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New York’s sports betting revenues top $200m in may

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For the first time since more than one year, New York’s gross gaming revenues (GGR) from mobile sports surpassed $200m in May (EUR185.6m/PS157.2m).

The New York State Gaming Commission released figures that showed the May total was $203.3m. It was the only second month in which GGR exceeded $200m, the first time since January 2024 when it reached $211.5m. GGR was up 33.8% from May 2023.

New York sports bets on mobile reached $1.97bn in the last month. It was a 45.9% increase year-onyear, and it is the highest amount seen since November 2023.

Platform provider’s net revenue was $99.6m. It was the second-highest figure ever since New York legalized sports betting at the beginning of 2022.

New York’s sports betting leader is FanDuel

FanDuel was the top winner in New York for May with a GGR of $88.8m. The handle was $747.5m. DraftKings, the second-placed site, had a handle of $812.3m. GGR for DraftKings was $84.2m.

Caesars Sportsbook is the only operator to have a GGR above $10m. It generated $11.1m in GGR from a handle of 160.0m.

BetMGM reported a handle of $117.3m with a GGR $8.1m. Fanatics, on the other hand, brought in $7.0m GGR from $71.7m.

New York is on the rise

New York has experienced a rapid growth since January 2022 when it opened up its online legal sports betting market.

New York has a long way to go before it can be compared with other states that have regulated markets for a longer time. New Jersey and Indiana are two states that have operated for a few more years than New York, but still trail behind New York in both terms of revenue and handling.

New York is the biggest contributor to sports betting taxes because of this growth. The Quarterly Survey of State and Local Tax Revenues (QTAX), conducted by the United States Census Bureau earlier this year confirmed this.

The report states that New York generates more than 37.0% tax revenue from sports betting.

In Q3 2023, the gross and tax receipts from sports betting reached almost $500,000,000. New York’s contribution to the total was $188.5m, which is nearly five times more than Indiana’s $38.6m.

It is important to note that New York has the highest tax rate on gross gaming revenue at 51%.

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