The fervor surrounding February’s Super Bowl was palpable, but it seems it wasn’t enough to maintain New York’s online sports betting handle at its January peak. Despite a significant year-on-year increase, the figures for the month fell shy of the record-setting start to the year. The Empire State saw its betting handle reach $1.77 billion in February, showcasing a sizable uplift of 20.4% compared to the $1.47 billion bet during the same month last year. Yet it trailed behind January’s substantial $1.96 billion, marking a 9.7% decrease and reflecting the lowest betting volume since September of the previous year.
Breaking down the numbers in terms of gross gaming revenue, there’s been considerable growth with a 21.3% hike year-on-year, reaching $131.4 million, soaring from $108.3 million in the previous year. But once again, the figures couldn’t match the January performance. February’s total was notably lower—37.9% less than the whopping $211.5 million earlier in the year, and also marked the lowest since August’s $98.5 million.
A closer examination of the market reveals that Flutter Entertainment’s FanDuel continues to lead the charge in New York’s online betting landscape. Dominating February, the platform reported revenues of $63.4 million from a substantial $720.1 million handle—a clear lead over its competitors.
Not far behind, DraftKings held the second spot with an impressive $53.4 million in revenue generated from $607.9 million in bets. This competition remains a pivotal aspect of the industry narrative, spurring ongoing efforts to innovate and captivate bettors.
Coming in third, Caesars reported a revenue of $6.7 million, with a handle of $160.7 million for the month. Trailing was Rush Street Interactive, with a $3.0 million revenue generated from $46.9 million in bets. There was only one other operator that broke the $1.0 million mark in revenue—Fanatics, which produced $2.9 million in the state from $82.9 million worth of bets.
The entrance of Fanatics into the fray is noteworthy. Officially going live in the Empire State on March 1st, its launch dovetails with Fanatics’ acquisition of PointsBet US, marking a strategic expansion in its industry footprint.
As for other operators within New York, BallyBet secured revenue of $724,041 off a $9.7 million handle, BetMGM saw $580,224 from $129.7 million in wagers, and Resorts World brought in $544,361 on an $8.3 million handle. At the base of the rankings, Wynn Interactive eked out $162,800 in revenue from a $7.1 million handle.
Considering the fiscal year to date, which charts the course from the beginning of the financial year, New York’s total spend has reached an impressive $17.80 billion—an 8.6% increase from the $16.40 billion at this juncture last year.
Revenue growth has not lagged, charting a 10.5% rise over the eleven months leading up to the end of February, signaling a robust and expanding market.
These monthly results wed with the findings of a study published prior month, revealing the significant chunk New York contributes to the total tax revenue gleaned from sports betting nationwide. According to the Quarterly Survey of State and Local Tax Revenue (QTAX), the third quarter saw nearly $506 million funnel into national tax and gross receipts from sports betting, a 20.5% increase from the same quarter in the previous year, albeit a dip from Q2’s $571.5 million.
New York towered above the rest in tax collection from sports betting, securing $188.5 million—nearly quintuple Indiana’s $38.6 million, which claimed the second spot. It’s also noteworthy that no state levies a higher tax on gross gambling revenue than New York’s towering 51%.
Rounding out the top tier were Ohio and Illinois, in third and fourth places with $32.9 million and $32.4 million, respectively, followed by Pennsylvania with $28.8 million in tax revenue.
These figures lay bare the complex and dynamic ecosystem of online sports betting, wherein even hallmark events like the Super Bowl are parts of a far bigger picture—a picture dominated by year-round player engagement, market expansions, and regulatory considerations. With New York’s fiscal winds blowing strong, the industry’s sails remain full, and the journey ahead looks as lucrative as it is unpredictable.
