New York Sets Sports Betting Revenue Record After a Busy May

The Big Apple’s sports betting market still hasn’t found its ceiling. 

The New York State Gaming Commission (NYSGC) has reported that the state saw $248.9 million in gross gaming revenue in May. This breaks the previous record of $248 million, which was set in January. It also represents an increase of over 22% compared to May 2024, showing that the market is still growing.

In addition to the record-breaking revenue numbers, the state also saw its handle surpass $2 billion for the third consecutive month. This was over 11% more year-over-year, but was down 11.23% compared to the record set in January. 

FanDuel Sportsbooks finished atop the competition for the second-straight month in May. The industry leader had lost the lead to DraftKings for a short time, but it appears the operators have once again become New York’s favorite.

While seeing DraftKings and FanDuel at the top of the report isn’t surprising, Fanatics finishing in third is. The sportsbook is one of the newest in the US, but they have already managed to outearn rivals like BetMGM and Caesars in the nation’s largest sports betting market. 

New York Cracks Down on Sweepstakes Betting

The Empire State believes that its sports betting market can continue to grow. While they likely can’t raise their 51% tax rate much higher, they can begin to eliminate the competition. 

The New York Attorney General’s office is in the process of shutting down 26 online sweepstakes casinos operating in the state. These platforms have been able to operate across the US due to the lack of real-money wagers. Bettors instead purchase packs of coins that they use to wager, with a chance to win prizes, but not real cash.

While some responsible gaming advocates have cited sweepstakes casinos as a safer alternative to real-money betting, many New York lawmakers believe they offer an illegal form of gambling. They see it as a hidden danger for customers who lose track of their spending due to the lack of real-money wagers.

The Attorney General’s office hopes that kicking these operators out will better protect residents, who will be forced to use one of the state’s regulated platforms to place wagers.