U.S. Online Sports Betting Reaches a Peak in New York, Marking a New National Record of $23.94 billion for Fiscal Year 2024-25
Blew the roof off, huh? New York smashed records with a whopping $23.94 billion in sports betting fashion year 2024-25, making it the sports betting champ of the states. That's a whopping 21.9% increase over the previous year, setting a new bar for the U.S.
The Empire State's gross gaming revenue (GGR) also saw a 21.6% boost, hitting $2.14 billion. From April 2024, when the fiscal year started, to February 2025 (post-Super Bowl), the market showed consistent growth. But January 2025 and March 2025 were the clear standouts, with January setting the record for the highest monthly handle of $2.48 billion.
FanDuel ruled the roost, with a $9.2 billion handle and $969.8 million in GGR, followed closely by DraftKings with $8.6 billion in handle. BetMGM, Fanatics, and Caesars Sportsbook also contributed significantly to the market's performance.
New York's high tax structure on online sports betting (among the highest in the nation at 51%) generated $1.11 billion in tax revenue during the fiscal year, primarily going towards education, responsible gambling programs, and youth sports.
The market continues to be dominated by FanDuel and DraftKings, but newer operators like Fanatics and ESPN Bet are making their mark. Operators faced challenges like margin pressures, regulatory scrutiny, and compliance costs. Interestingly, though, the focus seems to be shifting from pure market expansion to operational efficiency and customer retention.
Analysts project the state's annual handle could top $30 billion by 2026, driven by factors like product innovation, market expansion, and technological advancements. But challenges remain, such as increased competition, regulatory requirements, and potential market saturation among high-value players.
In conclusion, New York's record-breaking fiscal year sets a new standard for regulated U.S. sports betting markets. Rather than just big numbers, the success extends to responsible revenue allocation, helping build political and social acceptance for expanded gambling. Stay on top of breaking news by joining our Telegram channel!
Sources:
- iGaming Post
- Public Gaming
- Yogonet
- iGaming Business
- RG
- SBC America
Want more insights? Check out our enrichment data below!
Enrichment Data:
New York's Online Sports Betting Market Performance
New York's online sports betting market has shown significant growth in the fiscal year 2024-25, with both the annual handle and gross gaming revenue (GGR) reaching new highs.
Annual Handle
- New Record: New York achieved a record-breaking $23.94 billion in online sports betting handle during the fiscal year 2024-25, surpassing any previous U.S. state record[1].
- Growth Rate: This figure represents a 21.9% increase from the previous fiscal year, where the handle was $19.64 billion[1].
Gross Gaming Revenue (GGR)
- Growth: The GGR for the same period rose to $2.14 billion, marking a 21.6% increase from the previous year[1].
- Year-on-Year Increase: The GGR climbed from $1.78 billion in the previous fiscal year, reflecting a robust year-on-year growth of about 20.4%[4].
Key Factors Driving Growth
Major Events and Market Competition:- Big Events: The growth was significantly boosted by major sporting events like the Super Bowl in January and March Madness, which contributed to high betting volumes[4].- Market Competition: A competitive market with operators like FanDuel, DraftKings, and Caesars, among others, has driven innovation and attracted more users[1].
Operator Performance:- Market Leaders: FanDuel led the market with a $9.2 billion handle and $969.8 million in revenue, while DraftKings followed with $8.6 billion in handle[1].- Operator Performance Varied: Other operators like Caesars, BetMGM, and Fanatics also contributed significantly to the overall performance, though with varying degrees of success[1].
Conclusion
New York's online sports betting market has experienced significant growth, driven by large sporting events and a competitive market environment. The growth in both handle and GGR underscores the state's position as a leader in U.S. sports betting.
- In New York, the business of sports betting showed a significant leap during the fiscal year 2024-25, with the annual handling of sports bets reaching an unprecedented $23.94 billion.
- Interestingly, this robust betting figure indicates a substantial increase of 21.9% compared to the previous fiscal year, bolstering New York's status as a leading sports betting state in the U.S.
- Moreover, the Empire State's gross gaming revenue (GGR) also witnessed a similar upward trend, rising to $2.14 billion, representing a 21.6% increase year over year.
- From April 2024 to February 2025, the frequency of sports betting developments in New York demonstrated consistent growth, with exceptional months including January and March 2025, which set records for the highest monthly handle of $2.48 billion.
- This surge in betting activity was fueled by major events such as the Super Bowl in January and March Madness, as well as the competition among operators like FanDuel, DraftKings, and Caesars Sportsbook.
