New York Hits $23.94 Billion For Online Sports Betting Handle – iGaming Post
New York
New York has reached a remarkable milestone in the realm of sports betting, reporting a staggering $23.94 billion in total wagers for the fiscal year 2024-2025. This achievement underscores the rapid expansion and increasing popularity of sports wagering in the state.
Overview of New York’s Sports Betting Growth
Since legalizing mobile sports betting in early 2022, New York’s sports betting market has experienced exponential growth. The $23.94 billion handle represents a significant 21.9% increase from the previous fiscal year, which recorded $19.64 billion in wagers. This robust growth showcases the state’s strategic positioning within the competitive landscape of sports betting.
Financial Performance
In terms of financial results, the gross gaming revenue (GGR) for the period spanning April 2024 to March 2025 reached $2.14 billion. This marks a notable 21.6% increase from the prior fiscal year. However, it is important to note that the statewide hold during this period was recorded at 8.94%, slightly down from the previous year’s hold of 8.98%.
Market Leaders: Key Operators
New York’s sports betting market is characterized by the dominance of several key operators, each capturing a significant share of the total wagers. Below is a summary of the leading platforms based on handle and revenue:
- FanDuel (Flutter Entertainment): The market leader, handling $9.2 billion, with reported revenue of $969.8 million and an impressive hold rate of 10.54%.
- DraftKings: A close second, managing $8.6 billion in handle and generating $727.9 million in revenue, resulting in a hold of 8.46%.
- Caesars Entertainment: Ranked among the top three operators, Caesars recorded a handle of $1.45 billion and revenue of $131.4 million, achieving a hold of 9.09%.
- BetMGM: Reporting a handle of $1.71 billion with revenue reaching $121.4 million.
- Fanatics: Newly entered the market with a handle of $1.61 billion and revenue of $120.2 million.
- Rush Street Interactive: Handled $582.7 million, yielding revenue of $39.9 million.
March 2025: A Record-Breaking Month
March 2025 emerged as a pivotal month in New York’s sports betting timeline, with bettors wagering a remarkable $2.44 billion. This figure represents an impressive 31.9% increase compared to the previous year. It is worth noting that March’s total was just shy of the all-time monthly high of $2.48 billion, set in January.
The revenue for March 2025 reached $161.8 million, reflecting a 6% year-on-year increase, although it marked a 34.5% decline from January’s robust revenue of $247 million. This fluctuation highlights the dynamic nature of the sports betting market and underscores the importance of ongoing analysis and strategy formulation by operators.
Conclusion: The Future of Sports Betting in New York
As New York continues to solidify its position as a leader in the sports betting arena, the impressive figures reported for fiscal year 2024-2025 signal a bright future. With evolving consumer preferences and technological advancements, the market is poised for sustained growth. Stakeholders within the gambling industry must remain agile and innovative to capitalize on the burgeoning opportunities within this vibrant sector.
