NFL and College Football Led to Spike
The majority of January wagers involved the NFL and College Football Playoffs (CFP). While the state’s teams weren’t competing, residents still flocked to their favorite sportsbooks to bet on the games. This led to a massive total and set the stage for a record-breaking start to 2025.
One big reason for the extra boost in January 2025 was the expansion of the CFP. The tournament was expanded to 12 teams, meaning more big games for fans to bet on. The expanded format seems to be here to stay, so January should continue to be a strong month for sports betting.
New York Market Continues to Grow
We know that New York is the largest sports betting market in the US, but we still don’t know where its ceiling is. A record-setting start to 2025 shows us that the market is still growing, setting new records at an incredible pace.
The state also set a record in gross gaming revenue at $247 million. This has increased the state's revenue, as its 51% tax rate on operators is the highest in the country.
FanDuel and DraftKings Continue to Dominate
FanDuel and DraftKings once again dominated the New York market share in 2024. FanDuel outperformed its top rival, leading the market with over $24 billion in wagers since the January 2022 launch.
DraftKings is hoping the script will be flipped in 2025. The operator is rolling out a new parlay subscription service that targets FanDuel customers. Some DraftKings bettors can access this service to get odds boosts and other parlay bonuses. The bet type has been incredibly popular with American bettors, meaning this unique service could help change the balance of power in New York.