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

Our best sports betting sites operating in the Empire State were able to shrug off an expected and impending spring/summer sports wagering slowdown, New York’s May 2024 sports betting financials show.

According to the New York Gaming Commission May revenue report, it turns out that having both the New York Knicks and New York Rangers in their respective league playoffs was a boon for New York sports betting apps and retail providers. Wagering activity for May was up slightly month-over-month but increased dramatically year-over-year, as New York posted its best sports betting handle since November. At a time when other jurisdictions have reported declines in last month’s betting activity, New York has bucked the trend.

New York sports betting benefited greatly from bettors coming out in droves during May. Revenues for providers were the second-best monthly total ever, as was the trickle-down tax revenue total for needy state and local tax coffers.

$1.97 billion May handle

Empire State bettors spent a total of $1.97 billion with New York sports betting apps and the state’s retail providers in May. It is the highest monthly total since  November, better than February, when the Super Bowl took place and the NCAA Basketball tournament-fueled month of March. Residents clearly took advance of New York sportsbook promos.

That $1.97 billion is a 0.5% month-over-month increase from April and represents an astounding 45.9% year-over-year increase from $1.36 billion in May 2023.

It is the third time in 2024 that the state’s handle has eclipsed $1.9 billion.

Revenues the second-highest ever

Revenues from New York state legal sports betting providers certainly impressed in May. In fact, they were the second highest ever, behind a 10.3% hold. Only January was a better month in terms of profits for New York sports betting sites.

A total of $203.3 million in revenues was reported for May. It is a 10.6% month-over-month increase from $184 million in April and a 33.8% year-over-year improvement from $152.6 million in May 2023. 

It represents just the second time in New York’s legal sports betting history that monthly revenues have eclipsed $200 million and fell just over $8 million short of the record $211.5 million reported in January.

Thanks to a 51% tax rate levied on sports betting revenues in New York, state and local tax coffers received $103.7 million in May, a $10 million improvement from April.

Split decision in top provider race

DraftKings New York and FanDuel New York combined to dominate the Empire State legal sports betting scene again in May. The two combined for almost 85% of the state’s total monthly revenue haul.

Each prevailed in one of the two main measuring metrics. DraftKings accepted the most bets, and FanDuel had the most profits. 

DraftKings had a $812.3 million May handle in New York and reported $84.2 million in revenues. FanDuel took in $747.5 million in wagers and made a state-best $88 million in May revenues thanks to a higher win rate.

Caesars Sportsbook New York was third with a $160.1 million May handle and $11.1 million in revenue, BetMGM New York checked in fourth with $117.3 million in bets and $8.2 million in revenue, and Fanatics Sportsbook New York rounded out the top five with $71.7 million in accepted wagers and $7 million in profits.

BetRivers New York trailed with $45.5 million in accepted bets and $3.6 million in revenues.