New York mobile sports betting hits record GGR in May

Added: June 10, 2024

For the first time in over a year, mobile sports gross gaming revenue (GGR) in New York exceeded $200 million in May.

The New York State Gaming Commission provided data showing that the total amount in May was $203.3 million. GGR exceeded $200 million for the first time in just two months, and it wasn’t that high since January 2024, when it reached $211.5 million. In addition, the GGR number increased by 33.8% from May 2023. $1.97 billion was wagered on mobile sports in New York during the month. This was the largest increase since November 2023, when it set a record, rising 45.9% year over year.

Platform supplier earned a net revenue of $99.6 million. This was also the second highest sum since New York’s regulated sports betting market was launched at the beginning of 2022.

Since January 2022, when New York legalized online sports betting, the state has experienced significant growth.

New York is much ahead of other, more established regulated betting systems in other US states. These include New Jersey and Indiana, which have been open for several years longer than New York but are currently trailing behind in terms of revenue and volume.

This growth also makes New York the largest donor to the sports betting tax. Earlier this year, the United States Census Bureau’s Quarterly Survey of State and Local Tax Revenue (QTAX) corroborated this. The research states that more than 37.0% of the US tax revenue derived from sports betting is contributed by New York.

Sports betting generated over $506.0 million in gross receipts and national tax during the third quarter of 2023.

New York