New York’s online sports betting market continued its streak of monthly wagering above $2 billion in May, but overall betting activity still declined from the same period last year. State regulators reported a monthly handle of $2.13 billion, representing a 3.6% drop compared to May 2025.
The decline came during a month when the New York Knicks made a dominant playoff run to reach the NBA Finals. While postseason basketball normally helps drive betting volume, the team’s quick series victories may have reduced the total number of betting opportunities available to players. The Knicks swept both the Philadelphia 76ers and Cleveland Cavaliers, limiting May playoff action to only eight games.
Operators also reportedly saw just one full week surpass a $500 million handle during the month. A longer postseason series could have potentially added more wagering activity across the state’s sportsbooks.
Gross gaming revenue for New York sportsbooks also moved lower year-over-year. Operators combined for $204.2 million in revenue during May, down 18% from the previous year.
Strong performances from New York teams may have also played a role in softer sportsbook returns. Alongside the Knicks’ postseason success, both the Yankees and Mets delivered several winning stretches that benefited bettors. Sportsbooks generally perform better when favorite-heavy outcomes are less predictable.
The statewide sportsbook hold landed at 9.6%, marking one of the few single-digit hold percentages recorded in New York during 2026. Lower hold percentages typically indicate bettors were more successful than usual during that stretch.
Even with the slowdown in handle growth, the market remains one of the largest in the United States. New York has now produced at least $2 billion in monthly online sports betting wagers for 10 consecutive months.
FanDuel and DraftKings continued to dominate New York’s online betting landscape in May. Together, the two operators generated more than $1.47 billion in combined handle, accounting for roughly 69% of all wagers placed statewide.
FanDuel led all operators with a $767.8 million handle and $88.7 million in gross revenue. The operator finished with an 11.6% hold, the highest among major sportsbooks in the state for the month.
DraftKings followed with a $706.4 million handle and $66.5 million in revenue. Fanatics Sportsbook, BetMGM, and Caesars rounded out the top five operators by betting volume.
Despite lower year-over-year numbers, sportsbooks still produced substantial tax contributions for the state. Operators paid approximately $104.1 million in taxes during May alone. Year-to-date tax revenue from online sports betting has now reached roughly $557 million, slightly ahead of 2025 levels.
The seasonal slowdown following the peak of NBA and NHL playoff betting is not unusual for sportsbooks. Historically, betting activity tends to soften during the summer months before football season begins in late August and September.
Still, New York continues to maintain a strong position as the country’s highest-grossing online sports betting market. Even during a month with fewer playoff games and declining sportsbook revenue, betting activity stayed comfortably above the $2 billion mark.
Much of the industry’s attention will now shift toward whether sportsbooks can sustain current wagering levels through the slower summer calendar before football betting activity returns later this year.
