The New York State Gaming Commission has published a new financial update on the state’s sports betting industry. According to official data, the monthly wagering GGR exceeded $200 million for the second time ever.
As mentioned, GGR stood at approximately $200 million, marking the second time New York has pulled off such a feat. For context, the only other time when sports betting GGR exceeded $200 million was in January 2024 when the Empire State reported а GGR of $211.5 million.
The May figure was up 33.8% year-on-year.
In the meantime, mobile sports betting handle stood at a stellar $1.97 billion for May, up 45.9% year-on-year. This is the most the people of New York have wagered since November 2023 when they bet a record-breaking $2.11 billion.
New York continues to be dominated by FanDuel, which reported а GGR of $88 million. The company, which controls almost half of the NY betting market, also reported а betting handle of $747.5 million.
DraftKings, FanDuel’s main competitor, meanwhile, reported а GGR of $84.2 million from $812.3 million in handle. Caesars took third place with а handle of $160 million resulting in а GGR of $11.1 million.
The remaining six licensed operators failed to surpass GGR of over $10 million. BetMGM and Fanatics, for example, posted GGR of $8.1 million and $7 million respectively. The two operators also reported betting handle of $117.3 million and $71.7 million respectively.
NY’s High Tax May Inspire Lawmakers in Other States
New York launched online sports betting in January 2022 and has cemented itself as one of the most attractive and competitive markets despite its high taxes. For context, New York takes a significant 51% cut from operators’ revenues, exceeding the tax rates in all other states.
New York’s example inspired Illinois to push its maximum tax rate on betting to 40%. The new law was signed into law by Governor JB Pritzker and should come into force on July 1.
According to experts, Illinois may set a precedent for further tax hikes across the US. However, some analysts are wary of the implications of such a change, arguing that it may make US sportsbooks less competitive than their offshore counterparts.
Unlicensed operators continue to command a significant presence in the US despite the rapid growth of the legal market.
In other news, New York recently passed a bill to regulate sportsbook ads amid growing concerns about the impact of gambling on public health.
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