A Look at NY Sports Betting in May
The first 15 days in May have brought a slight decrease in online sports betting in the state of New York. That is to be expected, though, as May is typically a slow month for sports bettors throughout the United States.
The total sports betting handle up to this point in May is still over $665 million, and the state is expected to go over the $1 billion mark for another month. The week ending on May 15 brought in a total sports betting handle of $286.2 million, and that is the lowest mark to date.
Despite the lack of betting during the previous week in New York, sportsbooks in the state still posted a total revenue of $31 million. Sportsbooks posted a 10.8% hold rate, which means that the sportsbooks performed extremely well.
New York also have a 51% tax rate on the sports betting revenue, and that has allowed the state to bring in significant revenue. So far in May, sportsbooks are required to pay right around $35 million in taxes.
Sportsbooks in New York have already paid over $251 million in taxes to the state since online sports betting launched in January. Pennsylvania is currently the leader in that category, but New York should surpass that state at some point in the next month.
The biggest online sportsbooks in New York continue to complain about the high tax rate, and it could lead lawmakers to make some changes.
FanDuel Continues to Lead
Caesars Sportsbook got off to a monster start in the state of New York, but that sportsbook is now in third place overall. FanDuel Sportsbook is now the clear leader of New York online sports betting, and the gap just continues to get larger with each passing month.
The total sports betting at FanDuel Sportsbook since January is over $2.3 billion, and this operator has paid more than $88,000 to the state of New York. DraftKings and Caesars are right around the $1.5 billion mark for all-time sports betting handle, but they can’t seem to catch up to FanDuel.
Sportsbooks in New York have posted a hold rate of 6.8% since mobile sports betting became an option.
Number Five All-Time
The weekly and monthly reports from New York just continue to be impressive, and it’s also astonishing what this state has been able to accomplish in less than five months. New York is now fifth all-time in total online sports betting handle, and they are closing in on fourth place.
New York is already closing in on seven billion dollars in total online sports betting handle, and it just moved past Indiana. For comparison, Indiana has had online sports betting since October 2019.
New Jersey is the clear leader in all-time sports betting handle as that state is nearing the $25 billion mark.