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.