The bustling streets of New York have long been no stranger to big numbers and record-setting performances, and it appears the same can be said for the state’s online sports betting revenue which hit an all-time high in the first month of 2025. January’s robust figure stood at a staggering $212.4 million, cruising past the previous high-water mark of $188.3 million set in December of the prior year. This represented a noteworthy 12.3% month-over-month growth, and an even more impressive surge of 41.6% when compared to January of the preceding year, which saw revenues of $149.4 million.
The uptick wasn’t solely in revenue; the total amount wagered, known as the handle, ascended to $1.96 billion. Though this was a 9.5% increase from $1.79 billion in January of the previous year, it did mark a slight 3.9% drop from December’s $2.04 billion. Moreover, it lagged 6.7% behind the record $2.10 billion reported in November 2023. January was particularly noteworthy as it culminated a three-month stretch during which New York’s online betting exceeded the $2 billion threshold, a trend first observed in October 2023.
At the forefront of this online wagering phenomenon is Flutter Entertainment’s FanDuel, an operator whose dominance in the market is undisputed. Setting a phenomenal precedent for others in the industry, FanDuel reported an unprecedented $109.2 million in online betting revenue for January, the highest ever for a single licensee in the state, marking the first time any operator grossed over $100 million within a month. FanDuel wasn’t just raking in revenue; it also processed an extensive amount of online wagers amounting to $867.1 million.
The competition, although trailing, wasn’t dormant. DraftKings finished the month as a robust second, with its highest monthly total to date of $71.0 million in revenue and facilitated $663.8 million in bets. Other key players in the New York market included Caesars, taking the third spot with $13.6 million in revenue from $198.0 million wagered, followed by BetMGM with $10.0 million revenue on a $118.8 million handle. Rush Street Interactive and PointsBet reported revenue of $3.5 million and $2.6 million, respectively, with corresponding handles of $50.1 million and $31.7 million.
Completing the market were Resorts World Bet, Bally Bet, and Wynn Interactive, posting revenues of $752,478, $425,689, and $358,497 off of handles amounting to $6.9 million, $9.9 million, and $8.8 million, respectively.
While the online sports betting market in New York continues its upward trajectory, the growth narrative has been punctuated by setbacks in the broader iGaming domain. Governor Kathy Hochul rendered a blow to the prospect of comprehensive online gaming by omitting it from her 2025 executive budget. This decision came as a surprise to many, given New York State Senator Joseph Addabbo’s reinforced effort to legislate online gaming through Senate Bill S8185. The bill, building upon previous attempts to introduce iGaming in the Empire State, distinguishes itself by integrating the concept of ilottery.
Despite iGaming’s omission from the budget, Governor Hochul recognized the importance of wagering on the state’s economy by incorporating an extension to various pari-mutuel, racing, wagering, and breeding laws for another year. As for Senate Bill S8185, it still lingers in the committee stage of the New York Senate, keeping hopes alive for the bill’s potential passage in the future.
In summary, the beginning of 2025 has seen New York solidify its position as a pinnacle of online sports betting, with records shattered and operators like FanDuel and DraftKings leading the charge. However, the full gamut of iGaming remains on the legislative backburner, with the fate of comprehensive online gambling legislation still hanging in the balance.
