New York Shatters U.S. Sports Betting Records

Sports betting in New York has soared to unprecedented heights, as the Empire State posted a record-breaking $23.94 billion in wagers during the 2024-25 fiscal year, according to new data released by the New York State Gaming Commission. This marks a staggering 21.9% increase from the $19.64 billion recorded in the previous fiscal year and represents the largest annual sports betting handle ever reported by a U.S. state.

The report not only underscores New York’s growing dominance in the sports betting landscape but also reflects broader trends in the expansion and normalization of regulated sports wagering across the country.

 

Operator	Handle ($B)	Revenue ($M)	Hold (%)
FanDuel	9.2	969.8	10.54%
DraftKings	8.6	727.9	8.46%
Caesars	1.45	131.4	9.09%
BetMGM	1.71	121.4	7.10%
Fanatics	1.61	120.2	7.48%

Historic Revenue and Competitive Market Dynamics

New York’s sportsbooks generated $2.14 billion in gross gaming revenue (GGR) over the fiscal year, also a record figure, and up 21.6% year-over-year. Despite the larger handle, the average hold — the percentage of total wagers retained as revenue — saw a marginal dip from 8.98% to 8.94%.

Leading the charge was FanDuel, which retained its crown as New York’s top operator by a comfortable margin. The Flutter Entertainment-owned giant handled $9.2 billion in bets and reported $969.8 million in revenue — a 10.54% hold, well above the state average.

DraftKings, FanDuel’s closest rival, closed the gap in March, edging ahead in both handle and revenue for the first time in over a year. For the fiscal year, DraftKings handled $8.6 billion and earned $727.9 million in revenue for a hold of 8.46%.

Caesars Sportsbook rounded out the top three with a $1.45 billion handle and $131.4 million in revenue, yielding a 9.09% hold.

Further down the leaderboard, BetMGM and Fanatics reported similar revenues — $121.4 million and $120.2 million respectively — though Fanatics edged out BetMGM in hold (7.48% vs. 7.1%) despite a slightly smaller handle.

Emerging Players and Market Gaps

Operators such as Rush Street Interactive ($39.9 million revenue, 6.85% hold), ESPN Bet ($14.4 million, 6.13% hold*), Bally Bet ($7.6 million, 6.88% hold), and Resorts World Bet ($6.5 million, 7.25% hold) made up the second tier of New York’s market. ESPN Bet's full-year data remains incomplete, with March figures yet to be published.

Though these players currently trail the leaders by a significant margin, the diversity of offerings hints at a maturing market that still leaves room for growth, innovation, and brand differentiation.
March Madness Pushes Monthly Totals Near Record Levels

The final month of the fiscal year — March 2025 — saw a notable spike in betting activity, driven in part by the NCAA’s March Madness. Bettors wagered $2.44 billion during the month, marking a 31.9% year-over-year rise and falling just 2% short of January’s all-time monthly high of $2.49 billion.

However, revenue for the month — $161.8 million — was 6% above March 2023, but significantly below January’s peak of $247.0 million. March’s overall hold dropped to 6.63%, considerably lower than the annual average, likely reflecting the higher volatility of tournament outcomes and bettor-friendly results.
March Shake-Up: DraftKings Takes the Lead

In a rare shift at the top, DraftKings overtook FanDuel in both handle and revenue for the month of March. The Boston-based operator pulled in $62.6 million in revenue from $912.1 million in bets, narrowly beating FanDuel’s $59.5 million off $862.2 million. Though FanDuel posted a higher hold (6.9% to DraftKings’ 6.86%), the symbolic win could signal a tightening race in the months ahead.

Fanatics, BetMGM, and Caesars rounded out March’s top performers, with Fanatics continuing to show solid traction among newer market entrants.

 

Several factors contributed to the record-setting year:

• Digital Convenience: Mobile betting remains the dominant channel in New York, offering frictionless access and real-time wagering.
• Expanded Marketing and Promotions: Aggressive acquisition strategies from major operators continue to attract new users.
• Major Sports Calendars: A full year of NFL, NBA, and NCAA action provided ample betting opportunities.

Yet the state’s high tax rate on sportsbook revenue — 51% — remains a point of contention among operators, potentially constraining long-term profit margins despite the topline growth.

 

New York has firmly established itself as the epicenter of legal sports betting in the United States, setting a national benchmark with nearly $24 billion wagered in a single fiscal year.

Looking Ahead

As New York continues to outpace its peers, the rest of the U.S. sports betting market is watching closely. With nearly $24 billion wagered and over $2 billion in revenue generated, the Empire State has set a new benchmark — both in volume and in the evolving competitiveness of its operator landscape.

Whether DraftKings can build on its March momentum, or whether FanDuel will reassert its dominance, remains to be seen. But one thing is clear: sports betting in New York is no longer just a side show — it’s a financial powerhouse with national implications.