New York Sportsbooks Surpass $200 Million in May Revenue

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New York Sportsbooks Surpass $200 Million in May Revenue

Author: American Gambler Staff | Publish Date: June 12, 2024 | Last Updated: June 12, 2024

The New York State Gaming Commission reported that sports betting revenue for May hit $203.8 million, making New York the first state to surpass $200 million in monthly operator winnings twice in the post-PASPA era.

Although this figure is slightly below January’s national record of $211.7 million, it still places New York's May revenue between Ohio’s $209.1 million launch in January 2023 and New Jersey’s recent earnings. New York is also closing in on a significant milestone, being only $10.5 million away from reaching $4 billion in total revenue since the PASPA repeal.

With a statewide handle of $1.98 billion, New York achieved a 10.3% win rate for sports betting apps, compared to a 7.7% win rate for its four commercial retail sportsbooks. The handle surged by 45.1% compared to the previous year, and revenue increased by 33.5%. Despite a slight dip in the win rate from 11.2% in May 2023 to 10.3% this year, the state still collected $103.7 million in tax receipts for May due to the 51% tax on mobile operator revenue and a 10% levy on retail sportsbooks.

The year-to-date handle of $9.55 billion reflects a 19.6% increase compared to the first five months of 2023, while revenue rose by 23.7% to $883.4 million. The 9.3% hold from January to May is up slightly from last year, and the state’s tax collection of $448.8 million is $85.8 million more than the same period in 2023.

DraftKings led New York’s nine mobile sportsbooks in handle but not in revenue. It set all-time monthly highs with an $812.3 million handle, up 72.4% from last year, and a 10.4% hold resulting in $84.2 million in winnings, marking a 76.4% increase. DraftKings also set a state weekly revenue record of $36.5 million for the week ending May 12.

DraftKings held a 41.2% market share in handle, its highest since June last year, and its 9.3% win rate for 2024 has so far generated $320.5 million in revenue, outperforming its all-time 8.4% hold.

FanDuel claimed the top spot in revenue with an 11.8% hold on $747.5 million in wagers, collecting $88 million. This marks the fifth time in eight months that FanDuel has surpassed $80 million in monthly revenue, despite its market share for handle dropping to 37.9%, the lowest since August.

Fanatics Sportsbook set a new revenue record for the second consecutive month, edging past $7 million in May, up from $5.6 million in April. With a 9.8% win rate on $71.7 million in handle, its action increased by 276% compared to PointsBet’s $19.1 million handle from May 2023.

Caesars earned over $10 million in revenue for the eighth time in nine months, achieving $11.1 million with a 6.9% hold on $160.1 million in handle. Year-to-date, Caesars has surpassed $50 million in revenue, though it has held just over 8% of the market share for handle for the past two months.

BetMGM‘s market share dipped below 6% for the first time since November, with a handle of $117.3 million, a low for 2024. Its 7% hold resulted in $8.2 million in winnings, pushing its yearly revenue above $35 million.

BetRivers reported its second-best revenue total at $3.6 million, following nearly $5 million in November. Its 7.9% win rate on $45.5 million in handle was the highest since reaching 8.4% in September.

Resorts World edged out Bally Bet for seventh place in both revenue and handle, with $631,300 in revenue from an 7.4% hold on $8.5 million in handle. Bally Bet accepted $8.1 million in bets but had a 6.7% win rate, resulting in $536,800 in winnings.

WynnBET wrapped up the month’s data with $73,900 in revenue from a $1.9 million handle, marking a 3.9% hold. This was the second consecutive month WynnBET failed to reach six figures in revenue, though it did come within $33,800 of $1 million in 2024 winnings. Its year-to-date revenue of $966,218 is less than 35% of FanDuel’s daily average of $2.8 million.

Two of the state’s four commercial retail sportsbooks also outperformed WynnBET. Rivers Casino led the group with $190,512 in revenue, followed by Tioga Downs at $120,900. Overall, the four retail sportsbooks combined for $412,800 in winnings and a 7.7% hold from $5.4 million in wagers.

American Gambler Staff