New York’s Coffers Experience the Increase From Betting in May 2023

If the new numbers are believable, it seems like sports betting is flourishing in New York, United States. According to the latest financial report from the New York State Gaming Commission, betting revenue in the Empire State increased by over 10 million between April and May 2023. 

The April 2023 New York betting financial report showed that the state recorded a total revenue of $139 million. Although this was a 15% decline compared to March 2023, it marked an impressive 33% year-on-year growth. 

Fast forward to May 2023, the regulator has released data showing $1.36 billion in bets across the state’s regulated sports betting operators in May. This marks a 12% decline from the $1.54 billion placed in the previous month, although it’s still a 7.9% increase compared to May last year. 

The monthly drop between March and May doesn’t warrant ringing the alarm bells, considering a downturn in sporting activities in the United States in spring. To prove this, Pennsylvania also reported a 20.9% month-over-month decline in April. 

New York Operators Enjoyed Strong Hold Rate in May

Even as the state experienced a decline in betting numbers in May, regulated operators experienced an increased turnover rate. The regulator reports an impressive 9.4% month-over-month growth from $140 million to $151.9 million. 

This number also marks a 38.3% increase compared to the May 2022 revenue of $109.8 million. Interestingly, May 2023 is only the second to March 2023 regarding revenue spike exceeding $150 million. 

As expected, FanDuel maintained its dominant performance in the state, collecting $561.4 million in bets last month. DraftKings, FanDuel’s perennial competitor in most regulated markets in the US, settled for a strong second after handling bets worth $471.1 million. 

The performance of other regulated sports betting sites in the state is as follows:

• Caesars – $162.9 million
• BetMGM - $93.8 million
• Rush Street Interactive - $35.9 million
• PointsBet - $19.1 million
• WynnBet - $7.9 million
• Resorts World - $4.3 million
• Bally Bet - $2.2 million

Revenue-wise, there were no major surprises, FanDuel leading the pack with $79.5 million. That’s a staggering 50% of all the betting revenues in the state. DraftKings followed with $47.7 million, with Caesars closing the top three with $13.9 million. Wynn, Resort Word, and Bally Bet were the only operators to record five-figure sums, at $461k, $417k, and $173k, respectively.