In the latest gambling news in our pay per head blog, we are featuring the country’s biggest sports betting market: New York. With an increase in both handle and revenue, the New York sports betting market thrives in the month May, a usually slow month in sports betting. Let us take a look at the latest numbers from the New York Gaming Commission’s report.
This May, sportsbooks recorded a total monthly handle of $1.97 billion. This is quite the handle for a single month. The hold is also at a good double-digit rate of 10.3%, which gives us a $203.3 million revenue. This is the second-highest revenue that the state has seen since its launch back in January 2022. This is also the second time that the state’s sportsbooks have seen the monthly revenue hit more than $200 million.
New York Sports Betting Market This May
A lot of bookies are looking at the attendance of the New York Knicks and the New York Rangers at the NBA and NHL playoffs, respectively. A lot of states usually report a decrease in handle during this time, all through summer. But this month, we have a small 0.5% increase from April’s handle. But even more noteworthy is the year-on-year increase in handle, which is 46% higher than the same month last year.
Meanwhile, revenue has a 33.8% year-on-year increase from that of May 2023, and 10.6% from April of this year. And since the New York state taxes sportsbooks 51% of revenue, they collected $103.7 million in May. This is $10 million higher than their collection back in April. The numbers are quite staggering, especially for a market that has only been in business for more than a year.
What’s in Store for Sports Betting in New York
The sports betting market continues to grow even this year. A lot of people are learning how to estimate how much money you need to be a bookie. Getting in the industry, even now, is still one of the most profitable business options for those who want to earn from their own business.
Of course, even with the action on New York teams in the NBA and the NHL, the sports calendar is still less active and is bound to have an effect on the local betting market. We expect to see a dip in weekly betting activity, and probably even revenue, once we hit June.
The New York Yankees are doing well in the MLB. But betting on the Yankees will not be enough to sustain the level of activity that we saw in May. And even with lower numbers, New York still continues to dominate the sports betting industry in the US. What New York records in a single month can sometimes equate what a single state can earn in a year, to put things into perspective.
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