The New York State Gaming Commission announced the total amount in May was $203.3 million in sports betting revenue. This was only the 2nd time that the amount was above US$200 million in a month.
The first was this year, in January, with US$211.5 million reached. The value also increased by 33.8% compared to May 2023.
FanDuel remains at the top of New York sports betting
Mobile sports betting turnover in New York was $1.97 billion during the month. This number increased 45.9% from the previous year and was the highest since the record month of November 2023.
Net revenue for the platform provider was $99.6 million. This was also the second highest value since New York‘s legal sports betting market was introduced in early 2022.
FanDuel remained the biggest winner in New York in May, reaching $88.0 million. This occurred from a turnover of US$ 747.5 million. While second place, DraftKings, had a turnover of US$812.3 million, with revenue of US$84.2 million.
However, Caesars Sportsbook was the only one of the other seven operators to register above US$10 million. With a turnover of US$ 160.0 million, it generated revenue of US$ 11.1 million.
BetMGM announced a turnover of US$117.3 million and revenue of US$8.1 million, while Fanatics had US$7 million in revenue from US$71.7 million.
The state 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 slightly ahead of other, longer-established regulated betting markets in other US states. Among them are New Jersey and Indiana, which have been open a few years longer than New York but now lag behind in terms of revenue and footfall.
This growth also makes the state the largest contributor to the sports betting tax. Earlier this year, the Quarterly Survey of State and Local Tax Revenues (QTAX), conducted by the United States Census Bureau, confirmed this fact.
According to the report, New York contributes more than 37% of the total tax revenue generated by sports betting in the US.
During the third quarter of 2023, sports betting accrued national taxes and gross revenues of nearly $506 million. The state contributed $188.5 million to that total, nearly five times more than Indiana’s $38.6 million.
However, it’s worth noting that no state has a higher tax on gross gaming revenue than New York‘s 51%.
