Online sports betting in New York hit a record monthly revenue of $248.9 million in May, exceeding the prior record of $247 million set in January, marking a 0.8% increase. Despite this, the amount wagered decreased from $2.48 billion in January to $2.21 billion in May, a 10.8% drop. However, this still shows a 12.1% increase compared to May 2024.
The increase in gross gaming revenue (GGR) suggests operators had a higher win rate compared to the previous year. Of the total GGR, $126.9 million was allocated to education, which is a 22.4% increase from May 2024. Since the introduction of mobile sports wagering in January 2022, New York has generated over $6.5 billion in GGR and contributed more than $3.2 billion to education.
Key Points
- New York’s online sports betting revenue hit a record $248.9 million in May, surpassing January’s $247 million.
- Betting handle dropped to $2.21 billion, a decline of 10.8% from January’s figures.
- The state allocated $126.9 million to education from the higher revenue, a significant increase compared to last year.
- Platform providers earned $122 million, marking a substantial rise from April’s $94.4 million.
- Regulatory discussions continue regarding additional restrictions on sports betting deposits and payment methods.
Why should I read this?
If you’re curious about how states are capitalising on online sports betting, this article sheds light on New York’s latest strides and record-setting achievements. Understanding the dynamics of revenue generation and regulation in this booming market is crucial, especially if you’re involved in gaming or investing in related sectors. We’ve done the legwork, so you don’t have to!
