Online Gaming Growth Outpacing Retail in New York
The New York State Gaming Commission has released its monthly report detailing the state’s gambling performance for May, revealing both growth and declines in various sectors.
In May, the total gross gambling revenue (GGR) for land-based gaming in New York was $57.1 million. This figure represents a 2.7% increase compared to May of the previous year, indicating a steady upward trend in the gambling industry.
However, it also shows a slight decline of 1.5% from April’s GGR of $58 million. Of the total $57.1 million GGR, operators netted $43.3 million as revenue. The gaming tax collected in May was $13.8 million, a marginal increase from April’s tax collection, reflecting a consistent revenue stream for the state.
Breaking down the land-based GGR, slots and electronic table games were the largest contributors, generating $40.7 million, which accounts for 71% of the total land-based GGR. Traditional table games followed, contributing $15.2 million, or 27% of the total. Poker tables, although much smaller in comparison, still generated $0.88 million.
Land-based sports betting experienced a mixed performance. The sports betting handle decreased from $5.8 million in April to $5.3 million in May, indicating a drop in the amount wagered.
Despite this decline, the GGR for land-based sports betting saw a significant increase, rising by 41% month-on-month to $412,824. This suggests that while fewer bets were placed, the profitability of these bets increased. Nevertheless, sports betting remains the smallest contributor to the state’s land-based GGR.
In contrast, online sports betting continues to show robust performance. The handle for online sports betting reached $1.97 billion in May, demonstrating its strong popularity and widespread participation. The GGR for online sports betting was $203.3 million.
Notably, May marked only the second time in New York’s history that the total GGR for online sports betting surpassed the $200 million mark, underscoring the significant growth and potential of this sector.
Overall, the May report from the New York State Gaming Commission paints a picture of a dynamic gambling landscape with notable performances in both land-based and online sectors. While there are fluctuations in certain areas, the overall trend shows growth and a steady increase in revenue for the state.
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