The U.S.' most lucrative sports betting market shows no signs of slowing down. It’s only speeding up. Following last week’s release of December’s sports betting figures to wrap up 2024, every single month had a year-over-year handle increase from the previous year.
Since sports betting launched in 2022, New York produced its largest yearly handle to date with $22.7 billion wagered in 2024. That handle increased 14% year-over-year and nearly 40% compared to the first revenue year.
Nine online operators hauled in $2.05 billion, the most in a single year, as well. Profits soared 50% from 2022 and 20.8% from 2023. It was an even better year for the house as online sports holds increased from 8.8% in 2023 to 9% in 2024.
A 51% tax rate on mobile sportsbooks’ gross revenue gave the Empire State its first $1 billion haul, leading to a three-year total of nearly $2.6 billion in tax revenue.
Football is king
Football is the catalyst for sports betting nationwide, and New York is no exception. From September through December, the bulk of the NFL and college football season, the Empire State generated $8.94 billion in online wagers, a 12.9% increase from the same period in 2023.
Revenue during that stretch spiked 13.6% year-over-year to $762.99 million. While action rose, sportsbooks’ 8.5% win rate during football season was unchanged.
It could’ve been an even bigger year had October gone differently. Because of customer-friendly outcomes nationwide during a multi-week stretch when NFL favorites won at an unprecedented rate, revenue fell 14% month-over-month.
Despite books’ struggles, revenue was still up 6% during an October where wagering rose 12% year-over-year. New York kicked off 2025 with its first-ever $600 million handle week.
2024 breakdown
| Month | Handle | Gross Revenue | Hold |
| January | $1.96 billion | $211.5 million | 10.8% |
| February | $1.78 billion | $131.7 million | 7.4% |
| March | $1.85 billion | $151.7 million | 8.2% |
| April | $1.97 billion | $183.8 million | 9.3% |
| May | $1.98 billion | $203.3 million | 10.3% |
| June | $1.48 billion | $133.9 million | 9.1% |
| July | $1.27 billion | $140.3 million | 11.1% |
| August | $1.44 billion | $125 million | 8.7% |
| September | $2.08 billion | $204.7 million | 9.9% |
| October | $2.33 billion | $176.3 million | 7.6% |
| November | $2.27 billion | $231.6 million | 10.2% |
| December | $2.28 billion | $150.4 million | 6.6% |
New York sportsbooks generated at least $1 billion every month for the first time in a single year. Even in the slower summer months, operators saw growth. July produced a 31.2% higher handle year-over-year and $37 million more in revenue than the same month in 2023.
A streak of four consecutive months over $2 billion, which New York ended 2024, is the longest streak ever recorded.
New York sport betting stayed above the industry standard hold of 7% every month but one this past year. The Empire State’s operators only fell below 6% once in three years and produced no win rates below 7% in 2023. Monthly hold exceeded 10% four times in 2024 compared to just two in 2023 and 2022.
