The seven states that offer online casino gaming combined to generate $898.5 million in gross operator revenue for September, showing another month of solid year-over-year growth.

All seven states had top-five all-time figures, with Connecticut being the standout as FanDuel Casino and DraftKings combined for a state-record $63.2 million in winnings. Pennsylvania had the highest gross total at $284.4 million, while Michigan edged out New Jersey for the highest taxable revenue haul at $243.4 million.

The combined gross revenue figure was up 26.7% from last year, with only the Garden State failing to reach a minimum 20% increase. Taxable revenue was up 29.7% to $820.6 million. The increased percentage was the by-product of almost all Michigan operators being able to deduct only 6% of promotional spend this year versus 10% previously.

The known drop of $10.55 billion among the five states that publish wagering totals — Michigan and New Jersey do not — was up 27.1% from a year ago. The $188.8 million in state tax revenue, which does not include local tax receipts from Pennsylvania operators nor revenue in the city of Detroit and tribal disbursements in Michigan, was an increase of nearly $55 million.

Focus on the Nutmeg State

FanDuel and DraftKings have engaged in a years-long match of revenue one-upmanship in Connecticut since iGaming launched there in October 2021. The $1.85 billion drop last month was up 37.3% from last year, but perhaps more impressive is how the two titans have built their respective customer bases.

Their combined promotional spend of $12.3 million, while up 18.3% year-over-year, represented only 0.66% of the month’s drop. That was down from 0.77% in September 2024. That percentage compares favorably to the first full calendar year of operations in 2022, when the $30 million-plus in promotional credits and bonuses in March and May that the pair lavished on players represented more than 4% of the drop in those months.

DraftKings reclaimed the top spot for revenue after a three-month run by FanDuel thanks to a record $32.2 million in gross winnings. It also missed totaling a $1 billion drop by less than $4 million. Revenue was up 39.8% compared to last year, while wagering soared 30.3% higher.

FanDuel also had an all-time revenue high of $30.7 million, beating its previous best from May by roughly $452,000. Action at its virtual casino surged 46.7% higher, and the slightly higher 3.6% win rate meant revenue outpaced those gains at 49.9%. FanDuel has already exceeded its 2024 full-year gross revenue total, entering the final quarter of 2025 with $256 million.

Scoping the Big 3

The 16.8% year-over-year revenue growth in New Jersey is still strong as operators continue to flirt with a collective winnings total of $250 million. But starting the most popular part of the online gambling year — the fall sports season that gives platforms the chance to cross-promote mobile sportsbooks and casinos — in less-than-stellar fashion could be a concern in bouncing back to the 20% baseline growth that has been commonplace the last few years.

FanDuel cannot be blamed for New Jersey’s slowdown as its $56.6 million in winnings led all operators and represented a 24.9% increase from 12 months ago. It also has created separation from DraftKings in the Garden State; its eternal rival has not topped $50 million in revenue in the calendar year, and September’s figure of $48.4 million was a more modest 5.7% year-over-year bump.

Michigan’s solid 27.9% year-over-year surge in revenue has come from both the front of the pack and the mid-tier operators. It again begins with FanDuel, which fended off BetMGM as the Wolverine State’s top platform for the fourth straight month at $69.8 million.

FanDuel’s emergence as BetMGM‘s foil in Michigan will take on a new challenge the final quarter of the year in terms of sustaining substantial year-over-year growth. October 2024 marked the first time FanDuel surpassed $50 million in gross revenue; a 42.8% jump to match September projects to what would be a state-record $80.2 million. FanDuel crossed $70 million for the first time in August.

Beyond these two, and DraftKings being on an island as the clear-cut No. 3 revenue generator, it has been the likes of BetRivers, Fanatics Casino, and Caesars Palace Online who have kept Michigan’s online casino revenue purring. BetRivers became the fourth operator to surpass $20 million in monthly revenue, and Fanatics has sped up the revenue ladder from $10.5 million in May to $14.1 million in September.

Caesars Palace has backslid from a peak of $17.7 million in July, but its $143.9 million in year-to-date winnings is within touching distance of the full-year 2024 total of $148.1 million.

Pennsylvania provided perhaps the most interesting collective numbers of the group. Its $233.4 million in taxable revenue was up 32.1% year-over-year, outpacing the still-healthy 26.3% gain in gross winnings to $284.4 million.

Online slot action proved to be a difference-maker in September in the Keystone State as the $181.1 million in taxable revenue was an all-time high. The 5.2% hold on virtual slots was nearly one-sixth of a percentage point higher than a year ago and, coupled with the 24.7% rise in drop to $4.54 billion, the $234.4 million in gross winnings represented a 28.3% rise.

And elsewhere…

West Virginia online casino revenue soared 64% from last year to $32.2 million. Something to watch will be how FanDuel Casino markets itself as the skin of Mardi Gras Casino following its mid-month move from The Greenbrier.

Mardi Gras did not launch iGaming until June 2023 and had crossed $20 million in drop just once prior to FanDuel’s arrival. The impact was immediate as total September wagering for the licensee skyrocketed nearly seven-fold to $96.9 million, and revenue reached seven figures for the first time at $4.2 million. Conversely, The Greenbrier’s month-over-month numbers plunged by 35.8% for revenue and 37.5% for drop.

Delaware was the other state to attain an all-time revenue high as BetRivers’ de facto monopoly produced $11.6 million in gross winnings. That was up 70.9% from a year ago as the platform continues to show no signs of a sophomore slump.

Bally’s is doing likewise in Rhode Island after reporting year-over-year gains of 53.3% in winnings to $4.9 million. It has consistently posted nine-figure drops in the Ocean State all year and surpassed $1 billion in wagering for 2025 after reporting $125.5 million in play for September.