YTD November 2025
Through eleven months of 2025, total domestic gaming revenue increased by $5.8bn year-over-year, or 8.4%. 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. Despite the significant growth in iGaming and sports betting the YoY commercial casino increase of $1.5bn represented over 26% of the $5.8bn.
The overall domestic gaming market and its segments continue to trend up as a whole, despite a few markets that experienced declines through November 2025.
Commercial casino performance in November grew, with 29 of 39 markets coming in above their November 2024 revenue. The markets that experienced declines did so at an average of -2.3%, with the highest decline being -6.8% in Iowa. The 29 markets of the commercial segment that grew YoY in November did so at an average rate of 8.8%. Only six markets have declined YoY over the last three-month period, providing reason to believe that the segment remains healthy.
27 of 33 sports betting markets grew YoY in November, with total segment growth of over 14% YoY. Rhode Island remains the only market performing worse YTD through November but has improved to -1.6% after two very strong monthly performances in a row (+44% in Oct. and +18% in Nov.). This 1.6% decline represents a shortfall in revenue of less than just one million dollars nominally.
iGaming continues its segment-wide growth unabated as illustrated by the significant YOY growth YTD during November in the “Big Three” markets: NJ $2.6bn (22%), PA $2.5bn (29%) and MI $2.6bn (32%). Despite the YOY growth in the ”Big Three” markets, commercial casino revenues in the same states held up well: NJ $2.7bn (4.0%), PA $3.1bn (-0.3%) and MI $1.2bn (-1.0%).
It’s worth noting that only two commercial casino markets currently exceed the “Big Three” iGaming markets: the LV Strip at $7.7bn and PA at $3.1bn, with the NJ commercial casino market being essentially a push at $2.7bn.
VGT distributed gaming is growing modestly with a few weaker performances mixed in. The 1% YoY November decline in the VGT segment can be largely attributed to a 20% November YoY decline in Oregon. Oregon’s distributed gaming market often reports figures with a high degree of seasonality and variability each year, making monthly comparisons difficult. Oregon is also down 2.5% YTD and 1.2% over the last the months however, so this market is contracting while the distributed segment as a whole continues to improve.