New York Sports Betting Revenue In May Surpasses $200M

The New York State Gaming Commission reported $203.3 million in sports betting revenue for the month of May, the second-highest total since online wagering went live in January 2022. Revenue in May came within $8.2 million of this January’s all-time mark.

New York operators generated a 33.8% increase in revenue compared to May 2023

New York operators saw a 33.8% increase in revenue compared to May 2023. It was also up 10.6% from April as the sportsbooks’ hold reached 10.3% on the $1.97 billion handle.

The Empire State has a 0.5% increase in wagers month-over-month. However, it is still up 46% year-over-year and constitutes the third handle of more than $1.9 billion in 2024.

New York’s 51% tax rate filled the coffers with a staggering $103.7 million, up $10 million from April. The state’s professional sports teams helped facilitate these profits.

The NBA’s Knicks remained in the playoffs until May 19 and the NHL’s Rangers reached the Eastern Conference Finals, which ended June 1. The Yankees also performed well in the MLB, finishing 21-7 in May.

New York’s nine licensed operators — Bally Bet, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, Fanatics, FanDuel, Resorts World Bet, and WynnBET — finished the last week of May with a combined $23.2 million in revenue.

Wagers via sports betting apps created an 11.7% hold against $389.7 million in handle

The New York State Gaming Commission reported $45.5 million in mobile sports betting revenue for the week ending May 26 on Friday, bolstering the state’s all-time tax revenue just above $2 billion.

Wagers via sports betting apps helped produce a 11.7% hold against $389.7 million in handle. Eight of the nine operators in the Empire State had a win rate of at least 9%.

Additionally, DraftKings led all other sportsbooks in May handle with an all-time high $812.3 million. The operator collected $84.2 million in revenue as well. DraftKings also set the state’s all-time record for weekly revenue at $36.5 million for May 12.

FanDuel had the second-highest May handle at $747.5 million. Although last year’s month was a 4% drop from April, it was the eighth consecutive month of wagers of over $700 million.

Next, Caesars produced over $1 million more month-over-month with a handle of $160.1 million. BetMGM was the only other operator to finish above $100 million in wagers.

Plus, BetRivers reached seven figures in revenue in back-to-back weeks. It surpassed the benchmark by $62,200. It was the first time BetRivers had consecutive weeks of at least $1 million in winnings since December 2023.