New York Mobile Sports Betting Revenue Surpasses $2 Billion
New York’s mobile sports betting market has generated over $2 billion in tax revenue since its launch in January 2022.
The New York State Gaming Commission reported that for the week ending May 26, mobile betting revenues amounted to $45.5 million, pushing the total tax revenue beyond the $2 billion mark.
Leading the Nation
New York stands out in the US sports betting landscape, not just in volume but also with its 51% tax rate on mobile sports betting, the highest in the country.
This high tax rate has helped New York become the only state to surpass $600 million in state taxes since the post-PASPA era began.
For the week ending May 26, the total betting handle via mobile sports betting apps in New York was $389.7 million, resulting in $23.2 million in revenue.
Despite a slight dip below the $400 million handle threshold for the first time since early February, the operators maintained a robust 11.7% hold rate. All nine operators reported positive revenues, with most achieving win rates above 9%.
Top Performers
DraftKings set a state record with $36.5 million in revenue for the week ending May 12. In the last week of May, it recorded $20.5 million in revenue from $155.7 million in wagers, with a 13.1% hold rate. This was the third time in six weeks that DraftKings surpassed $20 million in weekly revenue.
FanDuel reported $15.8 million in revenue from $149.3 million in bets, maintaining a 10.6% win rate for the third consecutive week of double-digit holds.
Caesars achieved $3.3 million in revenue from $33.1 million in wagers, with a 10% hold rate. This was the first double-digit hold since February 25 and the ninth instance this year of surpassing $3 million in weekly revenue.
BetMGM posted $2.4 million in revenue, while Fanatics Sportsbook generated $2 million, with Fanatics achieving the highest hold rate of 13.6%.
Performance of Other Operators
WynnBET continued to struggle with a 2.8% win rate, holding onto $12,233 from $436,300 in bets. This marks the 36th consecutive week WynnBET failed to reach the industry-standard 7% hold rate, as it awaits the approval of its sale to PENN Entertainment and the launch of ESPN BET in New York.
BetRivers reported over $1 million in revenue with a 12.3% win rate from $8.6 million in wagers.
Resorts World generated $221,220 in revenue from a 9.6% hold on $2.3 million in bets.
Bally Bet achieved $157,400 in revenue with a 9% hold rate from $1.7 million in wagers.
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