U.S. Online Casino Revenue Totals Nearly $900 Million For May

The seven states that offer regulated online casino gaming reported a combined $898.1 million in gross revenue for May, continuing the year-long trend of double-digit, year-over-year growth.

Every state had an individual increase of at least 26.6% compared to May 2024, and the overall figure was up 33.1% from the $674.9 million the seven states totaled. Pennsylvania, Michigan, and New Jersey comprised the bulk of the amount with $787.3 million.

The five states that provide “drop” figures for online casino play — Michigan and New Jersey do not — reported $10.48 billion worth of wagering. The total sports betting handle for May with 30 of 33 states reporting — Illinois, Arizona, and South Dakota have yet to publish figures — is $10.83 billion.

The states were able to levy taxes on $815.5 million in adjusted gross revenue, redirecting $175.1 million to their coffers. That total does not include local taxes and disbursements to tribal jurisdictions in states where online casino gaming is offered by operators tethered to tribes.

The $4.25 billion in gross revenue for the first five months of 2025 is up 28.7% compared to last year and has resulted in $824.9 million in state tax revenue.

The May record-breakers

Three of the seven states set all-time monthly revenue highs, with New Jersey leading that trio at $246.8 million. That was a 28.5% increase from last year and was highlighted by FanDuel Casino furthering the state standard for revenue by an individual operator for a third consecutive month at $54.4 million.

FanDuel also played a significant role in Connecticut setting a new benchmark at $61.3 million, a year-over-year increase of 32.2%. While DraftKings pipped its eternal rival for the top spot in the de facto duopoly by $606,700, May marked the first time FanDuel cleared $30 million in the Nutmeg State.

The $10.4 million in gross revenue reported by BetRivers, which runs online casino gaming in Delaware, edged past its March record by nearly $128,000. In its second year of operations, BetRivers has more than doubled its year-to-date gross revenue compared to 2024 at $23.1 million.

Pennsylvania and Michigan hardly lagging

Pennsylvania led the group of seven in gross revenue at $289 million, up 34.9% from last year while attaining its second-highest total in state history. Operators in the Keystone State came within shouting distance of the record $291.6 million claimed in March, and Pennsylvania is currently the only state with more than $1 billion in 2025 revenue.

Michigan also had its second-best overall revenue haul at $251.5 million, an increase of 26.6% from 2024. That was also the lowest year-over-year percentage increase of the seven states.

AGR, however, increased 32.2% to $236.2 million as the state is now able to tax 94% of gross revenue for all but one operator in the Wolverine State compared to 90% previously.

And rounding out the group …

The $34.3 million revenue reported by West Virginia operators represented a 103.7% increase compared to May 2024 and trailed only the $36.4 million reported in March.

Bally’s, which is the lone operator of iGaming in Rhode Island, also saw revenue more than double year-over-year with a $4.8 million windfall. Bally’s is also in its second year of operations, and the $129.1 million drop was an increase of 110.1%.

In using like-for-like comparisons to 2024 for Bally’s, which spans its launch in March through May, the $14.7 million in revenue for that three-month span is 164.7% higher compared to its first three months of operation in 2024.