January 2025 shattered records for online sports betting in New York, with five out of nine operators setting new handle highs and generating a collective $2.48 billion in wagers. This unprecedented surge in activity propelled the state to unprecedented revenue, with a $247 million gross revenue and $149 million in state tax revenue. The NFL playoffs and the conclusion of the college football season fueled this explosive growth.
January witnessed an unprecedented surge in online sports betting activity in New York , propelling the state to record-breaking heights. Five out of the nine active online sportsbooks shattered their previous handle records, contributing to the collective $2.48 billion wagered during the month. This staggering figure represents a 26.8% increase compared to January 2024 and surpasses the previous record of $2.32 billion set in October 2024.
The momentum behind the NFL playoffs and the culmination of college football's postseason fueled this historic performance. New York extended its streak of generating $2 billion in handle to five consecutive months, showcasing the state's growing dominance in the online sports betting market. January's revenue also reached an all-time high of $247 million, up 16.8% year-over-year and surpassing November 2024's $231.6 million. This remarkable performance translated into $149 million in state tax revenue, including a $23 million adjustment by BetMGM. The 9.9% hold rate for January, while higher than December's 6.6%, remains a testament to the competitive landscape within the state's burgeoning sports betting industry.FanDuel's impressive performance during January saw it generate $965.1 million in wagers and $111.3 million in gross revenue, both setting new milestones for the platform in New York. DraftKings also achieved new heights with a $837.9-million handle, translating to $82 million in profits, a 76% increase from the previous month. BetMGM secured the third spot in terms of handle, narrowly edging out Fanatics Sportsbook by $7 million. Both platforms exceeded $194 million in wagers during the month, with Fanatics slightly outperforming BetMGM with a higher hold rate, generating $15.1 million in revenue. Caesars Sportsbook showcased the highest win rate among the operators, generating $15.8 million on a $163.2-million handle. ESPN BET made a significant stride since its launch in late September, cracking the top six with its best month of wagering, generating $59.2 million in wagers, although a 4% hold resulted in a modest $2.4 million in revenue. BetRivers achieved an 8.1% hold on $48.2 million in wagers, amassing $3.9 million for the month
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