Revenue Tracker May 2022

Jacob Wayne, analyst at sports data firm, brings us the latest monthly round-up of US sports wagering revenue and expert insights.
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Jacob Wayne, an analyst at sports data firm, brings us the latest monthly round-up of sports wagering revenue and expert insights from across the US.

In May 2022, the sports betting industry slowed down a bit due to the lack of high-level sports taking place. The NBA and NHL Playoffs began to wind down, and we’re still several months from the beginning of the NFL season, so baseball drew most of the country’s sports betting attention. As the handle decreased across the country, some states were able to redeem their profitability with increases in hold rates and revenue. 

This article will break down the financial results of sports betting in May for five of the largest markets in the country, including New York, which continues to set a new standard for a state’s success in the business. For more information on the following states’ legislation, financial results, and available sportsbooks, you can visit our website at We also have extensive coverage of national trends in the sports betting industry. 

New York

Handle: $1,269,862,570 Revenue: $110,418,075 Hold Rate: 8.7% Taxes: $53,859,457

New York launched its online sports betting market in January 2022, but it recorded its lowest sports betting handle of the year in May. May’s handle decreased by about 9.2% from April’s $1.39 million in total sports bets. However, the state recorded its highest hold rate to date at 8.7%, leaving New York its third-most revenue for a single month of all time. Revenue increased by about 5.6% from $104.5 million in April. 

FanDuel continues to dominate the New York market as it ranked first with $552.6 million in total wagers (43.5% market share) and $63.9 million in revenue (57.9% market share). DraftKings came in second with $313.6 million in total wagers (24.6%) and $21.5 million in revenue (33.6%). Caesars was next with $192.7 million in total wagers (15.2%) and $10.8 million in revenue (9.8%). FanDuel’s 11.5% hold rate led the market by a significant margin.

While consolidation continues to take place across the United States, the top platforms will predominantly dominate the market due to its intense 51% tax rate, the highest in the country – smaller platforms simply can’t compete with marketing expenditure. While operators have continued to complain about the lofty tax rate, the model has thus far worked very well for the state. New York has collected over $50 million in tax revenue for three straight months, a number that only eight states have reached all time. 

New Jersey

Handle: $766,412,352 Revenue: $61,594,016 Hold Rate: 8.0% Taxes: $7,998,017

New Jersey was another state where the total sports betting handle declined in May, dropping about 17.3% from April’s $926.9 million. May’s handle was the state’s lowest since August 2021 and the first month that hasn’t seen at least $900 million in total wagers since that month. The handle in May was also down by about 5.9% year-over-year from $814.3 million in May 2021. 

However, even with the decline in the handle, revenue increased from April as New Jersey’s 8.0% hold rate resulted in a 22.5% increase in gross gaming revenue (GGR). Revenue was also up 16.4% year-over-year from $52.9 million in May 2021. The top licensee in terms of revenue was Meadowlands Racing and Entertainment, with its FanDuel, PointsBet, and SuperBook Sports totaling $35.5 million in GGR (57.6% market share).

Interestingly, May 2022 provided a break from the 2022 trend of lower revenue – sportsbooks have totaled $269 million in revenue on a 5.2% hold year-to-date, which is down 9.3% from 2021 through May. Meanwhile, the state’s handle is up 25% in the same period. According to one Wells Fargo analyst, New Jersey players have either enjoyed “extreme good luck” or GGR has been reduced due to increased promotional spending. New Jersey doesn’t report promotional expenses, but it’s likely the latter to compete with New York’s booming market. 


Handle: $562,000,848 Revenue: $26,999,000 Hold Rate: 4.8% Taxes: $1,822,433

Unlike New York and New Jersey, Nevada only experienced a slight 3.5% decrease in its sports betting handle in May compared to $582.5 million in April. The past two months have been prolonged for Nevada’s specific numbers, though, as the state hadn’t had a month with under $700 million in total wagers since August 2021. Still, Nevada’s handle grew 17.8% year-over-year in May compared to $477.2 million in May 2021. 

Revenue from sports betting remained relatively flat in Nevada in May as the state’s sportsbooks generated $27 million in GGR on a 4.8% hold rate. That’s an increase of 6.4% from $25.4 million in April and a slight rise in the hold rate from 4.4%. Interestingly, despite the decline in sports betting, May’s total gaming handle was $1.3 billion, the 15th-straight month the state has gone over a billion dollars. 

A move to Las Vegas has been rumored for the Oakland Athletics. They will be encouraged by the baseball betting market in Nevada as there were almost $245 million in total baseball wagers in May, the most of any sport. Baseball bets were up 30.5% month-over-month from $187.7 million in April. Basketball came in second in the state with $178.4 million, even with the NBA Playoffs taking place. 


Handle: $493,350,519 Revenue: $47,828,553 Hold Rate: 9.7% Taxes: $12,603,546

Pennsylvania joined the club of states with a reduced sports betting handle in May as its handle decreased by 13.8%. May was the first month since August 2021 that Pennsylvania hasn’t surpassed $500 million in total sports bets. However, the state’s handle still increased by 10.2% year-over-year. Revenue decreased slightly by 2.6% from $49.1 million in April, but the state’s hold rate reached 9.7%, the highest since November 2021.

FanDuel continues to dominate the Pennsylvania market as Flutter CEO Peter Jackson promised it would – “we’re leaning in very heavily to acquire as much business as we can.” FanDuel accounted for 56% of Pennsylvania’s sports betting revenue in May, which was well ahead of DraftKings (18%) and BetMGM (10%). FanDuel dished out $5.5 million in promotional spending in May, five times more than DraftKings and the most in the market by far. Still, FanDuel came in with a 13.1% hold rate, much higher than DraftKings (7.4%) and BetMGM (8.4%).

On June 1, Ohio announced that it would be launching its online sports betting market on January 1, 2023. After New York launched its online market in January, Pennsylvania has been increasingly surrounded by legal sports betting states. Still, the “new [Ohio] market shouldn’t drastically impact the economics of Pennsylvania gaming,” according to PlayPennsylvania, as New York is a much larger market and hasn’t slowed down the growth in Pennsylvania.


Handle: $360,325,438 Revenue: $27,119,329 Hold Rate: 7.5% Taxes: $1,659,189

Colorado had a slow month of May with just $360.3 million in total sports bets, the state’s lowest amount since August 2021. The state’s handle decreased by 8.2% from April’s $392.3 million. However, the handle increased by 44.8% year-over-year from the paltry $248.9 million in total wagers in May 2021. 

Colorado’s revenue increased by under 20% from April to May, and revenue was up 76% from $15.2 million in May 2021 on a 7.5% hold rate, the state’s highest total of the year. The state’s promotional credits and deductions came in over $10.5 million, the ninth consecutive month of eight figures in that department. Colorado used its 10% tax rate to collect almost $1.7 million for the month, leaving it just shy of $6 million for the year. The tax amount collected for 2022 thus far is running more than $1.6 million ahead of pace compared to 2021. 

As the Colorado Avalanche surged toward a Stanley Cup Championship, hockey spiked to a $35.7 million handle for May, an all-time high since launch and 37.4% higher than April. The house collected just a 2.3% hold rate on those hockey wagers. The bulk of revenue came from parlays as operators collected almost $11.2 million in May, thanks to a 17.7% hold rate.