The American commercial gambling market closed 2025 with a record $78.62 billion in revenue — the sixth consecutive year of growth since pandemic restrictions were lifted. Behind that figure lies a structural shift: online segments (iGaming and sports betting) are growing several times faster than traditional casinos and are gradually reshaping the industry’s revenue geography.
Three Market Segments: Numbers and Trends
The AGA State of the States 2026 report breaks commercial gambling into three blocks. The picture looks fundamentally different across segments: the traditional sector is stable, the digital ones are in expansion mode.
| Segment | 2025 Revenue | YoY Growth | Market Share |
|---|---|---|---|
| Traditional Casinos | $51.06B | +2.3% | 64.9% |
| Sports Betting | $16.89B | +22.6% | 21.5% |
| iGaming (Online Casino) | $10.7B | +27.6% | 13.6% |
| Total | $78.62B | +9.1% | 100% |
The traditional segment, for all its mass, grew only 2.3% — essentially flat in real terms when inflation is factored in. Within the segment, slots generated $37.13B while table games produced $10.05B (down 0.9% — the only category in negative territory). The online channels combined grew nearly a quarter and accounted for the bulk of overall market gains.
iGaming: Online Casinos Surpass Land-Based in Two States
The online casino market in the US operates in only seven jurisdictions — and already generates $10.7B. That means each legalized state averages approximately $1.5B in annual revenue. Compare that with the UK or Malta and the potential of each new state that opens its market becomes clear.
The undisputed leader is Pennsylvania at $3.46B, representing 32.2% of the entire national online market. One state controls a third of a segment operating across seven jurisdictions. The second major player is New Jersey.
The defining fact of the year: in Pennsylvania and New Jersey, online casinos for the first time outpaced land-based venues in revenue. This is not just a data point — it is a signal to operators, regulators, and investors that the digital channel in mature online jurisdictions is becoming the dominant one. States that have yet to legalize iGaming are watching this shift and recalculating potential tax revenues.
Sports Betting: $16.9B and Continued Expansion
Sports betting grew 22.6% to reach $16.89B — seven years ago this segment barely existed in legal form. The US Supreme Court’s 2018 decision overturning the federal ban triggered a legalization wave that continues to this day.
The segment combines two advantages: a low barrier to entry for users (a smartphone and an app) and high transaction frequency — bets are placed on every game, often live. Operators — DraftKings, FanDuel, BetMGM — continue increasing marketing spend, which explains part of the revenue growth. That said, sportsbook margins are traditionally lower than casino margins, so absolute revenue growth does not equate to equivalent profit growth.
Regional Breakdown: Nevada Leads, but Online States Grow Faster
Of the 38 jurisdictions covered in the report, 37 posted growth. Record results were recorded in 35. The only decline was Mississippi, and even that was less than 0.1%. Essentially the entire market is growing on a broad front.
Regional highlights:
- Nevada — $15.8B (+1.2%). The country’s largest market; the Las Vegas Strip alone generates $8.6B. Growth is modest — the traditional tourist segment is saturated.
- Nebraska — +79.8%. The highest growth rate of any jurisdiction. It is a young market with a low base, but the momentum is notable.
- Washington D.C. — +75.9%. A similar story: recent legalization, rapid volume accumulation.
- Pennsylvania — a clear example of how a mature online-state outpaces traditional markets in growth rate.
The estimate for total US gambling including tribal casinos is around $125B in 2025. The commercial sector ($78.62B) accounts for approximately 63% of that sum.
What This Means for the Industry
Tax revenues from commercial gambling in 2025 reached $17.86B — up 12.3%. That exceeds the combined budget of several mid-sized American states. Numbers like these make gambling politically convenient: legislators receive additional revenue without raising direct taxes.
AGA President Bill Miller described the results as confirmation of the enduring appeal of legal, regulated gambling. Behind that characterization lies a concrete argument for further legalization: the more states open a regulated market, the less money flows into gray channels and the more tax revenue stays within the jurisdiction.
Key structural takeaways from the report:
- iGaming is growing 12 times faster than traditional casinos — and this with operations limited to just seven states.
- Each new state legalizing online casino gaming potentially adds $1–2B to the national market.
- Table games are losing share — the only negative segment in the report. Slots and online products are displacing the classics.
- iGaming revenue concentration is high: one state (Pennsylvania) holds a third of the market — a risk to sector resilience if regulatory changes occur.
The next major market shift will come from iGaming legalization in large states — Texas, Florida, California. Even partial access in any one of them could add $3–5B to total industry revenue.
Where to Play
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