The fiscal year 2024-2025 has brought about some interesting results for New York’s mobile sports betting market. This March, the New York sports handle rose by 20% from the previous year to $23.94 billion, marking a particularly strong year.
The gross gaming revenue (GGR) hit $2.14 billion, representing a 21.6% rise, year-over-year. The numbers show robust player engagement all-year round, with the $1 billion monthly handle mark being surpassed during a few months. This month’s overall strong showing is only topped by January’s performance, despite the gains recorded due to “March Madness.”
New York’s mobile sports bettors brought in wagers worth $23.94 billion between April 2024 and March 2025, surpassing 2023-24’s record of $19.64 billion by an impressive 21.9%. This also ranked as the highest annual handle that a US state or Jurisdiction had ever recorded. Also recorded during this period was a GGR of $2.14 billion, translating to a 21.6% gain from the previous year. The annual hold rate hit 8.94% as well, a slight drop from the 8.98% recorded in the fiscal year 2023–24.
A few operators led the way for contributions to this recorded growth. FanDuel, for example, processed bets of $9.2 billion, generating $969.8 million in revenue for a 10.54% hold. DraftKings followed suit with $8.6 billion in handle and a $727.9 million revenue, for a hold of 8.46%. Other major players like Caesars, BetMGM, Fanatics, and Rush Street Interactive brought in their fair share of contributions, all helping to further cement New York’s reputation as the US’s major destination for sports betting.
With a handle of $2.48 billion and GGR of $247 million, January remains the strongest month for sports betting in New York. This was mostly helped by the increased betting activities recorded during the buildup to the Super Bowl LIX. The month of March, similarly buoyed by the NCAA Tournament’s “March Madness,” saw New York sportsbooks bring in $2.44 billion in wagers and $161.8 million in GGR. The figures recorded show a drop below January’s total, but it also marks a 31.9% rise year-over-year.
Also worthy of note is December’s $2.28 billion handle, November’s $2.27 billion, and October’s $2.32 billion, all of which were spurred by major football and basketball action from running seasons. Looking at things from a revenue perspective, November ($231.6 million), September ($204.7 million), and May ($203.3 million) trailed behind January as the strongest months for New York’s sports betting industry. Overall, the strong numbers point to the year-round appeal of sports wagering in the state.
As the New York sports betting scene continues to record strong engagement numbers, the tax revenue accrued from the betting activities remain an important source of public benefit. The betting revenue raked in by the New York lottery reached $1.11 billion, with the bulk of that money going to the Education Trust Fund.
While $6 million was set aside to support gambling education and treatment programs, youth sports initiatives and underserved programs received $5 million in funding from the revenue pool. In addition to the wagering profits collected, the state also raked in some extra from adjustments, fines, and penalties. The $17.5 million fine paid by the operator, Underdog, is prominently featured in this list.
With this constant flow of tax dollars from the sports betting industry, the state will continue to benefit and channel some of the revenue back for the public good. New York’s educational infrastructure and social services remain key direct beneficiaries of this support.
New York’s sports betting industry put up a solid showing during the Fiscal Year 2024–25, with a $23.94 billion handle and $2.14 billion GGR. While this impressive performance was boosted by the increased betting action in January’s Super Bowl and March’s NCAA Tournament, other months held up just as fine. In fact, monthly handles also exceeded $1 billion every month, a first since the state legalized sports betting in 2022.
Even better is its role as a key driver of economic and social benefits for the state. It will be interesting to see what the future and the next fiscal year’s reports hold for New York’s sports betting industry.
