New York’s mobile sportsbooks posted their strongest month to date in May 2025, pulling in $248.9 million in gross gaming revenue (GGR), a new high that edges past the previous record of $247 million set in January. The milestone came despite a slight dip in handle, which dropped from $2.48 billion in January to $2.21 billion.
Year-over-year, the May handle was up 12.1%, and revenue climbed 22.4% from $203.3 million. Stronger hold rates clearly boosted operator performance across the board.
FanDuel Capitalizes on Knicks’ Losses
Sportsbook earnings surged in the back half of May, thanks largely to the New York Knicks bowing out of the Eastern Conference Finals. Over $127 million in revenue was generated in the final two weeks alone.
FanDuel led the pack with a commanding 13.5% hold on $803.1 million in wagers, generating $108.8 million in revenue—its third-best month ever and a 28.3% jump from April.
DraftKings wasn’t far behind, handling $785 million and matching its all-time monthly revenue high of $84.2 million, nearly $20 million more than the prior month.
Other operators also saw gains:
- Fanatics: Revenue up to $18 million from $12.5 million; handle rose $15 million.
- BetMGM: $14.7 million in revenue on $161.2 million in handle.
- Caesars: Cleared $150 million in handle and earned $10 million in profit.
- BetRivers and ESPN BET: Both hit $4 million in revenue, with BetRivers pulling ahead slightly.
- Resorts World Bet: The only platform that didn’t post month-over-month growth.
In all, eight mobile sportsbooks reported revenue increases in May, up from six the month prior.
Two-Month Run Delivers Record-Breaking Results
Back-to-back strong months have helped online sportsbooks rack up over $441 million in combined GGR from April and May, the most lucrative two-month stretch since mobile betting launched in January 2022.
Through the first five months of 2025, New York sportsbooks have brought in more than $1 billion in revenue—the highest total ever for this timeframe. With a 51% tax rate, May alone added $126.9 million to the state’s education fund, pushing the year-to-date total to over $490 million.
Platform providers earned $122 million in May, a sizable leap from $94.4 million in April.
No iGaming Yet, but Casino Progress Picks Up
Online casino gaming remains off-limits in New York. While several bills have been introduced to legalize iGaming, none have moved forward. Industry analysts believe approval could unlock another major stream of state revenue.
Meanwhile, sweepstakes operator VGW, known for Chumba Casino and LuckyLand Slots, exited the New York market in late May amid regulatory pressure tied to digital currency mechanics. The company could return if future policy changes create a friendlier environment.
On the land-based front, progress continues. Billionaire Steve Cohen’s $8-billion casino project near Citi Field took a big step forward after the state Senate approved a rezoning bill to convert parking lots into buildable land. The move awaits a final sign-off from Governor Kathy Hochul.
