June 2025 marked the strongest month on record for U.S. sports betting operators since the repeal of PASPA in 2018.
Key Takeaways
- U.S. sports betting markets combine for a record 12.4% hold.
- Nearly 75% of revenue reporting states reached 12% or higher.
- The back-and-forth battle between sportsbooks and bettors has gone the way of the house this summer.
In 31 of the 32 legal sports betting states that publicly report monthly online and/or retail revenue, the national hold was 12.4%, the highest on record. June’s incredible win rate surpassed the previous record of 11.7%, set in September 2018 when there were only a handful of online sports betting states.
Operators across those 31 markets combined to generate revenue of $1.3 billion on a handle of over $9 billion. Arizona is the only state that hasn’t released June figures, but its total won’t keep that month from being the new standard nationally. There are currently 38 states and Washington, D.C., operating sports betting in the U.S.
State records highlight June win rates
Montana, which only offers in-person betting, generated the highest win rate, reaching 25.9%, its third hold of over 20% since November 2024. Nevada was the only published state to fall short of a double-digit hold in June, which is common in a market that relies heavily on retail wagering.
Twenty-three states produced holds of 12% or higher, with 17 surpassing 13%. Nine markets went over 14% with five total reaching an absurd 15% or higher. Of the 10 states by sports betting handles, half of them reached 12%.
New York hit 12.5%, the highest on record in America’s most lucrative sports betting market by an entire basis point. This resulted in over $200 million in gross revenue for online sportsbooks for the second consecutive month.
Illinois, the latest market to publish June figures and the second biggest in the U.S., set a state record with its 12% hold.
| State | June 2025 Handle | June 2025 Hold | June 2024 Hold |
|---|---|---|---|
| New York | $1.65 billion | 12.5% | 9.1% |
| Illinois | $950.2 million | 12% | 10% |
| New Jersey | $790.4 million | 11.6% | 8% |
| Ohio | $586.9 million | 12% | 9.7% |
| Massachusetts | $532.7 million | 11.9% | 8.3% |
| Nevada | $496.6 million | 8.4% | 6.2% |
| Pennsylvania | $483.6 million | 13.8% | 9.3% |
| Virginia | $477.8 million | 12.7% | 11% |
| North Carolina | $433.2 million | 13.4% | 10.1% |
| Maryland | $403.8 million | 14.1% | 10.3% |
Where did the success come from?
It’s difficult to pinpoint where and how operators flourished in June. Only a few states publish sport-by-sport handles and revenue, and operators don’t generally publicize exactly where their revenue comes from when things are going well. It’s likely the success against bettors came from multiple factors, including live wagering, parlays, and player props that aren’t publicly released.
In a non-football month, the NBA Finals went seven games while it took six contests to determine the NHL’s Stanley Cup winner. Major League Baseball was the high-volume sport in June, which also featured majors in golf (U.S. Open) and tennis (French Open’s second week).
Maryland, a state that does report sport-by-sport figures, generated a 14.1% hold, its highest in 16 months. Pro baseball produced a 7.7% win rate, up from June 2024’s 3.9%. Pro basketball, which includes WNBA wagering, fell year-over-year from 9% to 6.7%.
Hockey and soccer win percentages were way down when compared to the previous year, while tennis remained the same, and the parlay mix fell slightly from 30% to 27%.
Industry giants ride June success to big Q2
Many operators enjoyed strong second-quarter profits during the latest round of earnings calls, and some pointed to success in the NBA playoffs as a catalyst.
FanDuel generated $1.79 billion in Q2 and reported $400 million in adjusted earnings, claiming “operator-friendly results” in sports betting during its profit record quarter.
DraftKings saw 43% year-over-year revenue growth from the sports betting segment, thanks to strong holds in May and June. The online operator did say that the handle rose 11.5% with live betting increasing by 16%, and the structural hold spiked 100 basis points to 10.9%. The actual hold was 11.5% as the parlay mix was up 430 points from June 2024.
Books regain edge after NFL and March Madness
While football season is where the real profits lie for sports betting operators, they’ll certainly take the strong June run that helps turn the tide in a battle that’s gone toward the bettors at times over the last 10 months.
Late last year, customer-friendly NFL results led to a woeful October. Sixteen of the 31 states reported holds under the industry standard of 7%, and just one reached double digits. In December, 24 markets failed to get above 7%. None produced a 10% win rate.
March Madness also went the way of bettors as a lack of upsets turned into a nightmare NCAA tournament for sportsbooks, but higher volumes helped offset all four No. 1 seeds reaching the Final Four.
The summer has made up for lost time. Like June, May was an especially strong month for operators, and July is off to a promising start for the house. New York, New Jersey, North Carolina, and Maryland have already reported win rates of at least 11% each.
