New York Posts Second Highest Betting Revenue in May
The New York Commission has released its wagering report for May, revealing a surge in sports betting activity and revenue.
The $203.3 million in May was New York's second highest sports betting revenue of all time.
LISTEN TO THIS ARTICLE:The state noted a significant 45% year-on-year increase in handle to $1.97 billion in the month. This total also marks the third time New York's player wager amounts surpassed $1.9 billion in the year.
In terms of revenue, operators in the state collectively achieved $203.3 million, an increase of 33.8% year-on-year and 10.6% month-on-month. The figure also represents the second-highest revenue for the Empire State since it launched its online wagering market in January 2022. It fell short of January 2024's all-time high of $211.7 million by 3.9%.
With May's record revenue, New York makes history by becoming the first state to exceed $200 million in monthly sports betting revenue twice following the PASPA Act repeal.
Operators held 10.3% of total wagers during the month and contributed $103.7 million in tax revenue to the state.
DraftKings Acheives All-Time Highs
DraftKings had an impressive showing in May, with a standout performance that included a record-breaking handle and revenue. The operator took in $812 million in bets, an increase of 72% year-over-year. Additionally, DraftKings' betting revenue soared to $84.2 million, a 76% surge from the previous year. Both figures were the highest the operator has seen since operating in the New York betting market.
Although DraftKings secured the highest handle in the state, its revenue narrowly fell behind FanDuel's $88 million. The two sportsbooks accounted for 85% of the total revenue in May.
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Fanatics is another bookmaker that enjoyed a significant boost in handle and revenue in the month. It reported a 278% increase in handle and a 478% surge in revenue to $7 million.
Since entering the state at the end of February, the new operator has demonstrated a steady upward trend in revenue, from $3.8 million in March to $5.6 million in April and its latest record in May.
However, other sportsbooks like Caesars and BetMGM were not so fortunate. The two brands saw their GGR plummet by 20% to $11.1 million and 8% to $8.2 million, respectively. Despite the decline in handle, they recorded over $100 million in bets during the month.
Playoff Fever Fuels Betting Activity
New York's remarkable May revenue report is a break away from the trends observed in other states that have published their May results.
The recently released figures were characterized by a decline in sports betting handle and revenue. For instance, North Carolina's handle in the month reduced by 19.0% year-on-year. Its wagering revenue also suffered a 49.1% decrease. It was the same in Maine, where May's wagering revenue fell by 19.5% month-on-month.
The high betting activity in New York in May can be attributed to the simultaneous playoff runs of the New York Knicks in the NBA and the New York Rangers in the NHL.
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