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New York's Monthly Sports Betting Revenue Exceeds $200M for the Second Time Ever

Monday 10 de June 2024 / 12:00

2 minutos de lectura

(New York).- Nine online sportsbooks saw a handle of $1.97 billion and achieved a double-digit hold in May.

New York's Monthly Sports Betting Revenue Exceeds $200M for the Second Time Ever

With the New York Knicks and Rangers in the NBA and NHL playoffs in May, the Empire State’s online sports betting operators feasted.  

Profits soared 33.8% compared to May 2023 and 10.6% from April as the operators’ hold reached 10.3% on a handle of $1.97 billion. While the amount wagered was only up 0.5% month-over-month, action rose 46% year-over-year and represented the third handle of more than $1.9 billion in 2024.

The Empire State enjoyed the residuals as the 51% tax rate filled the coffers with a whopping $103.7 million, up $10 million from April. 

Maturing market 

It helped New York operators that the Knicks remained in the playoffs until May 19 and the Rangers reached the Eastern Conference Finals, which ended June 1. The New York Yankees stayed hot in MLB, likely contributing as well to the heavy action in May. 

Two years ago, when the Knicks missed the playoffs and the Rangers reached the conference finals, that monthly handle was $1.2 billion and the revenue was nearly half of May 2024’s profits. Online sports betting in NYC was less than six months old. The market has matured greatly since then.  

DraftKings and FanDuel accounted for nearly 85% of the total May revenue. 

DraftKings finished slightly behind FanDuel in profits, but $84.4 million was the online sportsbook’s all-time high in New York. DraftKings also enjoyed its best-ever handle of $812.3 million. 

FanDuel had the second-highest May handle at $747.5 million, down 4% from April but the eighth consecutive month of wagers of over $700 million. 

Caesars generated a little more than $1 million more month-over-month with a handle of $160.1 million to finish third in the Empire State. BetMGM was the only other operator above $100 million in the amount wagered. 

Weekly figures take another hit

The summer slowdown is taking some effect in New York. The handle of $344.4 million in the week ending June 2 fell below $400 million for the second consecutive week. Revenue dropped 33.5% week-over-week to $30.3 million, the lowest in a month, and the hold of 8.8% fell nearly three points from the previous week. 

FanDuel led the way with a weekly handle of $139.9 million, about $10 million less than the previous period, and accounted for 55% of the Empire State operators’ entire revenue.. DraftKings generated $34 million less than the week before with a handle of $121.3 million while the $8.2 million in revenue fell 60% week-over-week.


Tags: Sin tags

País: United States

Región: North America


PGS, Perú Gaming Show 2024

12 de June 2024

Gambling regulation in Peru: evolution towards stability and legal certainty

(Lima, Exclusive SoloAzar) - From the repeal of the 20% tax by the Constitutional Court to the implementation of the Reorganisation and Formalisation Law, the regulation of gambling in Peru has undergone multiple changes. In this article, SoloAzar summarises the presentation by Dr. Constante Traverso, lawyer and head of APEJA, during the PGS, who underlines the need for a stable and fair public policy.

Wednesday 19 Jun 2024 / 12:00

Win Systems concludes a successful participation in Peru Gaming Show 2024

(Barcelona).- Win Systems, a leading technology provider for the gaming and entertainment industry, celebrates a successful participation in the recent edition of the Peru Gaming Show (PGS), which took place on June 12th and 13th at the Jockey Convention Center in Lima, Peru. The event was a perfect platform to showcase the company’s innovative solutions and cutting-edge products, specifically designed for the Peruvian market.

Wednesday 19 Jun 2024 / 12:00

The impact of AI on marketing campaigns, a featured topic at PGS 2024 conferences

(Lima, SoloAzar Exclusive).- Rony Vexelman, Marketing Manager of Optimove, presented the conference “Maximizing AI, the evolution of roles in iGaming”, within PGS event, held last week in Peru. From SoloAzar we share the highlights of the talk that shows how AI impacts online gaming and sports betting marketing campaigns.

Tuesday 18 Jun 2024 / 12:00


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