New York Continues Its Climb

The New York State Gaming Commission reported $152.6 million in sports wagering revenue for May, lifting the Empire State to a pair of milestones as mobile betting remains unmatched. The revenue total was the second-highest in state history, behind the $163.6 million generated in March, and the third-highest nationally in the post-PASPA era. It was enough to push all-time gross revenue above $2 billion, a status shared only by neighboring New Jersey.

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Thanks to New York’s 51% tax rate on mobile revenue, which was all but $675,037 of May’s overall amount, the state became the first post-PASPA to clear $1 billion in tax receipts. Doing so in 17 months of mobile wagering — the state had generated just $4.2 million in tax revenue from its four commercial sportsbooks after launching in July 2019 before adding the mobile component in January 2022 — is remarkable.

Then-Gov. Andrew Cuomo asserted, to much derision in January 2021, that mobile sports wagering could provide up to $500 million annually for the state’s education fund. New York’s nine operators are currently on pace to produce $870 million in tax receipts for the calendar year and have generated more than $148 million for the fiscal year 2024, which started in April.

Operators routed the public in May, earning 11.2% of the $1.36 billion. The handle also gave New York a clean sweep of the top 12 monthly all-time spots nationally post-PASPA.

The 11.2% hold is the third-highest in the mobile era and the first in double digits since reaching 11.4% last September. The mobile books paid $77.5 million in taxes for May, while the overall total is more than $363 million for the calendar year.

FanDuel made history of its own last week by becoming the first mobile operator to reach $1 billion in gross revenue in New York. The online titan added another $5.1 million in the last three days of May to finish less than $3,000 shy of $76 million, and it posted an all-time high win rate of 13.5% on a $561.4 million handle.

The final three days’ revenue was also enough to enable FanDuel to account for more than half the Empire State’s mobile revenue for the second straight month and the third time this year. It has paid more than $516 million in taxes in New York, a figure over $100 million higher than any state has generated post-PASPA.

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