Another Monthly Handle Fall in New York

Sportsbooks in the state of New York saw their monthly handle fall last month. It’s not all bad news though with the all-important amount raised for the taxman showing a slight increase from April’s figure.

May’s monthly handle for New York was $1.26 billion, that’s down from the $1.39 billion reported in the previous month. The amount of tax paid went up from $53.9 million in April to $55.9 million for May.

That figure would be a lot less in most US states. However, in New York the tax rate that the sportsbooks have to pay is a hefty 51%. With the monthly handle still over $1 billion, not many companies are complaining too much.

FanDuel certainly won’t be as they had a handle of $552.6 million in May. All those bets led to a gross gaming revenue of $63.8 million. DraftKings were the second most successful sportsbook in May with a $313.6 million handle and £21.5 million revenue. Caesars Entertainment and BetMGM were in third and fourth place respectively.

$7.49 billion in wagers had been made in New York up to the end of May. Revenue over that period has been $543.7 million with the happy taxman receiving $272.7 million. Figures were higher in the early days after mobile sports betting was launched in January. However, this time of the year was expected to see figures fall.

There’s no NFL to bet on and less NBA games as the finals have been reached. It’s expected that figures won’t be starting to rise again until the new NFL season begins. The end of the year should see much higher amounts, particularly when the World Cup begins in late November.

Inflation continues to be a problem in the US and that caused difficulties for casinos in the state of Indiana. For a second successive month, casino revenue fell.

The latest figures from the Indiana Gaming Commission reported revenue of $211.9 million. That’s the total amount taken minus the winnings paid out. The total is 8% less than the $229.1 million reported in April and less than the $235.2 million figure for March.

Inflation isn’t the only problem facing the casinos. There were economic stimulus programs in place aimed at helping those affected by the COVID-19 pandemic. Those relief programs have now come to an end.

The top earning casino last month was the Hard Rock Casino in Gary. That had earnings of $36.3 million once wins had been paid. In second place was the Horseshoe Casino in Hammond with $28.9 million.

Those figures were down from previous months with the Hard Rock Casino down 5% from their April total. It was worse for the Horseshoe Casino with figures down 9% from April and 16% compared to March.