The final three full weeks of May have not been stellar for sportsbooks in New York. But the trend appears likely to remain for the near future.
New York’s online sports betting handle is under $300 million for a third consecutive week:
- May 9-15: $286.2 million
- May 16-22: $261.2 million
- May 23-29: $271.9 million
Why NY online sports betting handle is down
This decline seems like a trend for online sportsbooks in New York. However, it’s not necessarily a surprise given where we are in the annual sports betting calendar, post-Super Bowl and March Madness. As previously mentioned, there may not be a significant increase until the start of the NFL season.
According to the NY State Gaming Commission’s report, total gross gaming revenue in New York was down to $13.8 million from May 23-29, the lowest it has been since $12.9 million from April 25-May 1. The previous three weeks’ total GGR had been $37 million, $31 million and $23.5 million.
Regardless, NY’s overall online sports betting numbers from Jan. 8 launch through May 29 remain robust. Here are the year-to-date totals:
- Handle: $7.4 billion
- Total GGR: $530.5 million
- Tax Revenue: $270.5 million
Earlier this week, Gov. Kathy Hochul praised the state for setting the sports betting tax revenue record.
“In less than half a year, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers. I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state’s economic growth.”
FanDuel NY continues to be No. 1 online sportsbook
FanDuel continues to set the pace for NY, producing a 45% market share and 61% revenue share from May 23-29. The Empire State’s No. 1 sportsbook has had a market share of over 40% for 10 consecutive weeks (39% since launch).
No. 2 DraftKings had a 26% market share and 14% revenue share from May 23-29.
From Jan. 8-May 29, FanDuel (44%), DraftKings (23%) and Caesars (23%) have combined for 90% of the revenue share.
| NY Online Sportsbook | Handle (May 23-29) | Gross Gaming Revenue |
|---|---|---|
| BetMGM Sportsbook NY | $25,580,388 | $1,502,316 |
| BetRivers Sportsbook NY | $6,965,401 | $39,570 |
| Caesars Sportsbook NY | $38,568,006 | $1,561,717 |
| DraftKings Sportsbook NY | $71,069,186 | $1,851,456 |
| FanDuel Sportsbook NY | $121,629,980 | $8,378,829 |
| PointsBet Sportsbook NY | $4,122,066 | $488,172 |
| Resorts WorldBet NY | $1,661,297 | ($103,575) |
| WynnBet NY | $2,288,059 | $117,965 |
| TOTAL | $271,884,384 | $13,836,449 |
