FanDuel leads with market-high hold amid Knicks losses:

While the total handle declined slightly from January’s $2.48 billion to $2.21 billion in May, the overall betting activity still reflected a robust market. Compared to May 2024, the handle rose 12.1%, and gross revenue surged by 22.4% from $203.3 million, signaling stronger operator win rates and a profitable month for platforms.

The Knicks’ elimination from the Eastern Conference Finals by the Pacers contributed significantly to the strong showing by sportsbooks. The last two weeks of May alone brought in over $127 million in revenue. According to Covers, FanDuel, in particular, delivered standout results, reporting a 13.5% hold on an $803.1-million handle, translating to $108.8 million in revenue—its third-best month ever and a 28.3% increase from April.

DraftKings trailed closely with a $785-million handle and tied its best-ever monthly revenue at $84.2 million, up nearly $20 million from the previous month. Fanatics also saw gains, with revenue increasing from $12.5 million to $18 million and handle rising by $15 million.

BetMGM secured $14.7 million in revenue from $161.2 million in bets, while Caesars crossed both $150 million in handle and $10 million in profit. BetRivers overtook ESPN BET for sixth place, each with $4 million in revenue, while Resorts World Bet was the only operator not to post month-over-month growth.

In total, eight mobile sportsbooks reported revenue gains in May, up from six in April, helping to push New York’s gross gaming revenue to new heights.

Year-to-date trends and state revenue allocation:

May’s operator-friendly results contributed to a strong two-month run for New York sportsbooks. Following April’s $2.16 billion handle and $192.7 million in GGR, the combined gross revenue from April and May exceeded $441 million, marking the most profitable two-month stretch for online operators since mobile betting launched in January 2022.

So far in 2025, New York’s sportsbooks have generated over $1 billion in revenue, the highest total recorded in the first five months of any year. With the state’s 51% tax rate on sports betting GGR, this translated into $126.9 million directed to New York’s education fund in May alone. Year-to-date, over $490 million has gone to the state’s coffers.

Platform providers received $122 million from the May total, a significant increase over the $94.4 million earned in April.

Despite the strength of online sports betting, online casino gaming remains illegal in New York. While several legislative proposals have been introduced to authorize iGaming, none have advanced so far. If approved in the future, many analysts expect the state’s revenue potential to grow even more rapidly.

Meanwhile, VGW, the sweepstakes gaming firm behind Chumba and LuckyLand Slots, announced its departure from the New York market in late May, likely in response to regulatory scrutiny over digital currency-based platforms. The exit leaves the door open for a return if iGaming regulations shift.

Elsewhere, progress continues on the land-based casino front. Billionaire Steve Cohen cleared a major hurdle in his bid to develop an $8-billion casino resort near Citi Field. The state Senate passed legislation to rezone parking lots around the stadium, a key step in securing land for the project, pending final approval from Governor Kathy Hochul.