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New York Sportsbooks Top $200 Million In May Monthly Revenue

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The New York State Gaming Commission reported $203.8 million in sports betting revenue for May, making the Empire State the first to surpass $200 million in monthly operator winnings twice in the post-PASPA era.

The total fell short of January’s all-time national record of $211.7 million, but the two monthly figures now bracket the $209.1 million reported by Ohio from its January 2023 launch. New York also overtook neighboring New Jersey on a provisional basis for most revenue among all states in the post-PASPA era, moving within $10.5 million shy of $4 billion.

The statewide hold against $1.98 billion in handle was 10.3%, with wagering via sports betting apps at that win rate compared to the 7.7% attained by New York’s four commercial retail sportsbooks. Handle surged 45.1% compared to last year, while revenue increased 33.5% as the win rate was nine-tenths of a percentage point lower than the 11.2% posted in May 2023. Between the 51% tax on mobile operator revenue and 10% levy on their retail counterparts, the state reaped $103.7 million in receipts for May.

The $9.55 billion in year-to-date handle is up 19.6% compared to the first five months of 2023, while revenue his risen 23.7% to $883.4 million. The 9.3% hold from January through May is up three-tenths of a percentage point from last year, and the $448.8 million in taxes is $85.8 million more than the same span in 2023.

DraftKings Enjoys its Best Month in New York

DraftKings did not pull off the double of leading New York’s nine mobile sportsbooks in handle and revenue, taking the top spot in the former, but it posted all-time monthly highs in both. The $812.3 million handle was an all-time monthly high, up 72.4% from last year, while the 10.4% hold resulted in $84.2 million in winnings — an increase of 76.4%. DraftKings set the state weekly record for revenue with $36.5 million for the week ending May 12.

The 41.2% market share of handle was its highest since attaining 41.9% last June and was also eight percentage points higher than March. DraftKings’ 9.3% win rate thus far in 2024 has resulted in $320.5 million in revenue and is nearly nine-tenths of a percentage point better than its all-time 8.4% hold.

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FanDuel fended off its eternal rival for the No. 1 spot in revenue thanks to an 11.8% hold on $747.5 million worth of wagers to collect $88 million. It was the fifth time in the last eight months FanDuel has surpassed $80 million in monthly revenue, though its 37.9% market share for handle was its lowest in any month since claiming 36.8% last August.

Fanatics Sportsbook had a record revenue haul for the second straight month, this time edging over $7 million after reaching $5.6 million in April. Fanatics had a 9.8% win rate against $71.7 million in handle — action was up 276% from predecessor PointsBet’s $19.1 million worth of accepted bets in May 2023.

Caesars topped $10 million in revenue for the eighth time in nine months, landing at $11.1 million as it crafted a 6.9% hold against $160.1 million in handle. It moved over $50 million in year-to-date revenue, but it had barely 8% of the market share for handle for the second consecutive month.

BetMGM‘s market share dipped below 6% for the first time since last November as its $117.3 million handle was a low for 2024. Its hold was also just shy of 7% in collecting $8.2 million in winnings, pushing over $35 million for the year.

The $3.6 million reaped by BetRivers was its second-best revenue total behind the nearly $5 million claimed last November. Its 7.9% win rate on $45.5 million in handle was its best monthly hold since reaching 8.4% last September.

Rounding out the Group of Nine

Resorts World held off Bally Bet for seventh in both revenue and handle, as its $631,300 in revenue came with a 7.4% hold on $8.5 million in handle. Bally Bet had $8.1 million worth of bets accepted, but its 6.7% win rate resulted in $536,800 in winnings.

WynnBET completed the month’s data set with $73,900 in revenue from $1.9 million in handle, notching a 3.9% hold. It was the second straight month WynnBET failed to reach six figures in revenue, though it did move within $33,800 of $1 million in winnings for 2024.

Its $966,218 in year-to-date revenue, though, is less than 35% of FanDuel’s daily average of $2.8 million.

Two of the state’s four commercial retail sportsbooks also outperformed WynnBET as Rivers Casino led the quartet with $190,512, followed by Tioga Downs at $120,900. Overall, the foursome claimed $412,800 in winnings and combined for a 7.7% hold from $5.4 million worth of wagers.



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