YTD July 2025
Through the first seven months of 2025, total domestic gaming revenue increased by $3.5bn year-over-year, or 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 year-over-year commercial casino increase of $810.5mm represented approximately 23% of the $3.5bn.
The overall domestic gaming market and its segments continue to trend up as a whole, despite a few markets that have experienced declines through July 2025.
Within the commercial casino segment, 30 of 38 markets experienced growth during YTD July 2025 compared to YTD July 2024. The 30 markets that have grown YoY have done so at a pace greater than that of the eight declining markets, with growth in four of the 30 markets experiencing YoY growth largely due to recent expansions and locations ramping up (Illinois, New Hampshire, Nebraska and Virginia). The average decline of the eight markets that are not growing is -0.7% YTD, the highest of which is Iowa at -1.5%.
The iGaming segment continues to ramp with significant growth across all markets totaling 30.3% through YTD July 2025. During this period, we highlight New Jersey iGaming revenues of $1.63bn just slightly behind the state’s commercial casino revenues. We also note that Pennsylvania iGaming revenues of $1.56bn through YTD July 2025 increased 28.9% YoY compared to the state’s commercial casino revenues of $1.97bn during the same period which experienced a slight YoY decrease. Similar to New Jersey, it appears that Pennsylvania iGaming revenue is on pace to match its commercial casino revenue in the not too distant future.
Sports betting segment growth hit 16.1% year-over-year through YTD July with 29 of 34 markets experiencing YoY growth. The Mississippi sports betting market had very strong July performance, up 40% YoY. This makes three 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 July 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 July in total and across six of eight reporting markets. Pennsylvania’s VGT distributed gaming market is only 0.7% behind its’ YTD 2024 performance while Oregon, previously behind by 3%, is now up 0.4% YTD YoY. Notably, Pennsylvania’s VGT market is nominally quite small as a result of regulatory constraints. Total YTD VGT revenues have grown by 5.4% YoY through July.