Internet Casino Gaming Revenue Hits $916 Million For November

Six of the seven states that offer internet casino gaming combined for $916.3 million in gross revenue for November, extending the norm of double-digit, year-over-year growth.

The Rhode Island Lottery had yet to release figures for Bally’s online casino gaming as of this writing, but the combined revenue total elsewhere was up 18.7% compared to last year. Five of the six states reporting had revenue growth of at least 17.4% compared to November 2024, with BetRivers reporting a 65.2% surge as the sole operator in Delaware.

The $831.1 million in adjusted gross revenue (AGR) was up 20.2%, with Michigan’s lower allowable promotional deductions that took effect in January continuing to create a larger spread versus the increase in gross winnings. The sextet generated $188.5 million in tax receipts — a total that does not include specific local allocations and disbursements in Michigan and Pennsylvania — which was an increase of $42.3 million.

It’s all DraftKings’ fault

It’s rare when one event can notably disrupt a revenue report, but November brought such an instance in the form of DraftKings’ record $22.4 million payout to a Michigan-based bettor who hit it big on the Huff N’ Even More Puff progressive slot.

In the platform-focused picture, the huge jackpot skewed DraftKings’ year-over-year revenue comparisons. Revenue was down 51.9%, and it failed to reach $20 million in revenue for the first time since August 2022. The jackpot also allowed BetRivers to be the first platform in Michigan aside from FanDuel, BetMGM, and DraftKings to claim a podium finish in monthly revenue since iGaming launched in January 2021.

The payout also dropped the collective year-over-year growth among operators to 9.9% as they reported $248.4 million in gross revenue. It also ended a four-month run of gross winnings surpassing $250 million.

PA, NJ humming along

The other two members of the “Big 3” had no such anomalies in their monthly revenue reports. Pennsylvania made it back-to-back months over $300 million in gross winnings, while the $242.7 million AGR ranked second overall.

New Jersey topped one-quarter billion dollars for the second consecutive month, though the $253 million in operator winnings for November was well short of the record-setting October haul of $260.3 million.

Pennsylvania had slightly larger year-over-year gross revenue growth at 20.9% compared to 19.5% for the Garden State. New Jersey, though, hit a historical milestone in November by clearing $12 billion in all-time iGaming revenue.

A good month for the ‘Midsized 3’

West Virginia, Connecticut, and Delaware largely maintained their respective status quos with double-digit growth. It was more pronounced in the Mountaineer State with a record $42.7 million in revenue, but the caveat to that 51.4% increase is it includes five weekly reports that featured the tail end of October since the West Virginia Lottery does not publish monthly figures.

The West Virginia platform also reported $936.4 million in wagering, the first time the total crested $900 million. The $8.14 billion drop heading into the final month of 2025 is already 36% higher than the full-year 2024 total of $6 billion.

The de facto duopoly of FanDuel and DraftKings continued to hum along in the Nutmeg State as the two platforms produced $57.4 million in gross winnings and the drop cleared $1.8 billion for the third straight month. Operator revenue was up 17.4%, lagging behind the 25.6% bump in betting.

BetRivers’ upswing is not limited to Michigan as year two of being Delaware’s sole platform is showing continued solid growth. The $12.6 million in gross revenue came within $203,000 of October’s record total, while the $325 million drop was an all-time monthly high.