Casino Revenue Reaches $19.44 Billion in Q2 as Industry Growth Continues
Posted on: August 22, 2025, 08:17h.
Last updated on: August 22, 2025, 09:11h.
- Commercial casino revenue reached $19.44 billion in the second quarter
- The April through June period saw more gaming revenue growth
- iGaming and sports betting continue to make significant GGR gains
Casino revenue in the United States continues to grow as new verticals and new states join the seemingly ever-expanding market.
The American Gaming Association (AGA) reports that players lost $19.44 billion in the second quarter of 2025. The revenue includes gaming from land-based and riverboat casinos and racinos, sports betting, and iGaming. The tally doesn’t include revenue stemming from tribal operations, lotteries, unregulated gaming such as skill games, offshore gaming websites, or sweepstakes platforms.
The $19.44 billion in Q2 gross gaming revenue (GGR) represented a 9.8% year-over-year increase. The April through June period marked the industry’s eighth consecutive quarter of year-over-year GGR growth and was the highest-grossing Q2 revenue report in the history of legal commercial gambling in the US.
All Verticals See Gains
The AGA report relayed that traditional in-person casino gambling win from slot machines, live-dealer table games, and electronic tables was up 2.8% in the second quarter. The retail revenue of $12.82 billion accounted for almost two-thirds of the commercial gaming market.
Oddsmakers won $3.92 billion from their online and retail sportsbooks, a 20.6% gain. Sportsbooks had their best Q2 ever this year.
Online casinos, legal in only seven states, generated GGR of $2.6 billion. That represented a 32.3% surge from the prior year.
U.S. commercial gaming revenue growth accelerated in the second quarter with continued growth across all verticals,” the AGA release read.
The data is compiled from state regulatory disclosures. Nearly all of the 38 states with commercial gaming reported Q2 revenue growth, with North Carolina being the lone outlier. North Carolina has only commercial sports betting.
Five states saw commercial gaming revenue exceed $1 billion during the three months. All five are home to legal online sports betting, and three — Pennsylvania, New Jersey, and Michigan — are home to legal iGaming.
Q2 Richest Commercial Gaming States (GGR/YoY Growth)
- Nevada — $3.85 billion — 0.3%
- Pennsylvania — $1.91 billion — 16.1%
- New Jersey — $1.73 billion — 14.6%
- New York — $1.45 billion — 11.1%
- Michigan — $1.2 billion — 18.3%
Industry Growth, Concerns
2025 is shaping up to be yet another year of unprecedented gaming. Commercial GGR in 2024 reached a record $72 billion, the industry’s third consecutive year of reaching a new all-time high.
Through the first half of 2025, GGR is up another 8% to $38.43 billion. While there are concerns in Las Vegas, most of the country’s other major casino and sports betting markets continue to see GGR expand.
Traditional GGR is up 2% from January through June, sports betting win is up 16.5%, and iGaming has jumped 29.7%.
One concern for the industry is the emergence of wagering exchanges like Kalshi, Polymarket, and Robinhood. Those platforms are pushing to enter the sports betting space by offering contracts on game outcomes and player performances (props) that they bill as investment instruments.
Since such derivative contracts are regulated at the federal level, prediction platforms believe they have the legal right to offer the sports contracts across the country.
Last Comment ( 1 )
Such great news! Bally's Corporation (BALY) might soar to $12.00 soon.