New York sports betting operators post $150M+ revenue in May, but handle drops to eight-month low

New York sports betting remains solid, as handle and revenue both increased year-on-year in May. However, player spending fell to an eight-month low, according to the latest report from the New York State Gaming Commission.  

Operators reported a handle of $1.36 billion during May, down 11.7% from the $1.54 billion handled in April but up 7.9% from the same period last year. However, this was also the lowest monthly amount since September 2022, when the handle total amounted to $1.26 billion. 

In terms of revenue, the Commission reported a total of $152 million for the month, up 38.4% from the $109.8 million in May of last year and also 9.5% ahead of $138.8 million in April this year.

Breaking down handle per operator, FanDuel led the pack among the state's nine mobile brands, with a handle total of $561.4 million and generating $76 million in revenue. DraftKings reported $52 million in revenue from $589.8 million in accepted bets. Meanwhile, Caesars Sportsbook reported $13.9 million in revenue off a $162.9 million handle.

BetMGM followed with $8.9 million in revenue on a $162.9 million handle. Furthermore, Wynn Interactive generated $461,011 in revenue from $7.9 in wagers, while Resorts World posted $4.3 million in revenue from a $416,605 handle. Lastly, Bally Bet rounded off the market with $173,560 in revenue from $2.2 million in bets. 

It is worth noting the spring months mark a downturn in sporting activity, which explains the drop in handle between March and May. Despite this seasonal trend, operators enjoyed a strong hold rate of 11.2% during May, which is why revenue grew from April despite the monthly slump in handle.