New York Breaks Online Sports Betting Revenue Record in May

online sports betting history, achieving its highest-ever monthly gross gaming revenue (GGR) in May 2025. According to the latest data from the New York State Gaming Commission, the Empire State’s mobile sportsbooks generated a record-setting $248.9 million in GGR—suring the previous peak of $247 million reached in January.

Knicks’ Playoff Exit Fuels Surge in Operator Revenue

This milestone was reached despite a notable drop in monthly handle. The total wagers placed in May reached $2.21 billion, marking a 10.8% dip from January’s $2.48 billion. However, this still represented an 11.7% increase compared to May 2024, when the handle stood at $1.97 billion.

Operator-Friendly Outcomes and Strong Win Rates Drive Revenue

The surge in May’s GGR can be attributed in part to operator-friendly results in the NBA playoffs, particularly the New York Knicks’ six-game series loss to the Indiana Pacers in the Eastern Conference Finals. These final two weeks of the month alone delivered more than $127 million in revenue to sportsbooks. Other high-profile eliminations—including the Celtics, Nuggets, Warriors, and Cavaliers—also contributed to unfavorable betting outcomes for players and a higher operator hold rate.

FanDuel led the pack with a 13.5% hold on $803.1 million in handle. The overall market hold for the month reached 11.3%, up from 10.3% in May 2024, making this just the third time in ten months that New York operators posted a double-digit win rate.

These outcomes cemented May as the sixth month in state history to sur $200 million in GGR and helped drive the best two-month stretch on record. Combined April and May revenue exceeded $441 million. Year-to-date GGR climbed past the $1 billion mark—the most lucrative five-month period since New York launched mobile betting in January 2022.

Education Funding and Legislative Developments

The state’s education fund saw a corresponding boost from these record-breaking figures. Of the total GGR in May, $126.9 million was directed toward education—up 22.4% from May 2024. Since the launch of mobile wagering, New York has now accumulated more than $6.5 billion in total GGR and over $3.2 billion in education-related contributions.

Platform providers were also among the beneficiaries, collecting a combined $122 million in May—an increase of nearly $28 million from April’s $94.4 million.

Meanwhile, the surge in betting revenue comes amid ongoing policy discussions in Albany. In April, lawmakers introduced proposals aimed at limiting deposits and banning credit card use for online betting. Those measures remain under legislative review, signaling that while the market is expanding, regulatory scrutiny is also intensifying.

New York’s continued dominance as the top online betting market in the U.S. is fueled by a mix of operator success, high player engagement, and robust regulatory oversight. As the sports calendar progresses, the state’s sportsbooks appear well-positioned to continue their record-setting pace.

Source:

“New York sets new online sports betting revenue record in May with $248.9m”, gamblinginsider.com, Jun 9, 2025