New York's online sportsbooks had a rough start to the NFL season. According to figures from the New York State Gaming Commission reported by Covers on October 27, the state's eight online sportsbooks generated $159.4 million in revenue on a $2.4 billion handle in September, a hold of 6.6%. Revenue fell 17.7% from a year earlier, and the 6.6% hold is the lowest New York books have posted in the first month of an NFL season. The New York sportsbook hold figure is a good excuse to explain how these numbers work and what they mean for bettors.
The headline numbers
The September report gives three figures that matter. Handle, the total amount wagered, was $2.4 billion. Revenue, what the books kept after paying winners, was $159.4 million. Hold, the percentage of handle the books kept, was 6.6%. Revenue was down 17.7% on September 2025.
Those numbers tell a clear story. Customers bet heavily, but they won a larger share of what they bet than usual. That is a very different problem from a shortage of customers, and it is one reason a revenue slump does not necessarily mean the market is shrinking.
What "hold" really tells you
Hold is the sportsbook equivalent of a poker room's rake, with one big difference: it is not fixed. A book builds margin into its odds, often called the vig or juice, and over a very large number of bets it expects to keep a predictable slice. But in any given month, outcomes can push the actual figure up or down. If favourites win more than expected and bettors back them, or if popular parlays hit, hold drops.
September is the first month of the NFL season, a period when a handful of upsets or a run of favourites covering can swing results sharply. We cannot say from the source which of those happened in New York this year, because the report cited does not break down results by sport or bet type. What we can say is that a 6.6% hold is the lowest hold New York books have posted in the first month of an NFL season.
It also helps to remember that hold varies by product. Parlays and same-game parlays generally carry a higher margin than single-game straight bets, so a change in product mix can move the headline figure as well as outcomes.
Why operators care
Revenue of $159.4 million sounds large, and it is, but a drop of 17.7% means operators have less to spend on promotions, marketing and technology. Sportsbooks in New York pay some of the highest tax rates in the country, which reduces their room to absorb weak months. When margins thin, the usual response is to tighten promotions, adjust limits on winning customers, or lean harder on higher-margin products.
That matters for bettors. A book under pressure may scale back the free bets and odds boosts that customers love, so the first sign of a weak hold month is often a quieter promotions calendar. If you take advantage of sportsbook offers, treat them as a perk, not as a guaranteed edge.
The competition context
The timing is interesting. The same Covers digest reported that prediction markets traded over $14 billion in notional volume across one weekend, with Kalshi taking more than 70% of it. We cover those numbers in our prediction markets weekend article. The two stories are not directly linked in the source, and it would be wrong to claim that prediction markets caused New York's low hold. A single month of results is not enough evidence for that.
But operators are clearly aware of the competitive backdrop. If prediction markets keep gaining ground, licensed sportsbooks will feel pressure on both volume and margin. That is one reason leagues and operators are rushing to make deals, such as the NBA's agreements with Kalshi and Polymarket and its expanded DraftKings partnership.
What this means for bettors
Hold is a market-wide number, not a prediction of your results. A low hold month does not mean the books are easier to beat. It means customers collectively did well in that period. Over time, the margin built into the odds still tilts the maths against the average bettor.
Understand the cost of the juice. At standard -110 pricing, you need to win a little more than half your bets to break even. Knowing the break-even point is as important to a bettor as knowing pot odds is to a poker player.
Shop for lines and promotions. If several books are available to you, compare prices. Our sportsbook overview explains the basics, and our reviews of BetOnline Sportsbook, SportsBetting.ag and TigerGaming Sportsbook show how different books price and pay.
Manage your bankroll. A good September for bettors does not make October safe. The principles in our bankroll management guide apply whether you bet on football or play cash games.
The poker comparison
Poker players tend to understand variance better than most bettors, and the New York numbers are a good illustration. A poker room's rake is a steady, predictable percentage taken from every pot. A sportsbook's hold is a target that outcomes can overwhelm for weeks at a time. One is a toll road, the other a casino, in revenue terms.
That difference is why poker operators like their product's stability and why sportsbook executives watch hold the way poker players watch their downswings. It is also why diversified operators that run poker, casino and sports under one roof can smooth their earnings. For regulated poker, see our US poker state guide.
What to watch
October results will show whether September was an outlier or the start of a trend. If hold recovers, the story is mostly about outcomes. If it stays low, the questions will shift to product mix, promotional spending and competition. The New York State Gaming Commission publishes its figures regularly, so the evidence will arrive soon.
Bottom line
New York's September numbers were weak on margin and strong on activity: $2.4 billion in handle, $159.4 million in revenue, a 6.6% hold and a 17.7% revenue drop from last year. The data say customers won more than usual, not that customers left. For bettors, the best response is to ignore the headlines, understand the juice, and keep a firm grip on bankroll and discipline.
This article is for information only. Sports betting involves risk. If you or someone you know has a gambling problem, call 1-800-MY-RESET.