Sports betting revenue in New York surpasses $108.2 million in February figures.
Fresh Take:
The NY State Gaming Commission recently announced sportsbooks reported a revenue of $108.2 million in sports wagering for February, experiencing a noticeable decline in operator winnings due to the public's impressive streak. This marks the lowest revenue since last August, but it's still a significant 32% increase compared to February 2022.
In a six-month streak, New York has exceeded $1 billion in revenue, with January's earnings kicking things off at a whopping $149.4 million. But, February took a dip, with a 27.6% decrease compared to January. The Super Bowl LVII proved profitable for the bettors, costing operators $1.4 million out of $100.5 million wagers.
Despite the slide, the month's handle was the eighth-highest nationally since the PASPA era, pushing New York close to $20 billion in total handle. The state raked in $55.3 million in tax receipts for February, bringing the yearly total to $131.5 million. Revenue for the first two months of 2025 is already 25.4% higher than the same period in 2022, despite a modest 1.7% increase in handle.
FanDuel takes a backseat for the time being
Despite maintaining a 40% market share four months in a row, FanDuel struggled in February, claiming a mediocre 9.1% hold—their lowest since June. Despite leading all mobile operators in Super Bowl revenue with nearly $764,000, their hold was a paltry 1.8% from a $42.8 million handle. FanDuel accounted for nearly half of the online revenue in February, totaling $53.5 million.
DraftKings trailed FanDuel in both handle and revenue, suffering close to a $338,000 loss during the Super Bowl. However, the soft month for operators meant DraftKings accounted for 31% of online revenue in February, up over 4 percentage points compared to January.
Caesars Sportsbook grabbed the last podium spots in both handle ($192.8 million) and revenue ($8.5 million), but their 4.4% win rate was the lowest of any operator with an eight-figure handle. WynnBET, BetMGM, BetRivers, and PointsBet were the only other operators to surpass $1 million in revenue, with BetRivers and PointsBet reporting the highest revenues.
Stores aren't having their day
Two commercial sportsbooks, Resorts World and Tioga Downs, experienced losses in February, with Resorts World slipping into the red for the second straight month. Tioga Downs' loss of over $45,000 was the second monthly loss in the last three, and the worst hold since del Lago had a negative 12.1% win rate in June.
Rivers Casino and del Lago had modest gains in February, generating just under $190,000 in combined revenue from $7.3 million handle, improving upon the February 2022 performance, when they paid out more than $242,000 above their $6.5 million handle.
Sources:[1] New York State Gaming Commission, Sports Wagering Report: February 2025[2] Legal Sports Report, Sports Betting in New York: February 2025 Results and Comparisons to Previous Years
Line graphically shows the monthly revenue of sports-betting operators in New York, revealing a significant drop in February for FanDuel, with a record low 9.1% hold, despite leading in Super Bowl LVII revenue. DraftKings also experienced a dip, resulting in a 31% share of online revenue, up from 27% in January. Caesars Sportsbook had the lowest win rate among operators with an eight-figure handle, while retail sportsbooks, such as Resorts World and Tioga Downs, faced losses in February, with Resorts World registering consecutive months in the red.
