The U.S. commercial gaming industry hit a new high in May 2025, generating a total of $6.73 billion in revenue—a 10.9% increase compared to the same month last year. This figure, compiled by the American Gaming Association (AGA) through its Commercial Gaming Revenue Tracker, marks the most lucrative May performance in the industry’s history. The gains spanned multiple gaming verticals, including traditional casino games, retail and online sports betting, and iGaming.

From January through May, the industry’s revenue totaled $31.89 billion, up 7.1% from the same five-month stretch in 2024. The consistent growth reflects the continued resilience of both physical and digital gaming operations despite ongoing regulatory complexities and market competition.

Of the 37 commercial gaming jurisdictions that had operational and complete data for May, 35 reported revenue growth across combined gaming activities. Only Nevada and South Dakota bucked the trend, with overall declines of 2.2% and 3.1%, respectively.

Traditional Gaming Shows Modest Gains

Revenue from land-based gaming—which includes traditional casino slots, table games, and retail sports betting—rose 4.8% year-over-year to reach $4.53 billion in May. Within that segment, retail sports betting experienced exceptional momentum, with revenue more than doubling for a 101.8% increase. Traditional casino gaming revenue also saw modest growth, climbing 3.9%.

Slot machines brought in $3.24 billion, up 4.4%, while table games generated $894.07 million—a 3.3% increase from May 2024. These figures do not include separate breakdowns for Louisiana and Michigan, as those states report slot and table game revenue combined.

Across the 27 states offering traditional casino slot or table games, only three recorded declines compared to May of the previous year. Nevada saw a 3.4% dip, South Dakota fell by 2.7%, and Delaware slipped 1%. In contrast, emerging gaming markets saw substantial gains. Nebraska led the surge with a staggering 149.8% increase, followed by Virginia’s 36.1% rise and Illinois’s 22.7% uptick. West Virginia (+24.4%), New Jersey (+10.9%), and Maine (+10.4%) also contributed to the industry’s upward momentum.

For the year through May, combined revenue from slot machines and table games totaled $21.06 billion, showing a moderate 1.8% increase compared to the same period in 2024.

Online Gaming Continues Rapid Expansion

While land-based gaming posted steady returns, the digital gaming sector continues to outpace its traditional counterpart. Online revenue, which includes both iGaming and online sports betting, climbed to $2.19 billion in May, reflecting a 27.5% jump from a year ago.

iGaming alone brought in $899.8 million, a 33% rise over May 2024. All seven states offering iGaming posted annual gains, with Delaware, Rhode Island, and West Virginia more than doubling their revenues in the vertical. Meanwhile, online sports betting grew 21.4% year-over-year.

Cumulatively, iGaming revenue reached $4.29 billion from January through May—an increase of 29.5% over the same time frame in 2024. The continued strength of online gaming underscores a growing shift in consumer behavior and signals the importance of digital channels in the sector’s future.

Sports Betting Sees Sharp Increase

Sports betting revenue remained a key driver of the industry’s growth. In May alone, commercial sportsbooks generated $1.37 billion in revenue, up 24.3% from the prior year. The total amount wagered by Americans reached $12.10 billion, a 15.5% increase over May 2024. The national hold rate for sportsbooks rose to 11.3%, compared to 10.5% during the same month last year.

Year-to-date, commercial sports betting revenue has reached $6.50 billion—a 13.1% gain over the same period in 2024. Notably, revenue figures from Arizona for April and May were still pending at the time of reporting and thus were excluded from national totals.