshire, Nebraska, and Virginia casinos. The average decline of the eight markets is -1.1% YTD, the highest of which is downtown Las Vegas at -2.0%.
Sports betting segment growth hit 13.3% year-over-year through YTD May with 27 of 33 markets experiencing YoY growth.
The Mississippi sports betting market had a strong May performance. This is a good start 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 May 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.
The iGaming segment continues to ramp up with significant growth across all markets and a total segment growth of 29.5% year-over-year through YTD May. We note however, that the majority of these markets are Northeastern coastal states making this segment reliant on regional economic trends.
VGT revenues were up YoY in May in total and across six of eight reporting markets. Pennsylvania is only 0.3% 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 May.