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New York Has Second-Best Sports Betting Revenue Month Ever in May

Davis Isabela

Updated as of June 11, 2024 at 12:12 PM EDT, this article is a quick 2 minute and 4 second read. For more information, check out the Twitter and Google News links provided.

New York Yankees right fielder Jahmai Jones laughs after tripping while running to third base as we look at New York sportsbook financials for May 2024
New York Yankees right fielder Jahmai Jones laughs after tripping while running to third base against the Kansas City Royals in the ninth inning at Kauffman Stadium. Photo by: Denny Medley/USA TODAY Sports

According to New York’s May 2024 sports betting financials, the top sports betting sites in the Empire State successfully navigated through an anticipated slowdown in spring and summer sports wagering.

The May revenue report from the New York Gaming Commission revealed that the presence of the New York Knicks and New York Rangers in the playoffs was beneficial for sports betting apps and retail providers in the state. Wagering activity in May showed a slight increase compared to the previous month, and a significant increase compared to the same time last year, resulting in the highest sports betting handle in New York since November. While other jurisdictions have reported declines in betting activity, New York has seen a positive trend in this area.

New York sports betting saw a significant boost in May as bettors flocked to place their bets. Providers experienced their second-highest monthly revenue total, resulting in a substantial increase in tax revenue for the state and local governments.

$1.97 billion May handle

In May, Empire State bettors wagered a total of $1.97 billion using both New York sports betting apps and retail providers, marking the highest monthly total since November. This surpassed the betting activity in February during the Super Bowl and the NCAA Basketball tournament-fueled month of March, showing that residents took full advantage of New York sportsbook promotions.

The $1.97 billion represents a 0.5% increase from April and a remarkable 45.9% increase from May 2023’s $1.36 billion.

This is the third instance in 2024 where the state’s handle has surpassed $1.9 billion.

Revenues the second-highest ever

In May, New York state legal sports betting providers generated impressive revenues, coming in as the second highest ever recorded, with a 10.3% hold. January remains the only month that surpassed May in terms of profits for New York sports betting sites.

In May, revenues totaled $203.3 million, marking a 10.6% increase from April’s $184 million and a 33.8% improvement from May 2023’s $152.6 million.

This is only the second instance in New York’s legal sports betting history where monthly revenues have exceeded $200 million, coming just $8 million shy of the record $211.5 million set in January.

In May, New York’s state and local tax revenue from sports betting increased by $10 million to $103.7 million, due to the 51% tax rate on betting revenues.

Split decision in top provider race

In May, DraftKings and FanDuel continued to reign supreme in the legal sports betting market in New York, accounting for nearly 85% of the state’s total monthly revenue.

DraftKings excelled in accepting the most bets, while FanDuel led in generating the most profits.

In New York, DraftKings saw a May handle of $812.3 million with revenues of $84.2 million, while FanDuel recorded $747.5 million in wagers and generated a state-leading $88 million in revenues for the month, largely due to a higher win rate.

In May, Caesars NY ranked third with a $160.1 million handle and $11.1 million in revenue, BetMGM NY came in fourth with $117.3 million in bets and $8.2 million in revenue, while Fanatics NY finished fifth with $71.7 million in accepted wagers and $7 million in profits.

BetRivers New York generated $45.5 million in accepted bets and $3.6 million in revenues, trailing behind other competitors.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.