New York State's sports betting market showed remarkable growth resilience at the end of 2025. After setting a monthly revenue record in November, December's performance remained strong, with total revenue for the two months exceeding $530 million, rounding off the year perfectly. The market structure is clear, with top operators dominating, indicating that the market has entered a mature competitive phase. To learn about the latest developments and in-depth analysis of the global betting market, continue to follow the PASA official website.
Year-end revenue continues to operate at a high level, with betting amounts remaining active
According to data released by the New York State Gaming Commission, the state's sports betting operators achieved a total gaming revenue (GGR) of $259.7 million in December. Although it was slightly down from November's historical peak of $280.6 million, it still achieved a year-on-year growth of 72.7%, securing the second highest position in history. Looking back at November, its $280.5 million revenue was already a milestone. This means that in the most important two months at the end of the year, New York's sports betting industry crazily attracted more than $540 million.
From the perspective of player betting amounts, the market heat remains high. December's online betting total was $2.38 billion, up 4.4% from the same period in 2024. Although it was down from November's $2.61 billion, it still maintained a historically high range. Stable high betting amounts are a solid foundation for revenue growth and also reflect that New York residents have formed a stable habit of participating in sports betting.
FanDuel leads the way, with a stable duopoly market structure
When we turn our attention to specific operators, you will find that the market is almost divided between two giants. Flutter Group's FanDuel once again proved its market leadership in December, with revenue reaching $120.1 million, nearly half of the month's total revenue. Its betting amount was as high as $853.6 million, and it achieved an excellent hold rate of 14.07%, highlighting its profitability.
Its old rival DraftKings followed closely, with December revenue of $84.1 million, betting amount $801.6 million, and a hold rate of 10.49%. Together, they accounted for the vast majority of the market share in December. This duopoly competition structure was also evident in November, jointly driving the overall market revenue growth.
Smaller operators seek differentiated survival spaces
Under the spotlight of FanDuel and DraftKings, other operators are also working hard in their respective niche areas. For example:
• Fanatics ranked third with revenue of $18.7 million.
• Caesars and BetMGM were fiercely competing with revenues of $14.7 million and $13.2 million, respectively.
• Emerging platforms like theScore Bet (formerly ESPN Bet), although smaller in scale, are also attracting niche user groups through specific products and services.
These operators generally have hold rates between 5% and 10%, indicating that the cost of acquiring and retaining users is not low in the fierce market competition. For industry observers, the strategic adjustments and innovations of smaller operators are also an important perspective for PASA's official website to track market evolution.
Summary and Outlook: New Challenges in a Mature Market
Two months of high-level data indicate that the New York sports betting market has passed the explosive phase and entered a stable growth stage. A highly concentrated market structure means that the barriers for new entrants are extremely high, and competition will increasingly revolve around product experience, promotional activities, and customer loyalty.
In the future, changes in the regulatory environment, discussions on new tax rates, and further requirements for responsible gambling could all become key variables affecting the market direction. How this multi-billion dollar market balances growth with responsibility will be a challenge all participants must face.
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This article is from "PASA-Global iGaming Leader" gambling news channel:https://t.me/pasa_news
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