Tax revenue continues to pour in for the Empire State coming off another billion-dollar monthly sports betting handle.
The New York State Gaming Commission reported an April handle of $1.54 billion, which generated $70.8 million for a state that’s claimed over $985 million in tax revenue all-time from legal sports betting.
That’s despite April’s handle being down 13% due to the end of college basketball. March’s handle of $1.79 billion marked a stellar month, but April was still better than the $1.47 billion from February. Wagers were also up 11% from April 2022.
New York’s online sports betting sites combined for $139.2 million in revenue, which was up 31.9% year-over-year. The 8.9% hold wasn’t far off of last month’s 9.1%, so sportsbooks still did well.
FanDuel rules the Empire State
That was especially true for FanDuel, which racked up a win rate of 11.3% on a handle of $626.3 million and revenue topping out at nearly $71 million. That marked the top spot in New York sports betting.
DraftKings was second with a $516.4 million handle and revenue of $44.9 million for a hold of 8.7%. Caesars reported revenue of $12.8 million on a handle of $185.3 million while BetMGM saw its profits plummet 26% month-over-month from a handle of $126.7 million — thanks to a hold of 5.6%.
April was not kind to Resorts WorldBet, which reported a 0.9% win rate on a handle of $7.9 million.
Handle and revenue go opposite
Sportsbooks around the country begin the slow summer crawl associated with no football and the lessening of NBA playoff betting options. That wasn’t entirely apparent in early May for New York as The Empire State reported a handle of $342.3 million for the week ending May 7, down from $374.2 million in the final week of April.
However, mobile operators gained the upper hand on sports bettors with a revenue increase, going from $37.8 million the previous week to $47.9 million to kick off May. That 26.7% profit spike resulted in an impressive win rate of nearly 14%.
FanDuel recorded a 16.1% hold to produce $22.3 million in revenue on a handle that was down nearly $13 million to $137.7 million.
DraftKings also produced a solid week after it took in $122.4 million in wagers and profited $16.5 million, Caesars recorded revenue of $4.02 million on a handle of $39.6 million, and BetMGM had the fourth-highest handle of the week at $25.4 million and revenue of $3.2 million.
