New York’s nation-leading sports betting market set a new record for monthly revenue total with nearly a quarter of a billion dollars in May.
The New York Gaming Commission reported $248.9 million in sports betting revenue for the 31-day period, edging the previous record of $247 million from January. That’s despite handle falling 10.8% from January ($2.5 billion) to May ($2.2 billion).
Despite that, May marked the third straight month in which New York sports betting eclipsed $2 billion in wagers.
Ahead of pace
New York needs no introduction as a sports betting marketplace. Its dense population centers and bevy of offerings have made it the No. 1 jurisdiction for sports wagering in the US since it launched in January 2022.
As the state reached a new height for revenue, it also smashed the $192.7 million reported in April by 29.2% and the $203.3 million reported one year ago by 22.4%.
The $2.2 billion handle was also 12.1% higher than the $2 billion reported in May 2024. New York sportsbooks made out with a 13.5% hold, significantly higher than the 9% the month before and the 10% during the former record-setting January period.
Based on New York’s 51% tax rate for gaming revenue, tied for the highest flat rate in the country, sportsbooks contributed $126.9 million in tax revenue to the state in May.
The state has now received more than $3.2 billion in taxes since the initial launch of online sports betting, including $551 million in 2025. May’s contributions were the second highest in a single month behind January’s $149 million.
Most of New York’s sports betting tax revenue has been directed toward improving public education.
Another $6 million is annually allocated to problem gambling education and treatment programs overseen by the New York State Office of Addiction Services and Supports, and $5 million is annually awarded to youth sports programs throughout the state's Office of Children and Family Services.
FanDuel leads the market … again
Unsurprisingly, FanDuel led the New York market with $803.1 million in accepted wagers and $108.8 million in gross gaming revenue, or a 13.5% hold.
DraftKings, which fell to second in April after taking the lead in March, posted $84.2 million in revenue and a 10.7% hold based on a $785 million handle.
Fanatics usurped BetMGM and Caesars, the other members of the conventional “Big Four,” to get on the podium. Having only launched in New York in February 2024, the sportsbook reported $18 million in revenue and $190.6 million in handle, resulting in a 9.4% hold.
BetMGM and Caesars were just behind, reporting handles of $161.2 million and $152.3 million and revenues of $14.7 million and $13.8 million, respectively.
Rush Street Interactive, which operates BetRivers, was next with a $50.1 million handle and $4.1 million in revenue. ESPN Bet was the final operator of New York’s nine legal online sportsbooks to eclipse $1 million in sports betting revenue, reporting $4.1 million from $50.1 million in wagers.
Resorts World Bet and Bally Bets combined for about $1.4 million in revenue and $21.1 million in handle.