New York Sports Betting Handle Stumbles in February amid Market Uncertainty

New York’s mobile sports betting handle dipped below the $2 billion threshold for the first time in six months, as February’s total bets amounted to $1.98 billion. The decline represented a 20.2% drop from January’s record $2.48 billion handle. However, the figure still represents an 11.2% year-on-year growth compared to February 2024.

Revenues Followed a Similar Trajectory

Data from the New York State Gaming Commission indicates that total sports betting revenue also declined, dropping 25.2% from January’s record-setting $247 million to $184.8 million in February. While this figure marked an impressive 40.8% increase over the previous year, the downturn underscores the volatility of New York’s betting market.

Despite the statewide slump, FanDuel still rules New York sports betting, posting a handle of $738.5 million and pulling in $92.5 million in revenue for a commanding 12.53% hold. DraftKings, FanDuel’s most prominent rival, recorded $717.4 million in handle but significantly less revenue at $51.6 million, translating to a 7.19% hold.

BetMGM surged to third place, generating $11.8 million from $130.2 million in wagers. Fanatics followed with $11 million in revenue from a $169.5 million handle, while Caesars posted $10 million on $128.6 million in bets. Meanwhile, ESPN Bet continued to expand, finishing sixth with revenue of $3.8 million on wagers of $43.3 million.

The Sector Must Navigate Broader Market Challenges

New York’s betting slowdown coincides with the broader economic turbulence that has struck the gambling industry. Concerns about potential US recession and President Trump’s new trade policy have led to market volatility, impacting stocks of casinos and online betting platforms. In particular, Trump’s tariff hikes against China, Canada, and Mexico have created uncertainty for gambling operators with international exposure.

Despite the ongoing difficulties, gaming industry leaders remain confident about the sector’s resilience. Speaking at NEXT Summit New York 2025, Drive by DraftKings CEO Meredith McPherron acknowledged the industry was grappling with short-term challenges but emphasized that downturns often fuel industry innovation. She was confident that the gaming space would continue to evolve and adapt.

In good times and hard times, people turn to entertainment to find joy and connect with a community. I think we’re in a strong, resilient space.

Meredith McPherron, Drive by DraftKings CEO

While February’s slowdown is concerning, New York’s sports betting market remains one of the most robust in the USA and is well underway toward smashing last year’s record performance. However, industry experts will closely monitor the following months to determine whether this decline was a temporary dip or a sign of a more prolonged slowdown.