Revenue from online sports betting in New York State shot up 34 percent in May. Handle increased even more: 45 percent.
The high hold of 10.3 percent helped fuel the increase, bringing revenue to $203.3 million, while handle surged past $1.9 billion. New York doesn’t report promotional outlays and taxes revenue at 51 percent.
Enjoying dramatic increases in both handle and revenue was DraftKings. Its winnings totaled $84.2 million, a 76 percent leap, while handle was $812 million, a 72 percent increase and the most in the state.
Despite enjoying the lead in money wagered, DraftKings came in second in revenue. First place went to FanDuel and its $88 million, a 16 percent lift. FanDuel handle was $748 million, 33 percent greater than in May 2023.
Slipping further into third place was Caesars Sportsbook. It grossed $11.1 million (down 20 percent) on wagering of $160 million (minus two percent).
Despite a 25 percent surge in handle to $117 million, BetMGM’s winnings slipped eight percent to $8.2 million. Low hold of seven percent was the culprit.
Newcomer Fanatics’s handle soared exponentially (276 percent), bringing it $72 million in wagers and revenue of $7 million, a 478 percent upgrade from last year, when PointsBet held the license. BetRivers was up 27 percent to $45 million, for a gross of $3.6 million, a 12 percent improvement.
BallyBet also enjoyed an exceptionally upward month, increasing handle 264 percent to $8 million, for revenue of $500,000, a 209 percent improvement. Resorts World Bet also had handle of $8 million, a 99 percent jump. Its winnings were $600,000, a 52 percent increase.
WynnBet brought up the rear with $2 million in wagers, falling 75 percent. Its winnings were $100,000, an 84 percent plunge.
