New York Sportsbooks Post $204.2 Million GGR in May as Hold Rates Slide to 9.6 Percent

New York mobile sportsbooks generated $204.2 million in gross gaming revenue during May. That figure represents an 18 percent drop from the same month a year earlier. The New York State Gaming Commission released the data on Monday, and the numbers highlight a clear gap between betting volume and operator profitability.

Bettors placed $2.13 billion in wagers across the state’s eight mobile platforms. The handle fell only 3.6 percent from $2.21 billion in May 2025. Yet the statewide win rate slipped from 11.3 percent to 9.6 percent. The result was lower revenue and $104.1 million in tax revenue for the state in the second month of its 2026-27 fiscal year.

From the supplier side this kind of margin compression is exactly what operators fear when hold rates move against them. After eighteen years across iGaming and sportsbook operations the pattern is familiar. Volume holds steady while the edge disappears.

Operators Record Low Performance This Month

Six of the eight mobile sportsbook operators posted lower revenue year over year. Only Fanatics and Bally Bet managed gains. The broader market has matured. Cumulative mobile sports betting handle in New York now exceeds $95 billion.

FanDuel and DraftKings still dominate. The two platforms accounted for approximately 69 percent of total betting handle in May. Their combined performance sets the tone for the entire state.

The revenue drop arrives at a moment when prop bets continue to gain traction with New York bettors. Lawmakers have already floated legislation to study the risks and growth of those bets. The timing adds another layer of regulatory scrutiny just as operators wrestle with thinner margins.

Detailed Breakdown of the Operators’ Revenue

DraftKings generated $706.5 million in handle and $66.5 million in revenue. Its hold rate landed at 9.4 percent. Revenue declined 21 percent while handle fell 10 percent from May 2025.

FanDuel remained the clear market leader. It recorded $767.8 million in handle and $88.7 million in revenue with an 11.6 percent hold rate. Revenue decreased roughly 18.5 percent year over year. These FanDuel figures come from subtracting the rest of the market from the statewide totals.

Fanatics stood out on the upside. The operator handled $249 million in wagers, a 30.6 percent increase from $190.6 million the prior year. Revenue reached $18.3 million, up 1.8 percent, on a hold rate of 7.3 percent.

BetMGM posted $166.2 million in handle, a 3.1 percent increase. The 8.1 percent hold produced $13.4 million in revenue, still down 8.7 percent from May 2025.

Caesars saw the steepest revenue decline. It generated $9.8 million, a 28.6 percent drop from May 2025. BetRivers posted a 6.9 percent hold rate and revenue that declined 24.7 percent year over year.

theScore Bet, owned by Penn Interactive, recorded revenue 19 percent lower than the predecessor ESPN Bet figure from May 2025. Bally Bet delivered its strongest May yet with $14.1 million in handle, up 17.3 percent, and revenue that surged to $1.1 million.

Risk and Counterarguments in the Data

The numbers invite a risk discussion. Lower hold rates could reflect sharper bettors, more efficient pricing tools, or simply variance in a handful of high-profile events. The source data does not isolate the exact driver.

One counterargument is that May represents a single month. Betting activity remained relatively stable. The 3.6 percent handle decline is modest in a market that has scaled past $95 billion lifetime. Operators may view this as noise rather than a structural shift.

Yet the consistency of the revenue drop across six operators suggests something more than random variance. If hold rates stay compressed, promotional budgets will face pressure and technology investments may slow. From the platform side I have seen these cycles before. The ones who adapt their risk models fastest keep the most optionality.

The prop bet scrutiny adds another variable. Any regulatory change there could alter product mix and further impact hold percentages. Operators must track both the data and the legislative calendar in lockstep.

Strategic Implications for New York Operators

New York remains one of the largest regulated markets. The tax haul of $104.1 million in a single month still matters to state budgets. For operators the question is how to protect margins when volume growth moderates.

Some will lean harder into customer acquisition. Others will invest in proprietary pricing engines or tighter risk controls. The data shows that Fanatics grew both handle and revenue. Its 7.3 percent hold rate still delivered a positive year-over-year revenue comparison.

Bally Bet’s revenue surge on modest handle growth points to improved conversion or better market positioning in niche segments. These outliers deserve close study.

The billboard advertising debate in New York could also influence customer acquisition costs. Any restriction would change the cost of reaching new bettors and might favor incumbents with stronger brand recall.

The Bottom Line is that New York operators are navigating thinner margins in a maturing market. Handle remains robust at $2.13 billion for the month, yet the drop in hold from 11.3 percent to 9.6 percent translated directly into an 18 percent GGR decline. Executives should pressure-test their pricing and risk models now rather than later. The operators who turn this data into tighter execution will widen their competitive gap heading into the second half of the fiscal year and beyond.