New York’s sports betting revenue has reached an impressive milestone, surpassing $200 million in May 2024. According to the New York State Gaming Commission, the total Gross Gaming Revenue (GGR) for the month was $203.3 million. This achievement marks only the second time the state has seen GGR above the $200 million threshold in a single month, the first being in January 2024 with $211.5 million. Additionally, the GGR figure represents a significant 33.8% increase compared to May 2023, highlighting the robust growth of the state’s sports betting market.
In terms of the mobile sports betting handle, New York saw a remarkable $1.97 billion in May. This figure not only indicates a 45.9% year-on-year increase but also stands as the highest amount since the record set in November 2023. The substantial handle reflects the growing popularity and accessibility of mobile sports betting in New York, as more residents engage with online betting platforms.
Platform providers also benefited significantly from this surge in betting activity. Net revenue for these providers was $99.6 million in May, the second-highest figure since the inception of New York’s legal sports betting market in early 2022. This continued financial success underscores the state’s pivotal role in the broader US sports betting industry.
Among the operators, FanDuel maintained its position as the top player in New York’s sports betting market. FanDuel reported a GGR of $88.0 million from a handle of $747.5 million. While DraftKings handled a slightly higher amount at $812.3 million, its GGR was slightly lower at $84.2 million. These figures illustrate the intense competition among leading operators to capture a larger share of the burgeoning market.
Caesars Sportsbook was the only other operator to exceed $10 million in GGR, generating $11.1 million from a handle of $160.0 million. BetMGM reported a handle of $117.3 million and a GGR of $8.1 million, while Fanatics achieved a GGR of $7.0 million from a handle of $71.7 million. These results demonstrate the diverse and competitive nature of the New York sports betting landscape, with multiple operators achieving significant revenue.
Since the launch of its legal online sports betting market in January 2022, New York has consistently demonstrated strong growth. The state has outpaced other established betting markets in the US, such as New Jersey and Indiana, in terms of both revenue and handle. This remarkable growth has positioned New York as the leading state for sports betting revenue.
New York’s dominance is further emphasized by its substantial contributions to sports betting tax revenue. According to the Quarterly Survey of State and Local Tax Revenue (QTAX) conducted by the United States Census Bureau, New York contributes over 37.0% of the total tax revenue generated by sports betting in the US. In Q3 of 2023, national sports betting tax and gross receipts totaled nearly $506.0 million, with New York contributing $188.5 million—almost five times higher than Indiana’s $38.6 million.
However, it’s important to note that New York imposes the highest tax rate on gross gambling revenue in the country at 51%. Despite this, the state’s ability to generate significant revenue underscores the robust demand and profitability of the sports betting market in New York.
In conclusion, New York’s sports betting market continues to thrive, with May 2024 marking a significant milestone in revenue and handle. The state’s ability to outpace other established markets and contribute substantially to tax revenue highlights its leading position in the US sports betting industry.
