Chalk up it up to exciting playoff runs by the New York Knicks and New York Rangers as major reasons why May was a banner month for legal sports betting in New York.
According to data published by the New York State Gaming Commission, online sportsbooks in NY saw revenue increase 34% year-over-year in May, with handle – the total amount wagered – skyrocketing by 45%.
The surge in revenue, reaching $203.3 million, was fueled in part by a monthly hold of 10.3%. The monthly handle for NY online sports betting broke the $1.9 billion mark, setting the fourth-highest total in Empire State history with the three above it coming during the peak of football season in 2023.
DraftKings, FanDuel still run NY sports betting
May was more of the same in the Empire State in regard to the heavyweight bout between the top brands in the market.
Leading the charge in both handle and revenue growth was DraftKings Sportsbook NY, whose earnings soared to $84.2 million, a 76% YoY leap. DraftKings also clinched the title for the highest handle in the state, reaching a whopping $812 million, a 72% increase over previous figures.
Despite DraftKings’ dominance in handle, the revenue crown went to FanDuel Sportsbook NY, raking in $88 million, a solid 16% increase from previous records. FanDuel’s handle also surged to $748 million, marking a 33% growth compared to May 2023.
Take a look at other NY online sportsbooks in May
Caesars Sportsbook NY found itself in third place, with revenue down 20% to $11.1 million on a wagering total of $160 million, down 2%. Meanwhile, BetMGM Sportsbook NY saw a notable 25% spike in handle, reaching $117 million. However, its winnings slipped by 8% to $8.2 million, attributed to a low hold of 7%.
A relative newcomer to the scene, Fanatics Sportsbook NY, saw exponential growth with a 276% surge in handle, totaling $72 million in wagers and revenue of $7 million, marking a whopping 478% upgrade from the previous year under PointsBet’s license.
BetRivers Sportsbook NY saw a respectable 27% increase in handle, reaching $45 million, with a gross of $3.6 million, a 12% improvement.
Bally Bet Sportsbook NY and Resorts WorldBet also enjoyed impressive growth, with Bally Bet witnessing a 264% increase in handle to $8 million, for revenue of $500,000, a 209% improvement. Resorts WorldBet’s handle reached $8 million, a 99% jump, with revenue of $600,000, marking a 52% increase.
WynnBet Sportsbook NY was at the tail end of the spectrum, with just $2 million in wagers and $100K in winnings.
| Online Sportsbook | Handle | Gross Gaming Revenue | Tax |
|---|---|---|---|
| DraftKings | $812,320,717 | $84,190,457 | $42,937,133 |
| FanDuel | $747,547,095 | $88,013,044 | $44,886,653 |
| Caesars | $160,076,719 | $11,111,417 | $5,666,823 |
| BetMGM | $117,321,640 | $8,158,205 | $4,160,684 |
| Fanatics | $71,723,762 | $7,020,777 | $3,580,596 |
| BetRivers | $45,467,207 | $3,611,601 | $1,841,917 |
| Resorts WorldBet | $8,491,307 | $631,310 | $321,968 |
| Bally Bet | $8,074,184 | $536,780 | $273,758 |
| WynnBet | $1,924,147 | $73,928 | $37,703 |
| Total | $1,972,946,780 | $203,347,519 | $103,707,235 |
