Apr 21, 2024; New York, New York, USA; New York Rangers defenseman Adam Fox (23) and goaltender Igor Shesterkin (31) congratulate each other after defeating the Washington Capitals 4-1 in game one of the first round of the 2024 Stanley Cup Playoffs at Madison Square Garden. Mandatory Credit: Wendell Cruz-USA TODAY Sports
- New York sports betting has eclipsed more than $2 billion in online sports betting tax revenue since launching in 2022
- May 2024 was the second most profitable month in New York online sports betting history
- The Gaming Commission reported $345.4 million in online sports betting handle for the week ending June 9
New York online sports betting hit a massive revenue milestone this past month.
New York recorded $103,707,235 in online sports betting tax revenue for the month of May, its second most profitable month of all time, officially pushing the state over $2 billion in sports betting tax revenue since launching in January 2022.
However, June will likely not be as profitable for the Empire State, as the sports betting calendar is entering a lull and the New York State Gaming Commission has reported two lackluster weeks so far in the month.
June Lackluster Month for Sports Betting
Coming off such a successful month of May, New York is already experiencing a slowdown in June. The New York State Gaming Commission reported $344.47 million and $345.4 million in online sports betting handle for the weeks ending June 2 and June 9. The weeks produced $30.28 million and $35.13 million in gross gaming sports betting revenue, respectively, which lagged behind the majority of weekly totals in May.
The New York State Gaming Commission releases handle and revenue reports for its nine NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, Fanatics Sportsbook, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.
Here are the handle breakdowns for the nine sportsbooks for the week ending June 9:
- FanDuel NY: $134,126,221
- DraftKings NY: $123,736,469
- Caesars Sportsbook NY: $27,668,719
- BetMGM NY: $22,499,672
- BetRivers: $19,712,429
- Fanatics Sportsbook: $14,102,296
- Bally Bet: $1,836,701
- Resorts World: $1,415,052
- WynnBET: $324,951
ESPN BET is slated to come to New York after securing market access through a $25 million deal for WSI US, LLC, from Wynn Interactive Holdings. WynnBET is still operating in the state and ESPN BET has yet to announce a transition date.
Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $18 billion in total handle so far.
- FanDuel: $18,506,324,648
- DraftKings: $15,022,547,506
- Caesars: $5,849,763,698
- BetMGM: $3,240,287,355
- BetRivers: $1,330,180,095
- Fanatics Sportsbook: $1,087,431,161
- WynnBET: $231,552,293
- Resorts World: $171,656,506
- Bally Bet: $74,860,084
NY Sports Betting Revenues
For the week of June 9, the nine sportsbooks reported a total of $35,130,805 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $17,916,710 million in tax revenue.
Here are the total gross gaming revenues for the week:
- FanDuel: $17,787,642
- DraftKings: $11,344,231
- Caesars: $2,062,670
- BetMGM: $1,568,592
- Fanatics Sportsbook: $1,414,148
- BetRivers: $512,885
- Resorts World: $223,945
- Bally Bet: $204,982
- WynnBET: $11,709
Here are the total gross gaming revenues since the Jan. 8, 2022 launch:
- FanDuel: $1,919,684,082
- DraftKings: $1,259,370,375
- Caesars: $417,746,069
- BetMGM: $210,434,739
- BetRivers: $76,435,389
- Fanatics Sportsbook: $70,731,796
- Resorts World: $11,105,723
- WynnBET: $11,093,468
- Bally Bet: $3,789,356
Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.
New York Sports Betting Achieves Significant Revenue Milestone
In recent years, the sports betting industry in New York has been experiencing significant growth, with the state achieving a major revenue milestone in the past month. According to the latest reports, sports betting in New York generated a record-breaking revenue of over $100 million in the month of October, marking a significant milestone for the industry.
This surge in revenue can be attributed to several factors, including the legalization of online sports betting in the state earlier this year. The launch of online sports betting platforms has made it easier for New Yorkers to place bets on their favorite sports teams and events, leading to a sharp increase in overall betting activity.
Additionally, the popularity of sports betting has been on the rise across the country, with more states legalizing and regulating the industry. This trend has also contributed to the growth of sports betting in New York, as more people are becoming interested in placing bets on sports events.
The revenue milestone achieved by New York sports betting is a positive sign for the industry, as it indicates that there is a strong demand for sports betting services in the state. This bodes well for the future of the industry, as it is likely to continue to grow and expand in the coming years.
Overall, the significant revenue milestone achieved by New York sports betting is a testament to the growing popularity of sports betting in the state. With the industry continuing to thrive and attract more customers, it is expected that sports betting will play an increasingly important role in New York’s economy in the years to come.
