New York’s Sports Betting Market Sees April Growth
In April, New York’s online sports betting landscape flourished, with a notable increase in consumer engagement. Players wagered an impressive $2.15 billion, reflecting a 9.1% uptick compared to the same month last year. The state’s revenue also saw a positive shift, bolstered by these betting activities.
The New York State Gaming Commission reported that the overall wagers for the month outpaced the $1.97 billion recorded in April 2024. However, this month’s figures dipped 12.2% compared to March’s $2.45 billion, showcasing the volatility inherent in sports betting.
Revenue figures painted a brighter picture, reaching $192.7 million in April—a 4.7% increase from the previous year. This revenue surpassed March’s by a significant 18.9%, despite the decline in total bets.
The state’s hold rate—calculated at 8.95% for April—further emphasized the profitability of the betting market. Tax contributions for the month exceeded $98.3 million, highlighting the financial impact of sports wagering on state revenue.
FanDuel Regains Dominance
Among the various operators, FanDuel reclaimed its top position after a brief stint in second place behind DraftKings in March. The platform reported $84.8 million in revenue from an $822.5 million wagered, achieving a hold of 10.31%.
DraftKings trailed closely with $66.8 million in revenue, generated from a $727.3 million handle, resulting in a hold of 9.18%. Fanatics secured a solid third place, earning $12.5 million from a $175.7 million betting volume, translating to a 7.11% hold.
Other operators also contributed to the competitive landscape. BetMGM recorded $11.2 million from a $154.1 million handle, with a hold rate of 7.27%. Caesars followed closely behind, generating $9.7 million from $153.4 million in wagers, yielding a 6.32% hold.
Rush Street Interactive managed $3.4 million in revenue with a $43.2 million betting volume, resulting in a hold of 7.87%. ESPN Bet was notable for being the only other operator exceeding $1 million in revenue, earning $3 million from a $56 million handle—a hold rate of 5.36%.
In contrast, Resorts World Bet reported just below the million mark with $769,845 from a $9.9 million handle, translating to a 7.81% hold. Finally, Bally Bet finished out the month with $489,091 from $11.1 million in bets, yielding a lower hold of 4.39%.
This data underscores the dynamic nature of New York’s online sports betting environment, reflecting both challenges and opportunities for growth in an ever-evolving industry.