Managing Editor
Revenue for regulated U.S. poker sites didn’t change much from August to September by PokerScout estimates, but the annual growth rate remains elevated thanks to the inclusion of Pennsylvania players in the multi-state liquidity pool. Throughout the third quarter of 2025, GGR growth held steady at a little over 15%. Although that’s less dramatic than the 31% growth seen in the immediate wake of Pennsylvania’s multi-state launch, it’s considerably faster than the industry was growing last year.
There are six states with legal online poker markets, each of which reports operator revenue differently. PokerScout analyzes the available data to fill in the blanks and produce a comprehensive estimate for the industry as a whole.
By our estimates, the five poker operators earned a combined $8.3 million in September, down from $8.8 million in August. That equates to a 2.6% decline in daily average revenue, which is not unusual for this time of year.
U.S. online poker revenue is seasonal, but follows a somewhat different curve than either international online poker or domestic online casinos. Like those other sectors, activity is higher in the winter as people are more inclined to indoor recreation during the cold season. However, the annual World Series of Poker (WSOP) is a uniquely American midsummer phenomenon, drawing players back to the tables in June and July, and leaving spring and fall as the slowest seasons. For online casinos, midsummer is the slowest time of year, and that’s even more true for sportsbooks, while most major league sports other than baseball are on hiatus.
This September’s slump for U.S. online poker was only slightly deeper than last year’s, seeing the annual growth rate slip from 17.4% to 16.4%.
The Pennsylvania Boom Has Had Lasting Effects
Looking at the graph above, it’s easy to see when Pennsylvania’s entry to the Multistate Internet Gaming Agreement (MSIGA) took effect. It was in late April and produced an immediate 17% spike in daily average revenue during the traditionally slow month of May, before the start of WSOP.
All active online poker states are now party to MSIGA, which allows them to share traffic. The only state to have legalized online poker but not joined the compact yet is Connecticut.
Liquidity pooling through policies like MSIGA is tremendously important for ring-fenced markets, as low traffic can lead sites into a death spiral. The multiplayer nature of poker means that the number of available opponents provides direct benefit to each player in terms of faster sit-and-go matchmaking, greater game availability, and larger prize pools for tournaments.
The excitement of being able to compete with out-of-state opponents drove the initial Pennsylvania Boom. However, the benefits of a larger traffic pool appear to be providing a lasting boost to the industry’s revenue, possibly by as much as 10%. The annual growth rate could remain up around 15% until next May, at which point it will no longer be a before-and-after comparison.
BetRivers Continues to Creep Up as PokerStars Implodes
Unsurprisingly, the only operator not to have benefitted from the Pennsylvania Boom is the only one that has yet to network its Pennsylvania site. PokerStars has seen its revenue crater since May, particularly in Pennsylvania, where its players are still on their own. Even in the networked markets of New Jersey and Michigan, however, players are unhappy with the company’s neglect of its software and cancellation of this year’s US Championship of Online Poker.
That trend continued unabated in September, with PokerStars’ daily average revenue down 8.7% on the month, the biggest drop of any operator. Naturally, the effect has been most visible in Pennsylvania, where its monthly revenue is now down 41.3% year-over-year.
Despite having once held over half the market, its share is now just 21.6%.
The other two dominant sites, WSOP.com and BetMGM, also saw revenue drop slightly in September. On the other hand, their smaller and more recent competitors gained.
DraftKings Electric Poker began what might be a rebound from many months of decline. Its daily average revenue in New Jersey, the only state where we have full information, jumped 77%. It remains a niche product regardless, but is finally showing signs of life after looking like it was doomed to be discontinued.
Meanwhile, BetRivers Poker continues its slow but steady climb in the market share race. It added yet another percentage point in September and now accounts for 7.5% of the national total. It may even break into double digits before the end of the year and might soon be challenging the formerly dominant PokerStars, unless the latter turns things around.
