New York’s playoff runs lead to $200M May revenue

New York's playoff runs lead to $200M May revenue
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Fueled by the New York Knicks and the New York Rangers competing simultaneously in the NBA and NHL playoffs, New York sportsbooks took more than $200 million in revenue in May for only the second time ever post-PASPA.

As the Knicks reached the conference semifinals, the Rangers progressed to the conference finals, and the Yankees won 21 of their 28 games in May, the New York Gaming Commission reported revenue of $203.3 million last month. That is the second-highest total since online wagering went live in January 2022, falling around $8 million short of the January 2024 record of $211.7 million.

Those profits were up 33.8% on last year and rose 10.6% month-over-month from April.

In all, $1.97 billion in wagers were taken in May, the third time already this year that handle has exceeded $1.9 billion. That figure was up 46% year-over-year. Operators’ hold sat at 10.3% for the month and the Empire State made $103.7 million in sports betting tax revenue last month alone.

New York is the first state to beat $200 million in monthly sports betting revenue on two separate occasions in the post-PASPA era.

DraftKings sets new monthly records

The near-record month was underpinned by DraftKings‘ best month ever in New York.

The operator reported huge year-over-year increases in both handle and revenue. Bets taken rose 72% to $812 million and DraftKings’ winnings jumped 76% to $84.2 million. Both of those figures are all-time highs for the brand in the state.

DraftKings’ handle was the highest of any sportsbook in May but it still sat second in revenue, slightly behind FanDuel’s $88 million.

Between them, DraftKings and FanDuel made up nearly 85% of the total May revenue.

Other sportsbooks suffered slips. Third-ranked Caesars‘ GGR fell 20% to $11.1 million and fourth-placed BetMGM’s winnings dipped 8% to $8.2 million. Those pair were the only other two operators to take more than $100 million in bets in New York in May.

On the flip side, newcomer Fanatics enjoyed a 276% surge in handle and a 478% increase in revenue to $7 million, not far behind BetMGM. This time last year, PointsBet held Fanatics’ license.

Since launching in the Empire State at the end of February, the new brand seems to be making an impact. Its GGR has steadily increased from $3.8 million in March to $5.6 million in April to $7.0 million in May.