New York Sports Betting Slips Below $2 Billion in February

A February Fade After January’s Fireworks

The numbers tell a tale of two months. January 2025 saw New Yorkers wager a jaw-dropping $2.48 billion, fueled by NFL playoffs and a betting frenzy. February, with fewer gridiron games to spark action, clocked in at $1.98 billion, a 20.2% slide from the prior month.

Analysts point to the NFL’s quieter February slate as a key driver, especially since the Super Bowl alone can’t carry a full month’s momentum. Still, the handle held strong above $1.9 billion, a threshold that would’ve been unthinkable a few years ago.

Compared to February 2024’s $1.78 billion, this year’s total reflects an 11.2% jump. Revenue followed a similar arc, dropping 25.2% from January’s $247 million to $184.8 million. Yet, that figure towers 40.8% above last February’s $131.4 million.

FanDuel and DraftKings Dominate, Others Climb

The operator leaderboard stayed familiar, with FanDuel and DraftKings flexing their muscle. FanDuel led the pack, raking in $92.5 million in revenue from a $738.5 million handle. That 12.5% hold rate, up from January, shows bettors couldn’t crack the giant’s defenses.

DraftKings trailed with a $717.4 million handle but posted a slimmer $51.6 million in revenue, thanks to a 7.2% hold. Bettors found more success against DraftKings, especially mid-month, though it briefly topped the handle charts for a week in early March.

BetMGM snagged third place, turning a $130.2 million handle into $11.8 million in revenue, a huge turnaround from its $5 million loss in February 2024.

Fanatics Sportsbook notched $11 million from a $169.5 million handle, securing fourth, while Caesars rounded out the top five with $10 million off $128.6 million wagered. ESPN Bet, still finding its footing, pulled in $3.8 million from a $43.3 million handle, edging out BetRivers for the sixth spot.

What the Numbers Mean

February’s dip isn’t a red flag but rather a seasonal hiccup. The NFL’s postseason wind-down naturally cools betting fever, and this year’s 20.2% handle drop outpaced last year’s 10% January-to-February slide. Still, the 9.4% hold rate, down slightly from January’s 10% but up two points from February 2024, shows sportsbooks are squeezing more profit per dollar wagered.

The first two months of 2025 have already set a revenue record, with January and February combined topping any prior year’s start. New York’s 51% tax rate on operator revenue means the state’s coffers are swelling too, likely pushing past $90 million for February alone. That cash funds education and problem gambling programs, a tangible win for Albany.