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New York’s sports betting market continued its historic run in May, with the state producing more than $2 billion in betting handle and generating more than $100 million in tax revenue.
The Empire State remains the largest legal sports betting market in the United States, fueled by its population size, strong sports culture and widespread adoption of mobile wagering, according to revenue specialist Eric Ramsey at Legal Sports Report. Licensed sportsbooks accepted billions in wagers during May, with tax revenue supporting education, youth sports programs and problem gambling initiatives.
Empire State keeps dominating legal sports betting
New York sportsbooks recorded a total handle of $2,135,286,697 in May, highlighting the continued strength of the state’s regulated sports betting industry.
The monthly total was driven by activity across major operators, including FanDuel Sportsbook and DraftKings Sportsbook, which continued to lead the market. Other operators, including Fanatics and bet365, also maintained a presence in the competitive New York landscape as the state’s sports betting market continues to evolve.
The timing of the month also helped fuel wagering activity, with major sporting events, including the NBA playoffs and international soccer competitions ahead of the 2026 FIFA World Cup, drawing significant attention from bettors.
Sports betting taxes deliver major boost for New York
New York’s massive betting volume translated into substantial tax revenue. The state collected more than $104 million in sports wagering taxes during May, reinforcing its position as one of the most valuable legal sports betting markets in the country.
According to the New York State Gaming Commission Sports Wagering Taxes and Revenue Information, New York taxes mobile sports wagering revenue at 51%, with the majority of funds directed toward public education. The state also allocates annual funding for problem gambling education and treatment, as well as youth sports programs.
Based on the state’s funding structure, May’s tax haul contributed tens of millions of dollars toward New York’s education system while also supporting responsible gambling initiatives and youth athletics.
World Cup drives growth beyond traditional sportsbooks
The World Cup’s impact extends beyond traditional sports betting, with prediction markets also seeing increased interest as fans look for new ways to engage with major events.
Prediction markets have expanded rapidly in recent years, allowing users to trade contracts tied to outcomes ranging from sports events to politics and financial markets. Reuters reported that Polymarket’s annualized revenue surpassed $1 billion, highlighting the rapid growth of the sector.
The 2026 FIFA World Cup has provided another major catalyst for activity. Analysts expect the tournament to become one of the largest soccer betting events in U.S. history, fueled by the expanded 48-team format, North American hosting and the continued growth of legal sports betting markets.
As sportsbooks and prediction market platforms compete for attention, the World Cup is showcasing how major sporting events are becoming increasingly important drivers of both wagering and event-based trading activity.
