Another successful NBA playoff run for operators in the U.S.’s most lucrative online sports betting market led to a new monthly revenue record.
Key Takeaways
- The Knicks’ Eastern Conference series loss to the Pacers paved the way for $127 million in revenue the last two weeks of May.
- The latest handle rose 11.7% from May 2024, while revenue spiked 22.2%.
- FanDuel produced a massive 13.5% hold on an $803.1-million handle.
The New York Gaming Commission reported that the nine mobile sportsbooks accepted $2.21 billion in wagers in May, the fourth month of over $2 billion year-to-date.
Gross revenue of $248.9 million is the highest recorded since online wagering began in January 2022. The latest profit haul surpassed the $248 million that New York sports betting operators made in January 2025.
The second consecutive month of operator-friendly outcomes from NBA playoff games – including the New York Knicks losing to the Indiana Pacers in the Eastern Conference Finals – led to the sixth $200-million revenue month in Empire State history. The final two weeks of May alone produced more than $127 million in revenue as sportsbooks capitalized on the Knicks dropping four of the six games in the series.
Other popular teams like the Boston Celtics, Denver Nuggets, Golden State Warriors, and Cleveland Cavaliers were also eliminated from the playoffs in May, adding to bettors’ woes.
Trending upward
The latest handle was up 11.7% from May 2024, while year-over-year gross revenue spiked 22.2%. The 11.3% hold in May was a slight increase from the same month’s 10.3% produced in 2024, and it’s just the third double-digit win rate for operators over the last 10 months.
Sportsbooks have overcome a customer-friendly March, when there was a lack of upsets in the NCAA tournament. Behind an 8.9% hold on a $2.16-billion handle in April, online operators have generated more than $441 million in gross revenue, the best two-month stretch. Year-to-date revenue topped $1 billion following May, the highest total New York sportsbooks have produced in the first five months of any year.
The Empire State filled its coffers with $126.9 million in May. The 51% tax rate on sports betting operators’ gross revenue has led to over $490 million year-to-date.
Operators flourish in May
| Online Operator | May Handle | Revenue |
|---|---|---|
| FanDuel | $803.1 million | $108.8 million |
| DraftKings | $785 million | $84.2 million |
| Fanatics Sportsbook | $190.6 million | $18 million |
| BetMGM | $161.2 million | $14.7 million |
| Caesars | $152.3 million | $13.8 million |
| BetRivers | $50 million | $4 million |
Eight online operators saw month-over-month gross revenue gains in May, up from six in April.
FanDuel led the market with an $803.1-million handle and $108.8 million in gross revenue, a 28.3% increase from April and the third-best month ever for the operator. FanDuel enjoyed a massive 13.5% hold.
DraftKings wasn’t far behind with a $785-million handle, up from the previous month’s $727 million, and revenue jumped nearly $20 million to $84.2 million, tied for the highest produced by the online sportsbook.
Fanatics saw a significant increase, going from $12.5 million in revenue to $18 million on a handle that rose by $15 million. BetMGM turned in the fourth-highest handle at $161.2 million. Revenue nearly reached $15 million, while Caesars was the only other operator to generate more than $150 million in bets and $10 million in profits.
BetRivers overtook ESPN BET for sixth place with a $50-million handle. Both operators produced $4 million in revenue. Resorts World Bet was the only sportsbook to not grow revenue month over month.
Other forms of gaming
New York’s big sports betting numbers would likely carry over to online casino gaming if Empire State lawmakers ever legalize iGaming. That’s yet to happen as multiple bills have yet to gain traction.
VGW, a major sweepstakes gaming company that owns operators Chumba and LuckyLand Slots, announced in late May that it is exiting the New York market. Regulators have been cracking down on the digital currency online casinos in recent months, and VGW could be setting up a return to the market if iGaming is ever legalized.
Three brick-and-mortar casino licenses are up for grabs in New York City. Mets owner and billionaire developer Steve Cohen cleared a major hurdle last week when the Senate passed legislation that allows for parking lots around Citi Field to be reclassified. This opens up the door for Cohen to get the land needed for his $8-billion casino resort project, if Gov. Kathy Hochul signs off on the legislation.
