New York’s consecutive-month streak with at least $2 billion in online sports betting wagers reached double digits in May, but the handle decreased by 3.6% compared to the same month in 2025.
Key Takeaways
- New York generated $2.13 billion in wagers during a month when the Knicks only played eight playoff games.
- Online operator revenue fell by 18% from the previous May.
- FanDuel was the only mobile sportsbook with a double-digit hold.
The New York State Gaming Commission recently reported that eight online sportsbooks generated a $2.13-billion handle, down from $2.21 billion last May.
It didn’t help that the New York Knicks breezed through the NBA playoffs, sweeping the Philadelphia 76ers and Cleveland Cavaliers in eight consecutive May games on their way to the NBA Finals, where they now hold a 2-0 lead over the Spurs going into Monday night.
Operators saw just one full week in May reach a handle of $500 million. More playoff games with the most high-profile basketball team in the state might’ve pushed the handle past last May.
New York online sportsbooks FanDuel and DraftKings dominated, accounting for 69% of the total handle while reaching over $1.47 billion in wagers during May.
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Knicks win, profits fall
Behind the Knicks’ playoff success, and some notable winning runs by MLB’s Yankees and even the struggling Mets, New York online operators’ gross revenue of $204.2 million dipped 18% from the previous year when the NBA squad lost in the Eastern Conference finals. The state’s win rate reached 9.6%, the third single-digit hold in 2026.
FanDuel was the only online sportsbook to record a double-digit hold, turning a state-best $767.8-million handle into $88.7 million in gross revenue. But even the top New York revenue operator had a rough final week of May, winning back just 6.4% on a $171-million handle.
Still, online sportsbooks paid out $104.1 million in taxes to the state, which has generated $557 million in sports betting revenue year-to-date. That’s 1.1% higher than the first five months of 2025.
FanDuel posts impressive hold
| Online Operator | May Handle | Revenue |
|---|---|---|
| FanDuel | $767.8 million | $88.7 million |
| DraftKings | $706.4 million | $66.5 million |
| Fanatics Sportsbook | $249 million | $18.3 million |
| BetMGM | $166.2 million | $13.4 million |
| Caesars | $142.4 million | $9.8 million |
FanDuel enjoyed a $767.8-million handle on an 11.6% hold, both state highs for the month, though its revenue was still down by more than $20 million from May 2025.
DraftKings generated $67 million less in wagers than rival FanDuel during May. DraftKings won back 9.4%, below the state average and its revenue fell year over year by nearly $18 million.
Fanatics had a 7.3% hold on a $249-million handle but still produced its third-highest monthly profit of 2026. BetMGM’s 8% hold on a $166.2-million handle was the third best in May, while Caesars failed to reach 7% on $142.4 million in wagers.
BetRivers also had a 6.9% win rate on a $44.1-million handle, and theScore Bet reached 7.6% on $42.6 million in wagers. Bally Bet was able to hit 7.8% on $14.1 million.
Changes coming
New York could soon be the first legal U.S. sports betting state to require operators to provide monthly financial activity statements to customers. Lawmakers easily passed a bill that’s now sits on Gov. Kathy Hochul’s desk, waiting to be signed into law.
If it is, New Yorkers who wager through online sportsbooks will begin receiving an electronic rundown of their monthly net gains and losses, number of bets placed and amounts, deposits and withdrawals, time spent on each app, and other items beginning Jan. 1, 2027.
