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Casino Revenue Reaches $19.44 Billion in Q2 as Industry Growth Continues

As new states and verticals enter the seemingly endless industry, casino revenue in the US keeps rising.

In the second quarter of 2025, gamers lost $19.44 billion, according to the American Gaming Association (AGA).  Sports betting, iGaming, and gaming at land-based and riverboat casinos and racinos are all sources of income.  Revenue from tribal activities, lotteries, unregulated gaming like skill games, offshore gaming websites, and sweepstakes platforms is not included in the total.

Gross gaming revenue (GGR) increased 9.8% year over year to $19.44 billion in Q2.  In addition to being the highest-grossing Q2 revenue report in the history of legal commercial gambling in the US, the April–June period saw the industry's eighth straight quarter of year-over-year GGR growth.

Every Vertical Sees Increases

According to the AGA study, the second quarter saw a 2.8% increase in traditional in-person casino gambling wins from slot machines, live-dealer table games, and electronic tables.  Approximately two-thirds of the commercial gaming sector was made up of retail revenue, which came to $12.82 billion.

With their online and physical sportsbooks, oddsmakers made $3.92 billion, a 20.6% increase.  This year's Q2 was the best for sportsbooks ever.

Only seven states allow online casinos, although they brought in $2.6 billion in GGR.  That was a 32.3% increase over the previous year.

"U.S. commercial gaming revenue growth accelerated in the second quarter with continued growth across all verticals,” the AGA release read.

The information was gathered via disclosures made under state regulations.  With North Carolina being the only exception, almost all 38 states with commercial gaming reported revenue growth in the second quarter. Only commercial sports betting is available in North Carolina.

Over the course of the three months, commercial gaming revenue exceeded $1 billion in five states.  Three states—Michigan, New Jersey, and Pennsylvania—have legal iGaming, and all five have permitted internet sports betting.

Q2 Richest Commercial Gaming States (GGR/YoY Growth)

1. Nevada — $3.85 billion — 0.3%
2. Pennsylvania — $1.91 billion — 16.1%
3. New Jersey — $1.73 billion — 14.6%
4. New York — $1.45 billion — 11.1%
5. Michigan — $1.2 billion — 18.3%

Concerns and Industry Growth 

It looks like 2025 will be another year of record-breaking gaming.  In 2024, commercial GGR hit a record $72 billion, marking the third year in a row that the industry has hit a new all-time high.

GGR has increased by an additional 8% to $38.43 billion over the first half of 2025.  Although there are issues in Las Vegas, GGR is still growing in the majority of the nation's other significant casino and sports betting regions.

Sports betting profits have increased by 16.5%, traditional GGR has increased by 2%, while iGaming has increased by 29.7% between January and June.

The rise of betting exchanges like Kalshi, Polymarket, and Robinhood is one issue facing the sector.  By providing contracts on game results and player performances (props), which they market as investment instruments, those platforms are attempting to break into the sports betting market.

Prediction sites feel they have the legal authority to provide sports contracts nationwide because these derivative transactions are governed at the federal level.