No U.S. market generates more sports betting handle and revenue than the Empire State.
New York continued its reign as the most lucrative state in 2024, and despite a 51% tax rate, sports betting operators still did quite well. It’s a big reason why ESPN BET spent $25 million to acquire WynnBet’s New York operating license.
The spot on top is not going anywhere anytime soon. New York’s online sportsbooks took in nearly 20% more dollars wagered through November than at the same point in 2023.
New York Sports Betting: 2024 Highlights
Jan. 16: New York Gov. Kathy Hochul leaves iGaming out of the executive budget for 2024.
Feb. 13: PENN strikes a deal with Wynn to put ESPN BET in New York, spending $25 million for the operating license.
Feb. 14: PrizePicks reaches $15 million settlement agreement with New York regulators, following the discovery that the DFS platform had been operating paid games illegally within the state.
April 5: DraftKings partners with the New York Racing Association, becoming the official betting partner of the Saratoga Race Course and the Belmont Stakes.
May 28: New York Senator opposes Steven Cohen's bid to bring a casino to Queens, causing a major setback for the Mets' owner.
Aug. 12: Two New York men are sentenced for conducting an illegal sports betting ring from April 2019 through April 2021.
Sept. 26: After receiving licensing approval from the New York Gaming Commission, sports betting operator ESPN BET begins a soft launch.
Oct. 10: New York governor Kathy Hochul reportedly is reviving New York Mets owner Steve Cohen's Queens Casino Project.
Oct. 24: Las Vegas Sands CEO Robert Goldstein is considering a $6 billion New York casino project on Long Island.
Oct. 25: Nine online sports betting operators generated the second-highest weekly handle, but bettors were so successful that the Empire State saw the second-lowest weekly hold.
New York Sports Betting: Where Things Stand
The Empire State offers nine online sportsbooks, including big dogs FanDuel and DraftKings, which account for more than 70% of New York’s gross revenue.
ESPN BET was a newcomer in 2024, replacing the exiting WynnBet, while Fanatics Sportsbook migrated its betting platform from PointsBet in February.
Retail sports betting operates at four commercial casinos in the state.
New York prohibits prop-style daily fantasy sites but does allow pick-em games to operate.
New York currently does not have iGaming or online poker. Multiple legislative attempts to bring those forms of gaming to the Empire State were thwarted in 2024.
New York Sports Betting: What's Next?
The issue of online casinos isn’t going away, no matter how much Gov. Kathy Hochul opposes it. New York’s massive market is too much for iGaming operators to give up on, and with neighboring New Jersey and Pennsylvania offering online casino action, it could be just a matter of time. It remains to be seen if 2025 is that year, but Sen. Joseph Addabbo has shown he’s keen on adding to New York’s gaming repertoire.
Sweepstakes gaming is another form that’s become controversial nationwide. A billion-dollar industry in New York, clearing up the legal ambiguity of online sweepstakes casinos that do not pay the same kind of taxes as sports betting could come under fire in 2025.
As for New York sports betting, an operator worth following in 2025 is ESPN BET, which entered the market in the fall and has yet to impact the market’s hierarchy, ranking seventh behind BetRivers in handle since the launch.
New York Sports Betting: Notes and Quotes
The deadline to submit a bid for three New York City casino licenses was extended from 2024 to 2025. Applicants have until June 2025 to submit their project plans.
One of the most controversial hopefuls is New York Mets owner Steve Cohen, who has faced many local battles to get the land needed for his $8 billion Metropolitan Park project, which would likely have a retail sportsbook.
“Whether people rallied for or against Metropolitan Park, I heard the same dreams for Corona,” New York State Sen. Jessica Ramos, who opposes Cohen’s plan, said in May. “We want investment and opportunity, we are desperate for green space, and recreation for the whole family. We disagree on the premise that we have to accept a casino in our backyard as the trade-off. I resent the conditions and the generations of neglect that have made many of us so desperate that we would be willing to settle.”
