The mobile betting there remains unmatched.
The revenue total was the second-highest in state history, behind the $163.6 million generated in March, and third-highest nationally in the New Jersey.
Thanks to New York’s 51% tax rate on mobile revenue, which was all but $675,037 of May’s overall amount, the state became the first post-PASPA to clear $1 billion in tax receipts. Doing so in 17 months of mobile wagering — the state had generated just $4.2 million in tax revenue from its four commercial sportsbooks after launching in July 2019 before adding the mobile component in January 2022 — is a rather remarkable feat.
Then-Gov. Andrew Cuomo asserted, started in April.
Operators routed the public in May, keeping 11.2% of the $1.36 billion wagered. The handle also gave New York a clean sweep of the top 12 monthly all-time spots nationally post-PASPA.
The 11.2% hold is the third-highest in the mobile era and first in double digits since reaching 11.4% last September. The mobile books paid $77.5 million in taxes for May, while the overall total is more than $363 million for the calendar year.
FanDuel a notable contributor to tax bill 3a3f7
May #SportsBetting numbers 🧵for #NewYork via @NYSGamingComm. All-time thru 5/23
Handle: $24,630,827,525
Revenue: $2,122,734,943
Win Rate: 8.62%
Taxes: $1,061,180,17215/15 #GamblingTwitter
— Chris Altruda (@AlTruda73) June 9, 2023
first mobile operator to reach $1 billion in gross revenue in New York. The online titan added another $5.1 million in the last three days of May to finish less than $3,000 shy of $76 million, and it posted an all-time high win rate of 13.5% on $561.4 million handle.
The final three days’ revenue was also enough to enable FanDuel to for more than half the Empire State’s mobile revenue for the second straight month and third time this year. It has paid more than $516 million in taxes in New York, a figure over $100 million higher than any state has generated post-PASPA.
The only other mobile operator to have a double-digit hold in May was DraftKings, which kept $47.7 million from $471.1 million handle for a 10.1% mark. A well-defined yet distant second to FanDuel in every major category in New York, DraftKings sured $7 billion in all-time handle with May’s numbers and cleared $40 million in revenue for the seventh time in nine months.
BetRivers had a notable bounce-back as its revenue increased more than four-fold from April to $3.2 million and narrowly missed a 9% hold from $35.9 million in accepted wagers. Its win rate was seven percentage points higher compared to the previous month, when it barely cleared $800,000 from over $49 million handle.
BetMGM‘s $93.8 million handle was its lightest since totaling close to $73 million last August, but its month-over-month revenue surged 24.7% to nearly $8.9 million, as its 9.4% hold was nearly four full percentage points higher compared to April.
U.S.-based assets to Fanatics for $150 million, had its first sub-$20 million handle since last July.
Year-over-year numbers trending upward 6e2h4d
Running 2023 YTD Top 10 #SportsBetting handle by state (May in CAPS):
1 NEW YORK $7.98B <-NEW
2 New Jersey $3.8B
3 Nevada $3.02B
4 Illinois $3.018B (thru March)
5 Ohio $3.015B
6 Pennsylvania $2.7B
7 Colorado $1.88B
8 Virginia $1.88B
9 Michigan $1.6B
10 Indiana $1.54B— Chris Altruda (@AlTruda73) June 9, 2023
New York’s handle, which will cross $8 billion for the year with its next weekly report, has increased nearly 6% compared to the first five months of 2022. Gross revenue, however, is up 33.2% to $713.8 million thanks in part to a hold hovering just under 9%. That is 1.8 percentage points higher than the same period last year and has contributed to tax revenue running $90 million ahead of 2022’s pace for the first five months.
For May, handle increased 7.4% year-over-year, while revenue spiked 38.2% compared to 2022, as the 11.2% hold was up nearly 2.5 percentage points. Handle was down 7.4% versus April, but revenue ticked 9.6% higher.
On the retail side, Tioga Downs avoided a fourth consecutive losing month, as it claimed $14,358 from nearly $470,000 wagered for a hold under 3.1%. A rough March in which bettors came out more than $151,000 ahead still has Tioga Downs down $75,104 in 2023. The state’s four brick-and-mortar books had a hold of 13% on $5.2 million handle.
