US iGaming Revenues Grow as States Report Favorable May Figures

Gambling companies in the seven states where iGaming is legal have generated a total of $634.8 million in GGR for May, highlighting the industry’s growth. The reported figure marks an increase of 27.6% from May 2023.

May 2024 was notably the second most profitable month in the history of US iGaming, second only to March 2024 when operators posted $678.4 million in revenue.

Michigan was the most profitable state in terms of online casino gaming, reporting $198.6 million in GGR for the period. New Jersey was not far behind, posting revenue of $192.1 million. Pennsylvania, meanwhile, took the prestigious third spot, reporting iGaming revenue of $174.1 million for the period.

Michigan, New Jersey and Pennsylvania recorded YOY growth of 31.9%, 19% and 23.5% respectively. The three states were collectively responsible for a whopping 89% of all gross internet casino revenue in May.

Other States Also Fared Well

While Michigan, New Jersey and Pennsylvania remained at the top when it comes to iGaming figures, other states also experienced growth.

Rhode Island, which is the most recent state to launch iGaming, saw its sole gaming operator, Bally’s, report $2.2 million in revenue for May. Bally’s also paid $1.1 million in taxes to the state.

Connecticut, on the other hand, smashed its monthly revenue record, reporting $46.3 million in gross winnings. West Virginia, in the meantime, experienced a stellar growth of 61.6% to $16.8 million.

Last but not least, Delaware’s adjusted gross revenue tripled to $3.9 million.

US iGaming Continues to Grow

While iGaming is legal in only 7 states as of the time of this writing, the vertical has been going from strength to strength, demonstrating the benefits of internet gaming. As the overall gambling industry grows, experts predict a rapid rise in iGaming.

According to Statista, the iGaming industry in America is set to experience steady growth thanks to advancements in the mobile and tech fields and the introduction of better payment and crypto betting solutions. Additionally, the USA is expected to warm up toward the online gambling industry and loosen its rules.

As a result, experts believe that the US iGaming revenue will double in size in five years.