The Empire State’s online sports betting operators not named FanDuel cooled down during a week when the New York Knicks rolled in the NBA playoffs.
Key Takeaways
- Gross revenue dipped 7.2% compared to the previous week.
- FanDuel still won back 12.7% amid the Knicks' surge.
- May’s handle isn’t living up to last year in New York.
Coming off a 12.3% win rate and over $52 million in profits in the previous period, the eight sportsbooks combined to win back 9.9% on a $486.6-million handle during the week ending May 24.
The New York State Gaming Commission reported on Thursday that operators generated $48.1 million in gross revenue, a 7.2% week-over-week decline, as the Knicks took a 3-0 lead over the Cleveland Cavaliers, covering the spread in each game. The in-state NBA team closed out the Eastern Conference finals with a sweep on Memorial Day.
The same week last year, when the Knicks lost two games to the Indiana Pacers, produced $62.9 million in gross revenue.
Every operator but FanDuel finished with a single-digit hold for the week. The state’s top operator continued its dominance, winning back 12.7% on a $175.7-million handle. FanDuel surpassed $20 million in gross revenue for the eighth consecutive week. It was also its third handle over $175 million in three of the last four weeks.
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Single-digit club
As for the rest of New York sports betting operators, DraftKings produced a 9.2% hold on a $156.9-million handle, leading to $14.4 million in gross revenue. Dollars wagered were up nearly 14% week over week, but revenue dipped 10% in the online operator’s lowest full-week May total.
Fanatics finished with the third-best handle at $56.7 million, $8 million more than the previous week, but bettors beat up on the online sportsbook, which recorded a 4.7% hold.
BetMGM was the closest to a double-digit hold, reaching 9.7% on a $40.3-million handle, while BetRivers won back 9.5% on $10.3 million in wagers. Caesars was unable to reach 8% on a $33.2-million handle, but theScore Bet got to 8.5% on just over $10 million in bets. Bally’s 7.2% win rate on a $3.4-million handle was the second lowest for the week.
Handle down YoY
The first three full weeks in May have generated $1.42 billion in wagers, an average of $474.5 million per period. New Yorkers bet $2.2 billion in May 2025, a handle that operators are unlikely to match this year.
The handle during Memorial Day weekend was up 14.9% from the previous period and nearly $10 million more year over year, but it was the second consecutive week with under $500 million wagered, signaling the summer slowdown could be closing in on the U.S.’ most lucrative sports betting market.
However, operators will be helped out in June with the Knicks in the NBA Finals and the World Cup starting.
