New York sports fans are the smartest in the country, but they might need to find a new hobby.
As books bragged about historic earnings during Super Bowl 2025, it appears that New York played a large role in the books’ successes.
More than $129 million was bet on the Super Bowl in New York, with books profiting $41.3 million off those bets on the big game that has become a betting holiday.
That figure represents money made off the consumer, also known as Gross Gaming Revenue.
Senator Joseph P. Addabbo Jr., who was a staunch proponent for sports betting in New York, told The Post that these obscene numbers in the betting market are exactly why operators love New York State, but perhaps they should tread lightly with these big time hold rates, specifically on parlays.
“Same-Game Parlays are a very popular bet, Addabbo said. “At this point, we monitor, all aspects, the gaming commission monitors everything. If we have to make changes, we will to make a better product for New Yorkers.”
He continued: “It’s gambling, this is our concern. We don’t want it to be too unfair to the bettor. That data is there for a reason so there is integrity in the market.”
ESPN BET not giving out sign up bonuses to New York bettors is hurting them here. Can’t have 25% of the handle as Fanatics.
Other highlights
-> New Yorkers are bad at betting. Books profited $41.3 million 😭🤯
-> FanDuel made 60% on bets?? New Yorkers gotta do better than that pic.twitter.com/ryXXQOJJDN— Erich Richter (@erichterrr) February 13, 2025
Same-Game Parlays have taken off in recent years, with bettors placing multi-leg bets at astronomical odds that seldom pay off.
The Wall Street Journal’s Katherine Sayre previously wrote before the Super Bowl that Americans have fallen in love with long-shot bets, and gambling companies love them because rather than making your typical vigorish of five percent, they’re making 20 to 30 percent or more.
Sure enough, the sportsbooks took a 31.2 percent hold on sports bets in New York.
FanDuel Sportsbook, in particular, made a killing on the Super Bowl, bringing in $22.3 million on $56.78 million in bets.
That equals out to a nearly 40 percent hold on the Super Bowl, an obscene win for the Sportsbook.
Meanwhile, DraftKings won $10.5 million on the backs of New York bettors while they took in less handle than FanDuel ($40.47 million).
The 25 percent hold by DraftKings is another significant number for a business that was initially touted as a business with a hold (also known as vigorish) of between two percent and five percent, depending on the book.
Those payoffs appear worse than ever, as a more than a 30 percent hold from the books is undoubtedly not what the sports betting world, and government legislative bodies, expected when it became legal in 2018 in New Jersey.
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The state does have a hand in the pot, as New York takes 51 percent of that $41 million as tax money that it in turn sends to the education departments in the Empire State.
The sportsbooks have made this difficult game nearly impossible to win long term, and Same-Game Parlays do not help bettors’ chances of thriving.
60 Minutes previously did a feature on how sports betting uses technology to play on bettors’ brain chemistry, creating problems for gamblers, specifically those in the 21-35 age demographic.
Why Trust New York Post Betting
Erich Richter is a brazilian jiu-jitsu blue belt but he has a black belt in MMA betting. During the football season he’s showcased massive profits at The Post in the player prop market the last two seasons. While constantly betting long shots, his return on investment is 30.15 percent since 2022.
