The increase did not come from changes in the license model or an influx of new brands entering the market. It resulted from changes made to the tech layer and product delivery after the Rush Street Interactive takeover and BetRivers launch.
The “Before And After” Shows Up In Monthly Revenue
The most telling figure is the speed at which monthly revenue climbed after the new platform went live. Industry reports indicate that revenue climbed from Delaware’s online casino revenue of around $1.2m in December 2023 to around $3.4m in January 2024. Notably, it did not drop below that figure.
In terms of revenue in FY 2025 itself, the best month indicated on the lottery’s iGaming webpage was March 2025. That month recorded around $8.78m total net gaming revenue statewide.
Where The Money Came From: Slots Still Lead
FY2025 revenue was dominated by the same categories found in the vast majority of the other iGaming jurisdictions in the United States:
- Video lottery and slot games – $58.4m
- Table games – $27.1m
- Online poker – $53,609 (a tiny fraction of the other categories)
Handle figures in Delaware were also high in comparison to population size. The lottery sector, in particular, reported more than $1.4bn in video bets and $1.2bn in table bets in FY2025.
How Delaware’s Model Works: Three Racinos Under The Lottery
The Delaware iGaming model still has its original format, where the three racinos are agents of the state and Delaware Lottery. Online gaming began in 2013, just like the traditional format, in the same three properties. At FY2025, Delaware Park had a net gaming revenue of 42.4 million dollars, Harrington Raceway & Casino had 25.4 million dollars, and Bally’s Dover Casino had 17.7 million dollars.
Other notable distributions by the state are highlighted in the FY2025 report. Notably, it mentions the $17.6m going to the state and $3.7m going to purses.
Competition Could Expand, But HB 365 Didn’t Move Forward
One of the important stories for market strategists is what did not happen. House Bill 365 was presented in April 2024 with the intention to drive competition within mobile sports betting. However, the status of the bill, as it stands today, is that it was stuck in the House Appropriations committee on May 23, 2024.
Thus, as it stands today, the Delaware model is the same. It’s centralized, it’s controlled, and it’s driven by the performance of the platforms rather than the brands.
Takeaways For Operators, Suppliers, And Market Analysts
For operators considering regulated iGaming states, Delaware is an example of how results can be heavily dependent on execution. The FY2025 figures demonstrate how a mature, lottery-operated market can produce a step-change in revenue with the improved product layer.
The takeaway for platform suppliers and game development studios: a smaller population state can produce a disproportionate result with a focus on execution. That’s especially true for the markets with a lower number of variables.
