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New York sports betting revenue tops $200m in May

| By Richard Mulligan
In May New York saw mobile sports gross gaming revenue (GGR) top the $200m (€185.6m/£157.2m) mark for the first time in more than a year.

According to figures released by the New York State Gaming Commission, the total figure was $203.3m in May. This was only the second time GGR was above $200m in a month, and the first since the $211.5m achieved in January 2024. The GGR figure was also up by 33.8% compared to May 2023.

New York mobile sports betting handle was $1.97bn during the month. This was up 45.9% year-on-year and the biggest amount since the record month of November 2023.

Net revenue to platform provider was $99.6m. This was also the second highest figure since New York’s legal sports betting market was introduced at the start of 2022.

FanDuel still top in New York sports betting

FanDuel remained the biggest winner in New York during May, achieving GGR of $88.0m. This was from handle of $747.5m. While second placed DraftKings took in handle of $812.3m, GGR was $84.2m.

Caesars Sportsbook was the only one of the other seven operators to post GGR of above $10m. From handle of $160.0m it generated GGR of $11.1m.

BetMGM announced handle of $117.3m and GGR of $8.1m, while Fanatics brought in GGR of $7.0m from $71.7m.

New York goes from strength to strength

Since New York opened its legal online sports betting market in January 2022, the state has seen impressive growth.

New York is some way clear of other, longer established regulated betting markets in other US states. These include New Jersey and Indiana, which have been open a good few years longer than New York but now flag behind in terms of both revenue and handle.

This growth also makes New York the largest contributor for sports betting tax. Earlier this year, the Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, confirmed this.

According to the report, New York contributes over 37.0% of total tax revenue generated by sports betting in the US. 

During Q3 of 2023, sports betting accumulated national tax and gross receipts of almost $506.0m. New York contributed $188.5m to this total, nearly five times higher than Indiana’s $38.6m. 

However, it is worth noting that no state has a higher tax on gross gambling revenue than New York’s 51%.

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