In October, New York’s online sports betting industry shattered previous records, achieving an unprecedented $2.64 billion in wagers, according to the New York State Gaming Commission (NYSGC). This milestone highlights New York’s prominent position in the U.S. sports betting sector since the introduction of mobile wagering in January 2022.
This record-setting month not only broke New York’s former national record of $2.49 billion set in January but also marked the third consecutive month with wagers exceeding $2 billion. Overall, it was the 14th month that New York passed this significant threshold. Betting activity in October increased by nearly 14% compared to the previous year, fueled by two consecutive weeks that each surpassed $650 million in wagers.
The operators enjoyed a collective hold of 9%, which translated to $238.7 million in revenue for October—a 35% rise from the same month in 2024. Accumulated operator revenue for 2025 has now exceeded $2 billion, approaching last year’s total by just $36 million.
From the state’s viewpoint, this surge in betting has proven highly lucrative. October alone generated $121.8 million in tax receipts, the third-highest monthly total in history. New York’s total tax revenue for 2025 has already surpassed $1.05 billion, eclipsing the entire previous year’s total with two months left in the year.
FanDuel and DraftKings continue to lead the market. FanDuel became the first operator in New York to surpass the $1 billion mark in monthly handle, achieving $1.006 billion in bets. Its market share increased to 38.1%, and it recorded $100.6 million in revenue, representing a 30% increase from the previous year. This achievement marks FanDuel’s third nine-figure month in 2025 and its fourth in the last year.
DraftKings also set a personal record, handling $938 million in wagers—an increase of 15% compared to the previous year—with $82.9 million in revenue and an 8.8% hold rate. Its market share rose slightly to 35.5%, maintaining a close competition with FanDuel.
Meanwhile, BetMGM reclaimed a 7% market share for the first time since July, amassing $187.5 million in wagers and generating $14.4 million in revenue, a more than 50% increase from 2024. Caesars followed with $175.8 million in handle and $13.2 million in winnings, also demonstrating strong year-over-year growth.
Smaller operators like Fanatics and BetRivers experienced varying success. Fanatics saw its handle decrease to $205.7 million, yet its revenue grew by 51% to $18.7 million. Conversely, BetRivers achieved its best month since 2023, earning $4.4 million in revenue on a $53 million handle.
Despite impressive numbers from the market leaders, ESPN Bet faced challenges. The release of October’s data coincided with the end of the $2 billion partnership between Penn Entertainment and ESPN Bet, just two years in. Despite heavy marketing efforts, ESPN Bet struggled to gain a foothold in New York, managing just 2.3% of the statewide wagers in October with a handle of $60.3 million and $3.4 million in revenue.
As competition narrows, New York’s figures solidify its status as the most profitable online betting market in the United States—a market that shows no indication of slowing down as 2025 draws to a close. Observers might note that despite the intense competition, the consistent growth and revenue gains suggest a robust market environment capable of supporting multiple operators.
Some industry analysts caution that such rapid growth may not continue indefinitely, pointing out that market saturation and regulatory changes could impact future performance. However, others argue that the combination of a large population, sporting enthusiasm, and technological advancements will continue to drive New York’s betting market forward.
As the year-end approaches, both established players and new entrants in the market will be watching closely to see if the current trends persist. While some might worry about potential market saturation, the current data paints a picture of a thriving ecosystem with ample opportunity for growth.
New York’s example could serve as a blueprint for other states looking to enhance their online betting frameworks. The state’s success in generating substantial tax revenue and fostering a competitive market environment highlights the potential economic benefits of well-regulated sports betting industries.
Erik Agary is a seasoned writer at True Games Reviews, specializing in gaming, casino games, and interactive entertainment. With a passion for all things digital, Erik dives deep into the latest trends and developments in the gaming world, offering insightful reviews and detailed analysis. His expertise spans across multiple gaming platforms, ensuring comprehensive coverage that resonates with both novice and experienced gamers alike.
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