U.S. iGaming Revenue Stronger Than Ever

At this point, there is little doubt that Americans have fully embraced having the opportunity to play online casino games of chance legally. It leaves one to wonder why only seven (7) states have so far passed iGaming legislation. Kudos to states like Michigan, New Jersey, and Pennsylvania that are pulling in massive amounts of tax revenue from iGaming operators throughout their respective states.

April 2025 brought another outstanding month for the nation's iGaming industry, which includes Connecticut, Delaware, Rhode Island, and West Virginia in addition to the three (3) aforementioned states. For the month, an amazing $868.6 million in gross iGaming revenue was brought in from participating states. That's an equally amazing increase of $213 million or 32.5% over the revenue brought in last April. Additionally, it was only a tick below the $900 brought in during March, a number that represented a nationwide record for any month. Note: March 2025 had 31 days of iGaming activity while April 2025 only had 30 days of activity.

As for taxable operator revenue, that number came in just below $788 million for April. That helped fill participating state coffers by just over $169 million. That's a $43.9 million increase over April 2024.

Leading the Way

For the month, gross iGaming handle or wagers tell the ale. Across the "Big 3" (Michigan, New Jersey, and Pennsylvania), the handle came in at $10.2 billion. Yes, there were small monthly decreases in Michigan and New Jersey while Pennsylvania continued to lead the charge as the nation's top iGaming participating state.

A big surprise did come out of Connecticut. As the Nutmeg State's residents fully embrace iGaming access, the state's numbers are surely on the rise. For the third time in the last four (4) months, Connecticut's handle exceeded $1.6 billion.

It's worth noting that DraftKings and Fanduel rule the roost in Connecticut without much in the way of competition. Since the beginning, they have been banging heads to claim market share.

During April, DraftKings continued its push for customer loyalty by investing over $11 million in promotions. It marked the second month in a row that the operator invested that much in securing new customers and pleasing its existing customer base. The $11 million represents about 1.4% of the operator's overall handle ($816.4 million) for the month. These are record numbers for DraftKings.

That's not to say that Fanduel didn't themselves have a great month. They did. In fact, they also recorded record numbers for the month. They recorded just over $29 million in gross revenue, which brought a year-over-year surge of 57.6% on just over %6 million in promotion spending. Granted, April's number was a scant $30k higher than March 2025's number, but a record is a record.

As record numbers keep pouring month after month, one has to assume legislators in other non-participating states must be paying attention. Sooner or later, they will have to look seriously at this untapped source of tax revenue. The time is drawing near.