Commercial Gaming Revenue Tracker

The American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker features state-by-state and nationwide financial performance data with breakdowns for individual gaming verticals.

Gaming Revenue Growth Slows; Still Reaches All Time High

U.S. commercial gaming revenue growth decelerated for the third consecutive quarter in Q1 but still expanded by almost 6 percent compared to the prior year.

Data compiled by the American Gaming Association (AGA) from state regulatory disclosures shows that combined revenue from commercially operated land-based casinos, sports betting, and iGaming increased by 5.7 percent year-over-year, reaching $18.87 billion for the quarter.

Q1 was the seventeenth consecutive quarter of growth and the highest grossing quarter ever for the U.S. commercial gaming sector.

Total March revenue expanded 1.9 percent over the previous year, with growth in traditional casino (+0.3%) and iGaming (+26.1%) revenue offsetting an 8.1 percent contraction in sports betting. The March sports betting revenue contraction was driven by a sharply lower hold rate of 6.6 percent, compared to 7.8 percent the prior year.

Online Gaming Marks Quarterly Records

The U.S. commercial gaming industry realized year-over-year growth across both land-based and online gaming in Q1, though online sports betting in particular grew at a much slower rate than in the recent past.

Quarterly revenue from land-based gaming – including casino slots, table games, and retail sports betting – increased 1.4 percent to $12.66 billion in Q1.

Meanwhile, online gaming revenue – comprising iGaming and online sports betting – expanded by 15.3 percent in Q1 2025. Combined quarterly revenue from online sports betting and iGaming reached a new high of $6.19 billion. Online gaming made up a record 32.8 percent share of commercial gaming revenue in Q1 compared to 29.3 percent in Q1 2024.

$4.25 Billion in Gaming Taxes Bolster State and Local Governments

State and local governments in gaming states saw a record influx of direct gaming taxes in the first quarter. Commercial gaming operators paid an estimated $4.25 billion in gaming tax revenue, an increase of 10.6 percent year-over-year.

Note that these gaming tax figures only cover specific state and local taxes directly linked to gaming revenue that are reported monthly or quarterly. Fees that are levied on an annual basis are not covered, nor are sports betting excise tax payments to the federal government. The figures also do not encompass the billions of additional tax dollars paid by industry on income, sales, payroll or various corporate taxes.

Twelve Gaming States Had Best-Ever Quarter

Out of the 37 operational commercial gaming jurisdictions that had complete data available through March, 33 witnessed an increase in first quarter revenue compared to 2024. Notably, twelve states achieved new revenue records for a single quarter, including New York, one of the nation’s largest commercial gaming markets.

Two states with year-over-year declines in quarterly revenue were the sports betting-only markets Vermont (-13.9%) and Wyoming (-2.7%), while two land-based-only markets in Missouri (-0.1%) and Mississippi (-3.4%) also reported revenue declines.

Traditional Gaming Ends Q1 on a High Note, Setting Monthly Revenue Record in March

Slot machines and table game revenue reached $12.46 billion, a 1.0 percent increase year-over-year.

In March, casino slot machines and table games generated an all-time monthly revenue record of $4.48 billion, a year-over-year increase of 30 basis points and surpassing the previous high of $4.46 billion set in March 2024.

The growth in traditional casino gaming was driven by an increase in slot machine revenue that offset a decline in table games. Nationwide, casino slot machine revenue grew 1.8 percent to $9.02 billion in Q1, while table game revenue declined 2.9 percent to $2.51 billion in the first quarter. The separate slot and table game figures do not include data from Louisiana and Michigan, where traditional casino gaming data is reported in aggregate rather than as separate verticals.

Just over half of the 27 states with traditional gaming saw revenue declines, led by a 3.7 percent decrease in Pennsylvania. Among the 13 states with traditional gaming growth were Nebraska, Virginia and Illinois which continue to benefit from recent casino openings.

Admission Numbers Increase  

Despite the growing economic uncertainty during the first quarter, admission numbers in states that track them for brick and mortar and riverboat casinos actually increased as the quarter went on.

Sports Betting Kicks Off the Year Strong

Despite a challenging quarter for sportsbooks, where betting favorites prevailed in the Super Bowl and March Madness, Q1 sports wagering revenue grew 13.6 percent to $3.87 billion, a new first quarter record.

Of the 33 jurisdictions that reported complete data for Q1, 26 reported year-over-year increases, ranging from 2.8 percent in Delaware to 409.0 percent in Washington, D.C., Among the markets with Q1 sports betting revenue declines was Pennsylvania, which had the second lowest hold rates in the country (6.7%) in part due to the Eagles Super Bowl success.

Note that sports betting data for both February and March sports betting in Arizona had not been released at the time of publication.

Sports Hold Increases

First quarter sports betting hold percentage increased slightly to 9.2 from 9.0 the prior year, with wide variation between markets. Nationally, the hold rate in January was 11.0 percent, 10.0 percent in February and dipped to 6.6 percent in March.

iGaming Continues to Accelerate

iGaming continued its impressive growth with $2.52 billion in revenue for the first quarter—up 27.3 percent compared to Q1 2024 and a new single-quarter record.

Each of the seven iGaming states set quarterly revenue records, with year-over-year revenue growth ranging from 20.0 percent in New Jersey to more than a tripling in Rhode Island which only launched in March 2024.

About the Report
AGA’s Commercial Gaming Revenue Tracker provides state-by-state and nationwide insights into the U.S. commercial gaming industry’s financial performance. Monthly updates on AmericanGaming.org feature topline figures based on state revenue reports, while quarterly reports provide a more detailed analysis covering the three previous months.