New York Sports Betting Surges Past $2 Billion in August

New York’s sports betting market topped $2 billion in monthly wagers for the first time since May, highlighting both the strength and volatility of the nation’s largest online betting hub. According to figures released by the New York State Gaming Commission, August’s total handle reached $2.04 billion, marking a 41.9% increase year-on-year and a sharp 45.9% rise from July’s $1.4 billion.

Gross gaming revenue followed suit, hitting $178.2 million—up 42.6% from August 2024 and 14.5% higher than July. Yet, despite the gains, it was still the third-lowest monthly revenue tally of 2025, illustrating the seasonal ebbs in betting activity outside of peak sports periods. The overall hold rate stood at 8.72%, in line with long-term industry averages.

 

FanDuel and DraftKings Extend Rivalry

The state’s two betting giants continued their dominance. FanDuel, owned by Flutter Entertainment, retained the top spot with $66.9 million in revenue from a $561.9 million handle, delivering a robust 11.91% hold.

DraftKings, while generating more wagers at $579.6 million, finished narrowly behind in revenue at $62.3 million, with a 10.75% hold. The gap underscores an ongoing trend: DraftKings often outpaces FanDuel in handle, but FanDuel consistently maximizes profitability through stronger hold percentages. Fanatics Betting & Gaming cemented its third-place position with a record-breaking $565.8 million handle, the operator’s best-ever monthly total in New York. The surge was fueled in part by a single high-roller, who wagered nearly $120 million in one week during August.

Despite the historic betting volume, Fanatics’ $16.1 million in revenue translated to a meager 2.85% hold, suggesting the operator still lags behind rivals in converting handle into profit. The reliance on one bettor also raises questions about sustainability and long-term market share.

Beyond the big three, competition remained tight among the chasing pack. BetMGM secured fourth with $13.8 million in revenue from a $130.4 million handle (10.58% hold), followed by Caesars Sportsbook at $10.7 million from $113.5 million (9.43% hold).

Second-tier operators posted more modest figures:

• Rush Street Interactive: $4 million revenue, $40.8 million handle (9.8% hold)
• ESPN Bet: $3.6 million revenue, $40.8 million handle (8.82% hold)
• Bally Bet: $839,409 revenue, $11.7 million handle (7.18% hold)
• Resorts World: $229,357 revenue, $2.8 million handle (8.33% hold)

 

Crossing the $2 billion mark again shows New York’s betting market isn’t just holding strong—it’s accelerating heading into football season.

 

The Big Picture

August’s figures highlight New York’s continued grip on the U.S. sports betting market, where it consistently outpaces all other states by wide margins. The year-on-year growth of more than 40% underscores the sector’s expansion, even amid concerns over market maturity.

However, revenue volatility remains a defining feature. While handle broke through the $2 billion mark, revenue lagged relative to earlier months in 2025, underscoring how bettor behavior and hold percentages can sharply impact operator profitability.

With the NFL and college football seasons now underway, industry observers expect September and October to deliver even higher numbers. For FanDuel and DraftKings, the battle for market leadership remains as fierce as ever. For Fanatics, August’s record handle poses a crucial question: can it turn volume into sustainable profits, or will it remain dependent on whales to move the needle?