Less Than Five Months In, New York Enters Top 5 In All-Time US Online Sports Betting Handle

Written By Mike Mazzeo on May 20, 2022

New York needed just 4½ months to move into the top 5 all-time among states in online sports betting handle.

The Empire State reached $6.9 billion in online wagers from Jan. 8 launch through May 15, surpassing Indiana — at least temporarily, if not for good — in the process.

Since launching in August 2018, New Jersey has accepted over $24 billion through April. Nevada, which has had online wagering since 2010, has taken in nearly $14 billion since the fall of PASPA in 2018.

NY sports betting looks to continue $1 billion streak

New York exceeded the $1 billion mark in online sports betting handle in each of its first four months. That streak has a chance to extend to five consecutive months, as NY online sportsbooks have taken in roughly $660 million in bets through May 15.

The Empire State established a new US monthly record by hitting $1.6 billion in handle during January.

New York’s handle continues to fluctuate in the post-NFL/March Madness portion of the sports calendar. The last four recorded weeks have looked like the Coney Island Cyclone:

  • $334.7 million, April 24
  • $295.2 million, May 1
  • $331.7 million, May 8
  • $286.2 million, May 15

That $286.2 million total represents the lowest full week since NY online betting launched. Still, NY sportsbooks did manage to collectively generate $31 million in total gross gaming revenue (GGR).

FanDuel, DraftKings lead charge for NY sports betting

As usual, FanDuel Sportsbook NY led the industry with a 42% market share and 57% of the total GGR May 8-15. Bringing up second, DraftKings New York had 25% of the market share and 20% of the total GGR.

Overall, here are New York’s online sports betting stats since going live in January:

  • Handle: $6.9 billion
  • Total GGR: $493.1 million
  • Tax Revenue: $251.5 million

New York sportsbooks have unsuccessfully tried through lobbying and legislative efforts to reduce the tax rate by bringing in additional operators. Long-term sustainability could be an issue, but in the short term, the state has no reason to make any changes.

By the end of May, NY is projected to generate more tax revenue than any other state regardless of launch date.

Photo by AP / Alex Brandon
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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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