Tight hold boosts New York online sports betting in July
Winnings for online sports betting in New York State soared 37.8% in July. Books held at 11.4%.
Bettors wagered US$1.9 billion online and books kept US$214.4 million, a dramatic reversal from June. The figures were released 7 August by the New York State Gaming Commission.
The tightest hold was enjoyed by FanDuel at 13.2%. Although second in handle with US$651.2 million, it led the Empire State in winnings with US$86.2 million.
DraftKings led in handle with US$661.5 million, but hold was 10.3%. That translated into win of US$72.9 million.
The lowest hold was suffered by theScore Bet, at 8%. It won US$2.5 million off of handle of US$30.8 million.
At 11.3% hold, BetMGM scored US$15.6 million in revenue off handle of US$138.3 million. Caesars Sportsbook held at 9.3%. It won US$11.4 million from US$122.6 million in monies wagered.
Fanatics Sportsbook and all other operators combined for US$25.8 million in win. Their aggregate handle was US$273.5 million and their average hold was 9.4%.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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The Backstory
July’s rebound followed a volatile spring
New York’s July online sports betting results were less a sudden acceleration in betting demand than a reminder of how strongly hold can swing the market. Bettors wagered US$1.9 billion online during the month, while operators kept US$214.4 million, helped by an 11.4% hold. That made July a sharp reversal from June and put revenue growth well ahead of handle trends.
The pattern had been visible earlier in the year. In March, New York online sports betting revenue jumped 34.3% even as handle slipped 4.6%. Books won US$217.3 million from US$2.3 billion wagered, with hold at 9.3%. That month underscored the basic economics of mature sports betting markets: revenue can rise materially even when betting volume softens, provided outcomes favor operators.
May moved in the opposite direction. New York online sports betting winnings fell 18% as hold slipped to 9.6% and handle declined 8% from 2025 levels. Books won US$204.2 million on US$2.1 billion in wagers. The decline showed how quickly revenue comparisons can deteriorate when both volume and margins come under pressure, even in the largest U.S. online sports betting market.
FanDuel’s hold advantage has been decisive
FanDuel’s July performance extended a recurring theme in New York: the operator has often converted handle into revenue more efficiently than rivals. In July, it ranked second in handle with US$651.2 million but led the state in winnings with US$86.2 million after posting a 13.2% hold. DraftKings had the largest handle, at US$661.5 million, but its 10.3% hold produced US$72.9 million in win.
That gap between volume leadership and revenue leadership has appeared repeatedly. In March, FanDuel led New York in handle, revenue and hold, winning US$87.4 million from US$811.2 million wagered, a 10.8% hold. DraftKings followed with US$77.5 million on US$758.4 million in handle and a 10.2% hold. In May, FanDuel again led in both handle and win, generating US$88.7 million from US$767.8 million wagered while holding 11.6%.
The consistency matters because New York applies one of the highest sports betting tax rates in the country. Operators that produce stronger hold can absorb taxes, promotional spending and product investment more easily than competitors that depend primarily on handle share. In a market where DraftKings and FanDuel routinely control most wagering, even small hold differences can translate into tens of millions of dollars across a quarter.
Second-tier operators remain constrained
July also reinforced the widening divide between the two national leaders and the rest of the New York field. BetMGM won US$15.6 million from US$138.3 million in wagers, holding 11.3%, a strong margin but on a much smaller base. Caesars Sportsbook won US$11.4 million on US$122.6 million in handle, while theScore Bet generated US$2.5 million from US$30.8 million wagered. Fanatics Sportsbook and all other operators combined for US$25.8 million in win from US$273.5 million in aggregate handle.
The spring results show that this was not an isolated market-share snapshot. In March, BetMGM held just 6.1% on US$193.3 million in handle, producing US$11.7 million in win, while Caesars generated US$14.2 million from US$152 million wagered. TheScore Bet, still a small participant after Penn Entertainment shifted from ESPN Bet, won US$4.1 million from US$44.3 million in bets. Fanatics and other operators combined for US$22.3 million in revenue from US$369.2 million in handle.
By May, the mid-market pressure had intensified. BetMGM won US$13.4 million, Caesars US$9.8 million and theScore Bet US$3.2 million. All other operators, including Fanatics, combined for US$22.5 million. These results point to a market in which brand scale, same-game parlay depth and customer retention advantages are difficult for challengers to overcome without sustained promotional spending or product differentiation.
Other states show the same hold sensitivity
New York’s July rebound fits a broader U.S. pattern in which reported revenue can shift sharply with sports outcomes, parlay mix and promotional accounting. Maryland offers a useful comparison. In April, Maryland online sports betting revenue rose 5.6% from a year earlier as books held 11% on US$566.1 million in online wagers. FanDuel led there as well, winning US$29 million from US$224.2 million in handle with a 12.9% hold, while DraftKings held 9.9%.
Two months later, the Maryland market showed how handle growth alone does not guarantee revenue growth. In June, Maryland online sports betting winnings fell despite a 30.1% jump in handle. Deutsche Bank attributed the handle expansion to World Cup-related action, but revenue fell 3.2% to US$54.4 million as the hold settled at 10.5%. FanDuel again led with a 12.5% hold, while DraftKings held 9.7% and several rivals finished below the state average.
Missouri’s early market data pointed to another layer of volatility: promotions. In February, Missouri sports betting promotions slowed to US$11 million, equal to 36% of revenue, after reaching 61% in January. Books held 11.3% on US$277 million in handle, but promotional allowances affected how much of that gross translated into taxable or retained revenue. J.P. Morgan analyst Daniel Politzer described the swings as typical noise for a new market as accounting and promotional behavior normalize.
Tax revenue and market structure are the stakes
For regulators, New York’s July performance means a stronger tax month from an already mature digital betting sector. The state’s online sports betting model depends on high license fees and a steep revenue tax, making operator win more important than handle as a public-finance measure. When books hold above 11%, tax receipts can rise quickly even if the betting calendar is not at its seasonal peak.
For operators, the stakes are strategic. July’s results favor companies that can combine scale with favorable bet mix, particularly parlays and in-play products that tend to support higher margins over time. FanDuel’s repeated lead in hold gives it a revenue advantage beyond customer volume. DraftKings’ handle strength keeps it close, but months such as July show why market share measured by wagers does not always capture competitive performance.
The smaller operators face a more difficult calculation. Promotional spending can stimulate handle, as Missouri’s launch period showed, but it can also dilute economics. Reducing promotions may improve margins, yet risks ceding customers to the dominant brands. In New York, where the tax burden is unusually high, that trade-off is sharper. The July numbers therefore are not only a monthly revenue rebound. They are evidence that in the largest U.S. online betting market, profitability depends increasingly on hold discipline, product mix and the ability to monetize customers without excessive incentives.
