YTD October 2025
Through the first ten months of 2025, total domestic gaming revenue increased by $5.2bn year-over-year, or 8.5%. We highlight the significant growth across the iGaming and sports betting segments and, to a lesser extent, the growth in the VGT distributed gaming and commercial casino segments. Despite the significant growth in iGaming and sports betting, the YoY commercial casino increase of $1.4bn represented over 27% of the $5.2bn.
The overall domestic gaming market and its segments continue to trend up as a whole, despite a few markets that have experienced declines through October 2025.
Commercial casino performance in October grew stronger than has been typical this year, with 32 of 39 markets coming in above their October 2024 revenue. The markets that experienced declines did so at an average of -3.9%, with the highest decline being -10% on the Boulder Strip in Nevada. The 32 markets of the commercial segment that grew YoY in October did so at an average rate of 12.3%. Only four markets have declined YoY over the last three month period, providing reason to believe the segment remains healthy.
Sports betting revenues were down significantly in September and sparked some initial concern but this was seen to be an aberration due partly to a disadvantageous calendar drift in September from 2024 to 2025. However, in October 31 of 33 markets grew YoY with total segment growth of over 50% YoY for the segment. This month’s performance is not a function of any calendar variability, and the last three months YoY comparison only has three markets below their 2024 performance. Rhode Island remains the only market performing worse YTD through October at -4.8%, but this represents a shortfall in revenue of less than two million dollars nominally.
Meanwhile, iGaming continues its segment-wide growth unabated and the VGT distributed gaming segment is growing modestly with a few weaker performances mixed in. Pennsylvania’s VGT market remains down YoY across all periods but the effect on the segment as a whole is quite small due to the very limited number of VGTs spread across truck stops in the state (fewer than 400 units). Wyoming skill games are down -0.6% YTD and -2.6% in the last three months and this may very well be a result of the powerful growth in the Wyoming HHR market, up 18% YTD and 16.5% in the last three months, which gamers may view as a superior product offering. If Wyoming skill game and HHR revenue were measured together, they would be up 15.3% YTD YoY, recontextualizing what is really happening in this part of the distributed gaming segment.