Another Billion-Dollar Month As NY Online Sportsbooks Combine For $1.3 Billion In May Handle

Written By Mike Mazzeo on June 9, 2022

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.

Photo by Shutterstock / PlayNY
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Mike Mazzeo

Mike Mazzeo is the Lead Writer for PlayNY, arriving after covering several of New York's professional sports teams in a variety of roles for the past decade. Previously, he served as a beat writer and columnist covering the Brooklyn Nets (ESPN) and New York Yankees (New York Daily News). Mike also covered both the MLB and NBA nationally for Yahoo Sports. In addition, he served as a general assignment reporter for ESPN NewYork.com. He has also had bylines in the New York Times, New York Post, Newsday, Forbes and The Ringer. With PlayNY, Mike brings extensive coverage and unique story angles to what is projected to be one of the biggest and most lucrative online sports betting markets in the country. It's been an arduous and confounding process to get here, but 20 million New Yorkers (many of them die-hards) are now legally able to bet on their favorite sports teams across the state via online and mobile platforms.

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