New York Online Sportsbooks Hit Record Monthly Revenue in May

New York online sportsbooks set a new monthly record in online sports betting revenue, reaching $248.9M in May 2025. This marks a 0.8% increase from January's previous high of $247M, according to the State Gaming Commission.

Although online sportsbooks revenue climbed, May's handle dropped 10.8%, falling from $2.48B in January to $2.21B. However, the handle still rose 12.1% year-on-year compared to $1.97B in May 2024. GGR also grew 22.4% from May 2024's $203.3M, indicating improved operator win rates.

Additionally, education funding benefited, with $126.9M allocated from May's GGR – up 22.4%, per the state's wagering report.

New York Knicks' Playoff Run Contributes to Record May for Online Sportsbooks

May marked the second straight month of operator-friendly NBA playoff results, including the Knicks' loss to the Pacers. That outcome helped online sportsbooks push May revenue past $200 million for the sixth time in New York's history.

In the final two weeks, sportsbooks earned over $127 million as the Knicks lost four of six games. Meanwhile, teams like the Celtics, Nuggets, Warriors, and Cavaliers also exited the playoffs, frustrating many bettors further.

New York Online Sports Betting Handle Trending Upward

To date, May's handle rose 11.7% from 2024, while gross revenue jumped 22.2% year-over-year. Operators held 11.3% in May, slightly higher than May 2024's 10.3%.

This marked only the third time in 10 months that sportsbooks hit a double-digit win rate. Despite March's bettor-friendly NCAA tournament, sportsbooks bounced back strongly in April and May.

April saw an 8.9% hold on $2.16 billion, helping generate $441 million in gross revenue across two months. After May, year-to-date revenue exceeded $1 billion – the highest for New York in any year's first five months.

New York collected $126.9 million in May alone from its 51% tax on sportsbook revenue. So far in 2025, the state has earned over $490 million through sports betting taxes.