Sports Betting in New York Hits $26.3B in 2025

Key Takeaways

New Yorkers wagered over $2 billion for the third consecutive month.

The Empire State’s eight online operators bring in the second-most monthly revenue ever in the most lucrative U.S. market.

FanDuel surpasses $1 billion in yearly revenue.

In 2025, online sports betting generated $26.3 billion in wagers, a 15.8% year-over-year increase. It’s the largest spike from one year to the next that the Empire State has recorded.

Gross revenue of $2.55 billion in 2025 was up 25% compared to 2024, and the 9.7% yearly hold average was higher than the previous year’s 9% win rate. FanDuel and DraftKings combined to account for 76% of New York operator revenue in 2025.

Online sports betting in New York generated $1.32 billion in yearly tax revenue for the Empire State.

A December to remember

The Empire State produced its best online sports betting December ever by a significant margin and closed 2025 with the second-most profitable month of the year.

The New York State Gaming Commission reported on Thursday that the eight mobile sportsbooks generated $259.7 million in revenue in December, representing a 72.7% year-over-year increase. Only $280.5 million produced in November was higher in 2025, and December marked the third consecutive month with at least $200 million in gross revenue, the longest streak yet.

New Yorkers wagered $2.38 billion at online sportsbooks, a 4.3% spike from December 2024. It’s also the fifth consecutive month with at least $2 billion in wagers.

Mobile sportsbooks achieved a 10.9% hold in December, ranking fourth in 2025, and this was a significant improvement from the 6.6% win rate the previous December. New York filled its coffers with $132.4 million, and the Empire State has made more than $397 million in tax revenue over the last three months.

Operators’ big haul

A month after setting the all-time revenue record of $131.9 million, FanDuel hauled in another $120.1 million to close out the year with more than $1.1 billion in profits. The online operator produced a 14.1% hold in December from a $853.6-million handle that was down nearly $150 million from November.

DraftKings also surpassed $800 million in wagers accepted in December, and a 10.5% hold led to $84 million in gross revenue, its third-highest profit haul of 2025. DraftKings generated more than $854 million in gross revenue in 2025.

BetMGM experienced a 50% boost in month-over-month wagering, reaching an all-time high handle of $259.1 million. However, the online operator couldn’t capitalize on the spike, winning back just 5% of the amount bet in December.

Still, the record month propelled BetMGM to third place in handle over Fanatics, which generated better profits behind a 9.1% hold on a handle of $205.5 million. Caesars, BetRivers, and Bally Bet failed to produce a double-digit win rate, but all three made more money in December than in November.

TheScore Bet generated $3.6 million in gross revenue in its first month since the PENN Entertainment platform changed from the ESPN BET brand. The online operator’s handle of $42.5 million was down nearly 25% from November and 12.5% compared to December 2024.

New York in the news

The most lucrative sports betting market in the U.S. kicked off 2026 with another massive revenue haul during the end of December and beginning of January. The end of the NFL regular season and college football bowl games helped operators win more than $70 million for the fifth week since Nov. 2.

Legislation could bring significant change to the sports betting landscape in 2026. A bill was refiled on Wednesday that would prohibit live wagering. New York legislators are also taking on prediction market platforms, like Kalshi and Polymarket, that offer sports event contracts in the Empire State.

This article originally appeared on Covers.com, read the full article here