New York Sports Betting Hits Record $2.48 Billion in January 2025

New York’s online sports betting industry set new benchmarks in January 2025, with player spending reaching an all-time high of $2.48 billion, suring the previous record of $2.32 billion from October 2024. This figure also reflects a 25.9% year-over-year increase from January 2024, highlighting the market’s continued growth since its launch in January 2022.

Revenue Surges Alongside Handle Growth

According to November 2024. This marks a 16.8% increase from January 2024, with operators holding a 9.96% win rate for the month.

In addition to the increased handle and revenue, the state benefited significantly from sports betting taxation. New York, which levies a 51% tax rate on GGR, collected $149 million in taxes from licensed sportsbooks.

FanDuel Leads the Market, DraftKings Follows

FanDuel maintained its dominant position in New York, setting an individual operator record with a handle of $965.1 million and revenue of $111.3 million. This translated to an 11.53% hold rate, keeping it well ahead of competitors.

DraftKings secured the second-largest handle, processing $837.9 million in wagers and generating $82 million in revenue with a 9.79% hold rate. While still a major player, the gap between FanDuel and DraftKings appears to be widening.

Caesars Sportsbook ranked third, reporting $163.2 million in handle and $15.8 million in revenue, achieving a 9.68% hold. Meanwhile, Fanatics Sportsbook followed closely with $15.1 million in revenue from $194.1 million in wagers, producing a 7.78% hold.

BetMGM rounded out the top five with a $194.8 million handle, bringing in $14.8 million in revenue at a 7.60% hold rate.

Smaller Operators See Mixed Results

Rush Street Interactive, which operates BetRivers, recorded $3.9 million in revenue on $48.2 million in wagers, holding at 8.09%.

ESPN Bet continued to build momentum, posting its best monthly results yet. The operator generated $2.4 million in revenue from $59.2 million in bets, resulting in a 4.05% hold.

Bally Bet reported $1 million in revenue from $10.3 million in wagers, while Resorts World Bet placed last among New York operators with $683,618 in revenue from $7.9 million in handle, holding at 8.66%.

New iGaming Legislation in Progress

Beyond sports betting, New York Senator Joseph Addabbo is advocating for the legalization of online casino gaming. Senate Bill 2614 (SB 2614) proposes amending the state’s Racing, Pari-Mutuel Wagering, and Breeding Law to allow online poker, slot games, live dealer games, and online lottery sales. If ed, this legislation could significantly expand New York’s regulated gambling market.

With sustained market growth, increasing revenue figures, and legislative efforts toward broader gaming expansion, New York remains the top sports betting market in the U.S.. FanDuel and DraftKings continue to dominate, while emerging brands like Fanatics and ESPN Bet gain traction. As the market matures, competition among operators and legislative changes will play a key role in shaping the industry’s future.

Source:

New York smashes sports betting revenue and handle records in January, igamingbusiness.com, February 11, 2025.