Key Moments:
- Gross gaming revenue for New York online sportsbooks dropped 5.3% year-on-year to $193.8 million in September.
- Player wagers hit $2.29 billion, up 10.6% compared to September 2023.
- FanDuel led the market, generating $77.6 million in revenue with a 9.82% hold.
Mixed Performance for New York Sports Betting Operators
Online sports betting operators in New York experienced a downturn in revenue this September, despite a substantial increase in player wagers compared to the same period last year. Gross gaming revenue across all platforms amounted to $193.8 million, reflecting a decrease of 5.3% from the $204.7 million recorded in September 2023. In comparison to the previous month, August 2025, revenue posted a stronger performance, growing by 8.8%.
Significant Rise in Wagering Activity
Player betting activity reached new heights, with the total handle climbing to $2.29 billion. This marked a 10.6% increase year-on-year and a rise of 12.3% compared to August’s handle. Operators held 8.47% of all wagers in September, indicating that greater player engagement did not directly translate into higher profits.
Market Leader and Competitor Positions
| Operator | Revenue | Handle | Hold % |
|---|---|---|---|
| FanDuel (Flutter) | $77.6 million | $790.4 million | 9.82% |
| DraftKings | $66.7 million | $870.6 million | 7.66% |
| Fanatics Sportsbook | $20.5 million | $219 million | 9.36% |
| BetMGM | $10.9 million | $149.8 million | 7.28% |
| Caesars Sportsbook | $10.9 million | $152 million | 7.17% |
| Rush Street Interactive | $3.6 million | $45.9 million | 7.84% |
| ESPN Bet | $2.8 million | $47.1 million | 5.94% |
| Bally Bet | $788,535 | $13 million | 6.07% |
| Resorts World Bet | $229,357 | $2.8 million | 8.33% |
Changing Market Dynamics
FanDuel, owned by Flutter, retained its top market position, amassing $77.6 million in revenue from $790.4 million in bets. The operator claimed roughly 40% share of the state’s betting revenue for the period, reinforced by its 9.82% hold. DraftKings secured second place, generating $66.7 million in revenue from $870.6 million in wagers, achieving a lower hold rate of 7.66%, despite topping FanDuel in total handle. Fanatics Sportsbook rounded out the top three with $20.5 million in revenue from $219 million in wagers, reflecting a hold of 9.36%.
Further down the rankings, BetMGM and Caesars Sportsbook were closely matched with each reporting $10.9 million in revenue, though BetMGM posted a slightly better hold rate of 7.28% versus Caesars’ 7.17%. Rush Street Interactive, ESPN Bet, Bally Bet, and Resorts World Bet followed, each recording varying performance levels in both handle and hold percentage.
Investor Perspective
The data from September underscores a notable trend in New York: while player participation and total betting volume continue to climb, operator profitability has fallen below last year’s benchmarks. With major sporting events continuing and the NFL season in progress, high wagering volume is likely to persist. However, maintaining strong profit margins could remain an ongoing challenge as the state’s online betting space becomes increasingly competitive.
- Author
Daniel Williams
