Record-Breaking Sports Betting Surge in New York: A Closer Look
In May, New York experienced a significant uptick in sports betting, with player spending reaching impressive figures. Notably, the gross gaming revenue (GGR) from online sports betting soared to a remarkable $248.9 million, establishing a new monthly record for the state. This achievement is particularly noteworthy as the state’s total handle surpassed $2 billion for the third consecutive month, highlighting a consistent trend in player engagement.
The GGR in May surpassed the previous high of $248 million recorded earlier this year in January, edging it out by a mere 0.4%. This month’s revenue also marks a robust year-on-year growth of 22.1% and a 29.2% increase compared to April’s numbers, according to the latest report from the New York State Gaming Commission.
Player spending during May hit an impressive $2.21 billion. This figure not only reflects an 11.6% increase from the same period last year but also surpassed April’s handle by 2.3%. However, it’s essential to note that this total falls short of January’s peak of $2.49 billion by 11.2%.
In terms of hold percentages, New York reported a monthly figure of 11.23%, showing a solid return on bets placed.
FanDuel Maintains Dominance in New York
Turning to the operators, FanDuel, a subsidiary of Flutter, continues to reign supreme in New York’s online sports betting scene. In May, it reported a GGR of $108.8 million, driven by an $803.1 million handle, resulting in a hold of 13.54%.
Following FanDuel is DraftKings, which had a brief stint in the lead during March but fell to second place in April and maintained that position in May. The operator garnered $84.2 million from a handle of $785 million, yielding a hold of 10.73%.
Fanatics secured the third position with a GGR of $18 million from a handle of $190.6 million, achieving a hold percentage of 9.44%.
Other operators like BetMGM and Caesars also played their part in this competitive market. BetMGM’s GGR reached $14.7 million with a handle of $161.2 million, resulting in a 9.12% hold. Caesars followed closely, posting $13.8 million from a $152.3 million handle, leading to a 9.06% hold.
Rush Street Interactive and ESPN Bet also contributed to the landscape, with Rush Street reporting $4.1 million in GGR from $50.1 million, and ESPN Bet earning $4 million from a handle of $48.2 million, respectively.
Finally, lesser-known operators like Resorts World Bet and Bally Bet rounded out the market, although their figures were on the lower end—Resorts World Bet reported $769,446 from $9.1 million for an 8.41% hold and Bally Bet managed to achieve $631,019 from $12 million, ending with a hold of 5.25%.
Overall, May’s figures demonstrate not only the growing popularity of sports betting in New York but also a competitive market where established players continue to dominate while the landscape evolves.