Sports Betting Keeps Rolling in New York During May

Spring and summer traditionally bring about a massive sports betting slowdown in the U.S. markets where double-digit declines are the norm, not the exception. But the best sports betting sites in the country proved in May that just because summer is upon us, sportsbooks don't have to go into a predictable tailspin.

New York sports betting apps topped $1 billion for the ninth straight month in May. Despite reporting their worst monthly total since September, New York's May sports betting figures would represent a record for any other state.

May also saw the Empire State reach two major revenue milestones, in terms of gross gaming revenues and taxes collected by the state of New York, according to the New York State Gaming Commission. After May, New York officially boasts the top-12 producing sports betting months ever in the American market.

Getting into the numbers

The New York legal sports betting industry produced an impressive $1.36 billion in bets in May. It is a nearly $200 million drop off from the $1.55 billion in April but do represent a nice year-over-year increase from the $1.27 billion reported in May 2022.

The New York State Gaming Commission is reporting $152.6 million in gross gaming revenues for New York in May, thanks to an 11.2% hold, which is the third-best hold ever for the state, and the highest since September.

May's New York sportsbook revenues came in significantly higher than the $139.2 million in April and the second highest in history, behind March's $163.6 million.

Roughly $77.5 million in taxes were paid by New York in May to state and local coffers.

All-time mobile New York numbers are staggering

Online sports betting has been live in New York for just 17 months but the numbers they have produced continue to defy expectations. Since the launch of legal sports betting in New York in January 2022, there has only been two months that sportsbooks didn't combine for a $1 billion monthly handle. August of 2022 was the last time New York sportsbooks didn't eclipse $1 billion.

New York’s mobile sports betting industry has combined to generate a staggering $24.1 billion in bets during their 17 months of operation. Lifetime gross gaming revenues since January 2022 have now eclipsed the $2 billion mark and state tax revenue crossed the $1 billion threshold with May 2023's numbers added in.

Only New Jersey sports betting apps have reached the $2 billion mark in terms of all-time gross gaming revenues.

FanDuel still on top

Not surprisingly, it was FanDuel that once again dominated the overall handle in the state. DraftKings was second again. Together, the two biggest New York sports betting apps combined for more than 70% of the Empire State’s May handle, with FanDuel boasting a 48% market share.

FanDuel accounted for just over $561 million of the state’s $1.36 billion May handle. DraftKings Sportsbook New York reported about $471 million in betting activity last month. Caesars was next with $162.9 million in bets in May, BetMGM fourth with $93.8 million in bets and BetRivers rounded out the top 5, finishing way back with $35.9 million in bets.

FanDuel, thanks to May’s legal sports betting haul became the first New York sports betting app to surpass $1 billion in gross revenue in the state. Off of that, it has paid just north of $516 million in taxes to New York state and local coffers.