New York Breaks Another Online Sports Betting Record in May

New York has set another record for online gambling sites, with sports betting revenue reaching $248.9 million in May 2025. According to data from the New York State Gaming Commission, this figure edges past the previous record of $247 million set in January, marking a 0.8% increase.

What makes this new milestone notable is that it came despite a smaller monthly betting handle. Bettors wagered $2.21 billion in May, down 10.8% from January’s $2.48 billion but still up 12.1% compared to May 2024. The jump in gross gaming revenue (GGR), up 22.4% year-over-year from $203.3 million, points to improved hold rates for operators.

A Strong Month for Operators

The state’s leading sportsbooks, FanDuel and DraftKings, continued to dominate the market. FanDuel generated $108.8 million in revenue from an $803.1 million handle, achieving a 13.5% hold rate. DraftKings followed with $84.2 million from $785 million in wagers, tying its best-ever monthly revenue.

Other operators also reported strong growth. Fanatics boosted its revenue to $18 million, while BetMGM took in $14.7 million. Caesars crossed $10 million in profit from over $150 million in bets, and BetRivers edged out ESPN BET for sixth place, with each reporting around $4 million. Resorts World Bet was the only operator not to post gains over the previous month.

Eight sportsbooks saw revenue increases in May, up from six in April, helping to push the state’s total GGR to an all-time high.

State Revenue and Education Funding Surge

With New York taxing online sports betting gross gaming revenue (GGR) at 51%, the record-breaking month also resulted in a significant financial contribution to state programs. In May alone, $126.9 million was allocated to the education fund, representing a 22.4% year-over-year increase.

Altogether, sportsbooks in New York have generated over $6.5 billion in revenue since mobile betting launched in January 2022. More than $3.2 billion of that has been directed to education.

Platform providers received $122 million in May, nearly $28 million more than in April.

Industry Trends and Legislative Outlook

May’s record follows a strong April, which saw $192.7 million in GGR and a $2.16 billion handle. The two-month stretch is now the most profitable for mobile operators since New York's mobile sports betting rollout began.

These substantial numbers come as lawmakers continue debating potential changes to the market. Proposed legislation could limit deposit sizes and restrict the use of credit cards, but no action has been taken yet.

Meanwhile, online casinos remain off-limits in New York. Despite growing support and repeated legislative efforts, lawmakers have yet to legalize iGaming in the state. In the absence of regulated online casinos, sweepstakes-style platforms like Chumba Casino and LuckyLand Slots, run by VGW (Virtual Gaming Worlds), had filled part of the gap by using a virtual currency model that allowed users to win cash prizes.

However, in May 2025, VGW withdrew from the New York market, a move that highlights the growing scrutiny of digital currency-based and sweepstakes casinos. While these platforms operate legally in many U.S. states, changing regulatory attitudes in New York have made the environment less predictable. VGW’s exit signals that, for now, New York may be tightening its stance on grey-area gambling models, even as full legalization of iGaming remains stalled.

What’s Next for New York Gambling?

Beyond mobile sports betting, efforts continue to expand the state's land-based casino footprint. Billionaire Steve Cohen’s $8-billion casino project near Citi Field took a step forward with state Senate approval to rezone nearby lots, bringing the ambitious development one step closer to reality.

With soaring revenue and a maturing operator landscape, New York’s gambling market remains one of the most lucrative in the U.S., and is possibly just getting started.