Knicks' and Rangers' Playoff Success Boosts New York's Sports Betting Revenue to Record Highs

Propelled by the playoff performances of the New York Knicks and the New York Rangers, New York State reported over $70 million in gross gaming revenue for the week ending May 12, setting an unprecedented record for mobile sports betting in the state.

According to the New York Gaming Commission, sportsbooks in New York generated $70.9 million in revenue for the week ending May 12, surpassing the previous record set in January by nearly $4 million.

This impressive revenue was drawn from a handle of $532.3 million, marking the third-highest on record since the state introduced mobile sports betting and the first instance of surpassing half a billion dollars since March. The $70.9 million revenue is more than half of the total gross gaming revenue (GGR) collected by the state's sportsbooks in the entire month of April.

For the state government, with its 51% tax rate on gaming, this translated into a significant $36 million in tax revenue for a single week, exceeding any other week on record by $2 million.

The Knicks and Rangers have seen plenty of wagers

Record Week for DraftKings

DraftKings experienced its best week ever in New York, raking in more than half of the total GGR with $36.5 million, thanks to an impressive 15.8% hold rate.

This achievement not only marks DraftKings' highest weekly revenue in the state but also the highest ever recorded by any mobile sportsbook in New York. The previous record was held by FanDuel Sportsbook, which posted $33.4 million for the week ending January 14, $3 million less than DraftKings' recent performance.

For the first time ever, DraftKings has recorded back-to-back weeks with a handle exceeding $200 million, achieving this milestone in the weeks ending May 5 and May 12.

Overall, five sportsbooks reported over $1 million in revenue in New York last week, including FanDuel, Caesars, BetMGM, and Fanatics. BetRivers narrowly missed this mark, falling short by less than $40,000 but still saw a 470% increase in revenue compared to the previous week, with its handle surpassing $10 million.

Every sportsbook except for Resorts World Bet reported an increase in weekly profits, with overall revenue jumping by 207%.

Dominance of FanDuel and DraftKings

FanDuel remains the leader among New York's nine mobile sportsbooks in terms of all-time handle, with nearly $18 billion since the state launched sports wagering. DraftKings follows with $14.5 billion, and Caesars is third with $5.7 billion. These three also occupy the top spots for all-time GGR in the state.

The surge in sports betting activity, driven by the Knicks' and Rangers' playoff runs, highlights the dynamic nature of the sports betting market in New York, setting new records and driving significant tax revenues for the state.