It’s been a bumper month for sports betting in New York in April, with operators reporting $2.165 billion in total wagers, representing an all-time high. The total Gross Gaming Revenue (GGR) was $244.1 million, up 27% from the same period last year. Thanks to the country-wide high 51% tax rate on revenue, $124.1 million was contributed to the public purse.
Those numbers come despite several financial pressures reportedly enveloping the state and completes a multi-year trend of growth for the industry. There has long been concern around rising inflation and exploding rental prices, but these figures, analysts suggest, shed a different light.
Sporting success helps state set new records
April is a bumper month for sports around the country, with playoffs in the National Hockey League (NHL) and National Basketball Association (NBA), while there is also early-season Major League Baseball (MLB) action. The New York Knicks have been involved in NBA playoffs, with plenty of buzz around the team completing a deep championship run.
April’s results further solidified New York’s status as the largest mobile sports betting market in the U.S. while underscoring the growing importance of wagering tax revenue to the state’s gaming industry.
Operators in the state can also point to a strong hold rate. Operators held 11.28% of wagers during the month, a strong figure for the mature U.S. sports betting market.
DraftKings remained the market leader in April, posting $732.3 million in betting handle, a slight increase from the $727.3 million reported during the same month in 2025. The operator’s revenue climbed 20.7% year over year to $66.8 million.
Caesars Sportsbook reported $139.1 million in handle and $13.7 million in revenue, while theScore Bet generated $45.3 million in wagers and $3 million in revenue. The figures reflected continued concentration among the market’s top operators, given DraftKings’ sizable lead over its competitors.
Figures announced amidst legal fight with prediction markets
Despite the positive market trends for gambling operators, the looming threat of federally regulated prediction markets continues to overshadow the future of the sports betting industry.
Last month, Attorney General Letitia James filed criminal charges against Coinbase and Gemini, alleging the companies facilitated illegal gambling by offering prediction markets to New York users without licenses from the New York State Gaming Commission.
The complaint argues the platforms allowed users as young as 18 to wager on uncertain outcomes, including sports and elections, while avoiding the tax requirements and 21-and-over age restrictions imposed on licensed casinos and mobile sportsbooks.
At the time, James said in a statement: “Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution. Gemini and Coinbase’s so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails. My office is taking action to protect New Yorkers and stop these platforms from violating the law.”
The Commodity Futures Trading Commission (CFTC) has since countersued, arguing the state is infringing on its mandate to provide oversight on the prediction market sector.
New York Gaming Commission cautions public over illegal gambling
Meanwhile, the New York State Gaming Commission is urging consumers to use only state-licensed online gambling platforms as part of a new public awareness campaign warning about the risks of unregulated betting.
The agency launched a website carrying the message “Unlawful Gambling = Risky Bets” in an effort to discourage New Yorkers from using sweepstakes casinos, offshore gambling sites and apps, and federally regulated prediction markets tied to sports outcomes.
Commission Chair Brian O’Dwyer said: “Legitimate, lawful, regulated gaming, of which there are ample options, has fair wagers, player safeguards, responsible gaming measures, and societal benefits. Whereas the unlawful gambling market rips off unsuspecting individuals, including youth, who think they are making legitimate wagers to the benefit of faceless, untraceable operations.”
Along with prediction markets, sweepstakes casinos have been banned in New York.
However, the relationship between the thriving financial district in New York, prediction markets, and its lawmakers is more convoluted. Supporters, including some firms tied to Wall Street and the broader financial industry, argue prediction markets function as federally regulated financial instruments that allow users to trade on the outcome of real-world events, similar to commodities or derivatives markets.
