New York Sports Betting Eclipses Massive Revenue Milestone

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 SportsNew York sports betting has eclipsed more than $2 billion in online sports betting tax revenue since launching in 2022May 2024 was the second most profitable month in New York online sports betting historyThe 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: $134,126,221DraftKings NY: $123,736,469Caesars Sportsbook NY: $27,668,719BetMGM NY: $22,499,672BetRivers: $19,712,429Fanatics Sportsbook: $14,102,296Bally Bet: $1,836,701Resorts World: $1,415,052WynnBET: $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: $18,506,324,648DraftKings: $15,022,547,506Caesars: $5,849,763,698BetMGM: $3,240,287,355BetRivers: $1,330,180,095Fanatics Sportsbook: $1,087,431,161WynnBET: $231,552,293Resorts World: $171,656,506Bally 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: $17,787,642DraftKings: $11,344,231Caesars: $2,062,670BetMGM: $1,568,592Fanatics Sportsbook: $1,414,148BetRivers: $512,885Resorts World: $223,945Bally Bet: $204,982WynnBET: $11,709

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,919,684,082DraftKings: $1,259,370,375Caesars: $417,746,069BetMGM: $210,434,739BetRivers: $76,435,389Fanatics Sportsbook: $70,731,796Resorts World: $11,105,723WynnBET: $11,093,468Bally Bet: $3,789,356