US iCasino revenue hits $898M in May and tax intake reaches $175M

Online casino operations in seven US states generated $175.1 million in state tax revenue in May 2025, as adjusted gross revenue (AGR) reached $815.5 million.

The total was derived from $898.1 million in gross revenue, representing a 33.1% increase compared to $674.9 million reported in May 2024. Each state posted individual year-over-year growth of at least 26.6%, as per Casino Reports.

For the first five months of 2025, online casinos in these states have recorded $4.25 billion in gross revenue, resulting in $824.9 million in total state tax collections. These figures exclude local taxes and payments to tribal jurisdictions in states with tribal-affiliated operators.

Top revenue states: Pennsylvania, Michigan, and New Jersey

Pennsylvania led all states with $289 million in May gross revenue, a 34.9% increase from the prior year. It was the second-highest monthly total in state history, slightly below the $291.6 million recorded in March. Pennsylvania remains the only state with more than $1 billion in iCasino revenue so far in 2025.

Michigan followed with $251.5 million in gross revenue, up 26.6% year-over-year, also marking its second-highest monthly total. AGR in Michigan rose 32.2% to $236.2 million due to the state now taxing 94% of gross revenue for all but one operator, up from 90%.

New Jersey reported $246.8 million in May, a 28.5% increase from last year. FanDuel Casino set a new monthly revenue record for an individual operator in the state for the third straight month, reaching $54.4 million.

Record performances in other States

Connecticut posted a monthly high of $61.3 million, a 32.2% increase from May 2024. FanDuel surpassed $30 million in monthly revenue in the state for the first time, though DraftKings led the market by $606,700.

Delaware’s BetRivers recorded $10.4 million in May, exceeding its previous record set in March by nearly $128,000. The operator’s year-to-date gross revenue stands at $23.1 million, more than double the amount from the same period in 2024.

West Virginia reported $34.3 million in revenue, a 103.7% year-over-year increase, just below its record of $36.4 million in March.

Rhode Island’s Bally’s operation generated $4.8 million in May, with a reported “drop” of $129.1 million—an increase of 110.1% compared to May 2024. From March to May 2025, Bally’s recorded $14.7 million in revenue, up 164.7% compared to its first three months of operations in 2024.

Five states—excluding Michigan and New Jersey—reported a combined online casino wagering total of $10.48 billion for May. For sports betting, 30 of 33 legal states submitted reports totaling $10.83 billion in handle. Illinois, Arizona, and South Dakota had not published their May figures at the time of reporting.