New York’s sports betting industry reported its performance for May 2023, showing a year-on-year increase in the total handle but a month-on-month decrease. FanDuel remained the leading sportsbook in the state, followed closely by DraftKings. Additionally, the Seneca Nation and New York State reached a significant agreement for a new 20-year gaming compact.
May 2023 Sports Betting Handle:
In May 2023, New York’s sports betting handle amounted to $1.36 billion, reflecting a 7.9% increase compared to the same month in 2022. Despite this year-on-year growth, the handle was 11.7% lower than the substantial $1.54 billion recorded in April 2023. It marked the lowest monthly handle since September 2022 when it reached $1.26 billion.
Revenue Surge:
May 2023 brought a surge in sports betting revenue, reaching $152 million. This represented a substantial 38.4% increase compared to the $109.8 million in revenue reported during the same period in 2022. Furthermore, it marked a 9.5% increase from the $138.8 million in revenue generated in April 2023.
Leading Sportsbooks:
FanDuel continued to be the dominant sportsbook in New York, generating $76 million in revenue from a handle of $561.4 million. In second place, DraftKings reported $47.7 million in revenue from a handle of $471.1 million. Caesars ranked third, generating $13.9 million in revenue from a handle of $162.9 million.
Other Operators:
Several other operators contributed to the sports betting market in New York, including BetMGM, which recorded $8.9 million in revenue from a handle of $162.9 million. Rush Street Interactive generated $3.2 million from a handle of $35.9 million. PointsBet reported $1.2 million in revenue from a handle of $19.1 million. Wynn Interactive generated $461,011 in revenue from a handle of $7.9 million. Resorts World contributed $416,605 in revenue from a handle of $4.3 million, and BallyBet reported $173,560 in revenue from a handle of $2.2 million.
Seneca Nation Gaming Compact:
In other significant news, the Seneca Nation reached an agreement in principle with New York State for a new 20-year gaming compact. The Nation’s current compact, signed in 2002, is set to expire on December 9. The specific terms of the new compact will be finalized in the coming days, securing the future of the Nation’s gaming operations and the economic benefits they bring to Western New York.