New York sports betting handle hits lowest monthly total since launch

Gross gaming revenue from mobile sports betting in May reached $109.8m.
Gross gaming revenue from mobile sports betting in May reached $109.8m.

New York’s sports betting handle came in at $1.26bn in May, 9.4 per cent lower than in April.

US.- New York’s sports betting handle was $1.26bn in May, the lowest monthly total since the state opened its regulated online wagering market in January. The figure was 9.4 per cent lower than the $1.39bn wagered in April.

Gross gaming revenue from mobile sports betting in May reached $109.8m, 5.5 per cent higher than the $104.1m reported in April but lower than the $114.3m reported in March and $124.1m in January.

Flutter Entertainment-owned FanDuel Group reported $63.9m in revenue from $552.6m in wagers. DraftKings reported $21.5m in gross gaming revenue and a handle of $313.6m, and Caesars Sportsbook revenue of $10.8m from $192.7m in bets.

BetMGM posted revenue of $7.9m and a $123m sports betting handle, PointsBet $2.9m in revenue from a $33.8m handle, Rush Street Interactive $1.8m of revenue from $31.3m in bets, WynnBet $786,588 in revenue from a $9.8m handle and Resorts World $236,096 from $6.7m in bets.

According to figures from the New York State Gaming Commission, legal online bookmakers reported a combined handle of $7.152bn from January 8 to May 22. FanDuel Sportsbook registered the largest handle of the eight licensed providers at $2.75bn. DraftKings Sportsbook registered $1.73bn and Caesars Sportsbook $1.58 bn.

The state has collected $263.4m in tax revenue from mobile sports betting. New York’s 51 per cent tax on mobile wagering revenue is the highest in the nation along with New Hampshire’s.

New York seeks to speed up licensing of three downstate casinos

In April, New York governor Kathy Hochul and state legislative leaders reached an agreement on the state’s budget for 2023. The $220bn spending plan contemplates speeding up the licences for three new casinos. The budget still needs to be voted on by the full Legislature.

The upcoming venues are expected to open in the New York City area. Operators would have to pay the state a minimum of $500m for each licence, according to unreleased details obtained by The New York Times.

See also: FanDuel extends sports betting partnership with New York Yankees

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