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New York’s online sports betting operators saw a dip in revenue this September, even as bettors spent significantly more than in the same month last year.
According to the latest figures from the New York State Gaming Commission, online sportsbooks generated $193.8 million in gross gaming revenue for September. That marks a 5.3% drop year-on-year from $204.7 million in September 2023. However, compared to August 2025, revenue rose 8.8%, showing a month-on-month recovery.
Despite the revenue slowdown, player activity was up sharply. The total amount wagered across all online sportsbooks reached $2.29 billion, a 10.6% increase from the previous year and 12.3% higher than August’s handle. The overall hold rate—the share of wagers kept by operators—stood at 8.47% for the month.
FanDuel Maintains Market Dominance
Flutter-owned FanDuel continued to lead the New York market with $77.6 million in revenue from $790.4 million in bets, translating to a 9.82% hold. The operator’s dominance remained clear, capturing around 40% of the state’s total betting revenue in September.
DraftKings once again trailed in second place, generating $66.7 million from a larger $870.6 million handle. While it outpaced FanDuel in total wagers, its hold rate was lower at 7.66%.
Fanatics Sportsbook held steady in third place, posting $20.5 million in revenue from $219 million in wagers, producing a 9.36% hold.
BetMGM and Caesars Close in on Each Other
BetMGM and Caesars Sportsbook ended September neck-and-neck in revenue, each reporting $10.9 million. BetMGM narrowly led in profitability with a 7.28% hold from $149.8 million in wagers, while Caesars’ hold rate was 7.17% from $152 million.
Rush Street Interactive followed with $3.6 million from $45.9 million in bets, a 7.84% hold, while ESPN Bet came in next with $2.8 million from $47.1 million, yielding a 5.94% hold.
Further down the rankings, Bally Bet recorded $788,535 in revenue from $13 million in wagers (6.07% hold), and Resorts World Bet closed the month with $229,357 from $2.8 million in bets (8.33% hold).
Growth in Wagering, Not in Profit
The September figures highlight a curious trend in New York’s betting market: more player engagement but lower profitability for operators compared to last year. With the NFL season underway and major sporting events drawing increased attention, wagering levels are likely to stay high into the final months of the year—but maintaining margins may prove challenging in an increasingly competitive landscape.
Source: igamingbusiness.com
