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iGaming Top 3 US States Passed $200 Million in Monthly Revenue
Written by: Jonathan Rodriguez
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Read Time: 4 minutes
industry
The US iGaming industry has seen a strong 2024, and the “big three” US States that allow real money online casino play have seen their monthly revenue exceed over $200 Million over the recent months. Last September, New Jersey recorded over $200 million in monthly gross gaming revenue for the first time.
Meanwhile, Michigan recorded its second month of surpassing $200 Million in revenue. Pennsylvania, on the other hand, has had their monthly revenue reach or exceed $200 million, with the exception of two months this year.
iGaming Industry Snapshot
“The Big 3” US States’ remarkable performance of raking in over $200 million revenue in the same month is a noteworthy marker. Collectively, New Jersey, Michigan, and Pennsylvania’s online casino revenue makes up 90% of the national total revenue – other states contributed over $73 million in September to create a national revenue of $712 million.
These numbers bring the year-to-date total above $6 billion, a number that was first hit last year but only in the final month. The growth of online gambling has accelerated this year, and the total market beats were projected by nearly 6%.
Moreover, with the iGaming industry surpassing $6 billion through three quarters, experts have projected that the overall revenue is set to hit $8 billion by the end of the year.
Online Casino Highlights
Here are some of the highlights for the Big Three US states over the past few months:
New Jersey
New Jersey online casino and poker sites have accrued $208.1 million in gross revenue in September, surpassing the $200 million line after coming up just short in March.
Atlantic City’s annual growth rate was 27.1%, similar to but still a little behind February and August, the two fastest months in recent history at nearly 28%. Additionally, the daily average revenue for New Jersey climbed to $6.9 million, up 8.4%.
In terms of projections, New Jersey beat the forecast by 13.3% in August and remained consistent with its performance through the second month with a margin of 13.2% in September. Its Year-to-date has recorded $1.73 billion in revenue, which is 7.9% more than projected, and may come close to $2.4 billion by the end of the year.
Michigan
Michigan’s seasonal upswing has begun in earnest, with revenue rising to $202.6 million in September. Annual growth slowed from 29.2% to 21.7%, but that’s likely only temporary. Last year’s fall bounce was concentrated entirely in September, while this year’s looks smoother.
Daily average revenue for Michigan online casinos rose to $6.9 million, up 8.4% and staying in virtual lockstep with New Jersey.
Michigan has also beat the experts’ projection by 8.9%, a slightly lower margin than what was recorded for US iGaming revenue in August 2024.
While Michigan is trailing New Jersey slightly in monthly totals, it still maintains a narrow lead year-to-date at $1.75 billion, which is 6.7% ahead of the projection. The Wolverine State’s full-year total will likely be near $2.4 billion.
Pennsylvania
Pennsylvania online casinos and poker rooms accrued $227.4 million in September 2024. This number is up 21.4% year-on-year. While the percentage is considered by experts as a significant slowdown from 30.9% in August, it is still faster than expected.
The daily average revenue was $7.6 million, up 4.5% to set a new national record. The previous highest was $7.5 million this March. That said, while Pennsylvania has been performing far ahead of projections since July, the margin was cut in half in September. It beat the expert’s forecast by 5.4% for the month, compared to double-digit margins in July and August.
Meanwhile, bet365 Casino has continued rapid growth, with a 2.1% market share in September. While it had more gross revenue than Mohegan Sun, Bally’s, PokerStars, or Wind Creek, it has been spending heavily on promotions to achieve that growth, and its promotionally-adjusted slots revenue was negative.
That said, other small operators saw their revenue decline during the month, while the bigger, more sports-oriented sites did well. FanDuel was up 7.2% in September, while the Rivers license (which includes Borgata as well as BetRivers) gained 6.4%.
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