Online sportsbooks in New York combined for nearly $1.3 billion in handle during May, according to monthly data provided by the New York State Gaming Commission.
As a result, NY online sportsbooks combined for $110 million in gross gaming revenue during the month, which led to $56 million in tax revenue.
“We know the warm months will be slower for sportsbooks across the country, corresponding to the pace of the US sports calendar itself,” PlayUSA market analyst Eric Ramsey said. “The question for the rest of the summer is how much that slowdown will impact New York, and how large the recovery surge will be this fall. Is this the beginning of actual pullback, or just a little bump in the road to next football season?”
Breaking down May 2022 NY online sports betting revenue
Locally, May was highlighted by the New York Rangers ousting the Pittsburgh Penguins and Carolina Hurricanes in a pair of thrilling seven-game, Stanley Cup playoff series en route to the Eastern Conference finals. The Rangers are the biggest remaining NHL liability at multiple NY sportsbooks, including FanDuel and DraftKings.
The Empire State has exceeded $1 billion in handle in each of its first five months since legal online sports betting launched in New York on Jan. 8.
- Jan: $1.7 billion
- Feb. $1.5 billion
- March: $1.6 billion
- April: $1.4 billion
- May: $1.3 billion
New York also crossed the $500 million threshold in terms of lifetime sports betting revenue. In addition, Gov. Kathy Hochul announced May 31 that in just five months of legal online sports betting, NY has collected $267 million in tax revenue — more than any other state regardless of launch date.
NY sportsbooks still led by FanDuel
In May, FanDuel Sportsbook NY led the way in both market share and revenue share.
FanDuel handled $553 million for a 44% market share, leading to $64 million in total GGR for a 58% revenue share.
Meanwhile, DraftKings NY held the No. 2 position DraftKings with $314 million in handle 25% market share) and $21 million in total GGR (19%). In third, Caesars NY Sportsbook handled $193 million (15%), resulting in $11 million in total GGR (10%).
And the only other NY betting app to exceed $100 million in handle, BetMGM New York accepted $123 million in bets for a 15% market share, leading to $8 million in total GGR for a 7% revenue share.