Record May for New York Online Sports Betting Industry

This represents a 33.8% increase from May 2023 and a 10.6% rise from April 2024. The total wagers for the month amounted to $1.97 billion, marking a slight 0.5% increase from the previous month and a robust 46% growth year-over-year. The operators achieved a 10.3% hold rate.

Impact of Local Sports Teams

The performance was notably boosted by the playoff successes of New York’s professional sports teams. The New York Knicks’ run in the NBA playoffs and the Rangers’ advance to the NHL’s Eastern Conference Finals spurred substantial engagement among sports fans.

The revenue surge translated into significant tax benefits for New York. With an 18% tax rate on online sports betting revenue, the state collected $103.7 million in May, up $10 million from the previous month.

“This boost in tax revenue is a major positive for New York, enabling further investment in public services and infrastructure,” stated financial expert Michael Chen.

The dominance of Key Players

In May, DraftKings and FanDuel were the top players in the New York sports betting market, capturing 85% of the total revenue.

DraftKings achieved a record handle of $812.3 million and revenue of $84.2 million. Meanwhile, FanDuel maintained its leading position with a handle of $747.5 million and revenue of $88 million.

Other operators also had significant contributions to the market. Caesars reported a handle of $160.1 million, establishing itself as the third-largest operator in the state. BetMGM recorded a handle of $117.3 million with $8.2 million in revenue, showcasing strong growth.