US Online Casino Revenue Takes A Step Back In November To $918.6 Million

Following a massive new record of US online casino revenue in October, it wasn’t surprising to see the numbers take a slight step back in November.

Last month, the seven iGaming states combined for $918.6 million, the second-highest monthly total in the country’s history.

While it was a 5.3% decline from October’s $969.7 million, it was still an increase of 18.4% compared to the $774.9 million the states did in November 2024.

With November’s dip, is $1 billion in monthly revenue still within reach for December, or will it take until 2026 to hit the milestone?

Growth Falls Below 20% Year-over-Year in November

The year-over-year growth for online casino revenue has been pretty consistent throughout 2025.

In recent months like October, September, August, and July, the revenue has all been at least 25% higher compared to a year ago.

November saw that growth dip to just 18.4%.

Here’s a look at each of the seven iGaming state’s year-over-year comparison for November. It should be noted that some states individually report their adjusted gross revenue (AGR), which removes promotional spend from their wins. This table reflects the gross gaming revenue (GGR) which is the total prior to the promo spending being taken out.

New Jersey managed to slip past Michigan this month in a rare second-place finish for The Garden State. A big part of that was due to Michigan handing out the largest online jackpot in US history. Late in November, DraftKings Casino MI gave out a $22.4 million win on a $0.20 spin on one of the popular Huff N’ Puff online slot games. That loss kept Michigan from approaching $270 million in monthly revenue.

Had that jackpot not occurred, US online casino revenue would have been closer to $938 million collectively. That would be a 21% year-over-year increase.

Can US Online Casino Revenue Reach $1 Billion in December

The setback in November could be a little concerning for December’s prospects of reaching $1 billion in revenue.

However, the milestone is still very much within reach. There’s some key things to consider for December.

• December has been a record month of online casino revenue for the three major markets of Pennsylvania, Michigan, and New Jersey each of the last three years. Trends all say that should continue in 2025.
• November’s dip is heavily influenced by Michigan’s record progressive jackpot. Instead of needing an 8.2% increase from last month, a more realistic look is about 6.2% if you factor in the $22.4 million giveaway.
• Minor markets like West Virginia and Rhode Island continue to see month-to-month revenue growth. Rhode Island alone nearly doubled its revenue compared to a year ago.
• In December 2024, the seven US online casino states recorded $846.6 million in gross revenue. Should that year-over-year growth improve by 20%, it would push revenue to $1.02 billion. Hitting $1 billion on the mark would need just an 18.1% increase, which was surpassed November despite being a down month. Throughout recent months, yearly revenue growth was steadily over 25%.

While it seems like a bigger hill to climb than it looked a month ago, I still feel confident US online casinos will report $1 billion in monthly revenue for the first time in December. The month has always been a strong one for iGaming and that shouldn’t change this year.