YTD August 2025
Through the first eight months of 2025, total domestic gaming revenue increased by $4.2bn year over year, or 8.6%. 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 significant growth iniGaming and sports betting revenue, the year over year commercial casino increase of $1.1bn represented approximately 25% of the $4.2bn total.
The overall domestic gaming market and its segments continue to trend up as a whole, despite a few markets that have experienced declines through August 2025.
Within the commercial casino segment, 33 of 38 markets experienced growth during YTD August 2025 compared to YTD August 2024. The 33 markets that have grown year over year have done so at a pace greater than that of the five declining markets, and five of the 33 markets experiencing year over year growth are largely due to recent expansions and locations ramping up. These markets include Illinois, Kentucky, New Hampshire, Nebraska and Virginia casinos. The average decline of the five markets that are not growing is -0.7% YTD, the highest of which is Maryland at -1.4%.
The iGaming segment continues to ramp with significant growth across all markets totaling 30.5% YTD through August 2025. During this period, we highlight New Jersey iGaming revenues of $1.88bn which is just slightly behind New Jersey commercial casino revenues. We also note that Pennsylvania iGaming revenues of $1.79bn through YTD August 2025 increased 28.5% year over year compared to Pennsylvania commercial casino revenues of $2.27bn during the same period which experienced a slight year over year decrease. Similar to New Jersey, it appears that Pennsylvania iGaming revenue is on pace to match the state’s commercial casino revenue in the not so distant future.
Sports betting segment growth hit 19.1% with 31 of 33 markets experiencing year over year growth through August. The Arkansas sports betting market had an exceptionally strong August performance, up nearly 120% year over year. Mississippi had their fourth positive month in a row, reversing course on significant revenue declines of the first four months of 2025 and the state is now up year over year thanks to this trend change. Additionally, the Mississippi market has reported lower write, or handle, YTD through August indicating that the changes in revenue are not only the result of lower hold %. Pennsylvania and Vermont sports betting revenues which were previously down despite increased handle are now both up YTD.
VGT distributed gaming revenues were down slightly year over year in August largely due to a 23% decline in Oregon’s revenues, and five of the seven reporting markets have increased revenues year over year for August and YTD. Pennsylvania is only 0.9% behind its’ YTD 2024 performance while Oregon lags 3% behind its YTD 2024 performance. Oregon’s VGT market experiences a great amount of variability month-to-month which does not repeat YoY according to seasonality, something worth considering when estimating future activity. Additionally, Pennsylvania’s VGT market is nominally quite small as a result of regulatory constraints.