FanDuel Keys $950 Million October Online Casino Revenue Haul

Fueled by record-setting revenue totals from Pennsylvania, Michigan, and New Jersey, online casino revenue surpassed $950 million in October and raises the possibility of the first $1 billion total come November.

The total gross revenue from the six states excluding Rhode Island — which has yet to publish October figures — was $958 million. That was up 26.9%, or $203.3 million, from last year. The $870.7 million in taxable revenue was up 29.9%, with the greater increase versus gross winnings largely due to Michigan still being in the first year of limiting internet casino platforms to deduct only 6% of their promotional spend compared to 10% previously.

The possibility of cresting $1 billion in online casino revenue in November likely hinges on gambler availability. It is a big month for sports betting with five Saturdays and Sundays featuring jam-packed sports calendars. The upcoming Thanksgiving weekend also provides opportunities for iGaming platforms to provide promotional offers to be used over a four-day weekend in which many people will already be online searching for Black Friday holiday deals.

The $198.2 million in state tax revenue for October, which does not include local tax receipts from Pennsylvania operators nor revenue earmarked for the city of Detroit and tribal disbursements in Michigan, was an increase of $57.3 million compared to last year.

FanDuel Casino at the forefront

Long known as the overall marketplace leader for U.S. sports betting, it is now time to recognize FanDuel Casino‘s “two-sport” prowess as a top online casino platform as well.

In states where full revenue statistics are available, FanDuel set operator records for gross revenue in Pennsylvania ($92.2 million), Michigan ($76 million), and Connecticut ($32.7 million) in October. That is in addition to the new New Jersey state revenue standard of $60.9 million in adjusted gross revenue.

Those totals were instrumental in each of the “Big 3” recording all-time monthly highs. Pennsylvania became the first state to clear $300 million in gross revenue; Michigan did likewise at the $275 million mark; and New Jersey surpassed $250 million in taxable operator winnings. Serving as a de facto duopoly with DraftKings in Connecticut, FanDuel contributed to a record revenue total of $65.4 million there.

FanDuel had year-over-year revenue increases of 26% or better in all four states, with the highest in the Nutmeg State at 47.2%, followed by 40.6% in the Keystone State. It has exceeded its 2024 full-year revenue totals in all four jursidictions, totaling $2.3 billion in winnings this year.

FanDuel’s move from The Greenbrier to Mardi Gras as its iGaming brick-and-mortar casino tether in West Virginia allows for viewing its monthly drop and revenue totals as an individual operator. It posted $7.3 million in revenue in its first full month of operations via Mardi Gras, implying it was generating at least 50% of The Greenbrier’s iCasino revenue given its other two platforms — BetMGM and Golden Nugget Online — totaled $8 million combined in October revenue.