The Cashout: A Look Inside NY Sports Betting Revenue Record

May marks an all-time high for New York revenue. Gambling news roundup: NY takes action against sweepstakes operators; Bet365 joins lobbying group.

Jun 07, 2025

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TCL offers market analysis in the US gambling space in The Cashout every weekend to paid subscribers, along with a news roundup for free subscribers.

New York sportsbooks reported the highest monthly sports betting revenue in the state's history in May; I’ll take a look inside those numbers.

But first, the free gambling news roundup:

Gambling news roundup

For all things prediction markets for the week, please check out my other newsletter, The Event Horizon:
Event Horizon
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a month ago · 1 like · Dustin Gouker
- ICYMI: Polymarket did a deal with X to become its official prediction markets platform, just a couple of weeks after a deal between Kalshi and xAI was announced, and killed, the same day. I wrote about some questions you and I might have after this deal here.
Attorney General James Stops Illegal Online Sweepstakes Casinos (press release): “New York Attorney General Letitia James today announced that her office has stopped online sweepstakes casinos operating in New York. The Office of the Attorney General (OAG), working with the New York State Gaming Commission, identified 26 online platforms offering players slots, table games, and sports betting using virtual coins that could be exchanged for cash and prizes. New York law prohibits online platforms from offering gambling that involves risking something of value, including virtual coins that can be redeemed for cash or prizes. Online sweepstakes casinos are not subject to audits and other regulatory oversight by the state to ensure that games are not rigged, putting New Yorkers at risk. Attorney General James sent cease and desist letters to the operators of these platforms, demanding that they stop all prohibited gambling activity in the state, and as a result, all 26 platforms are ending the sale of sweepstakes coins in New York. ‘Online sweepstakes casinos are illegal, dangerous, and can seriously ruin people’s finances,’ said Attorney General James. ‘I thank the New York State Gaming Commission and Senator Addabbo for partnering with my office on this issue to protect New Yorkers.’
- Several operators had already exited New York in anticipation of this move, which had been telegraphed by the state gaming commission starting a few months ago. While it’s unquestionably a blow to operators to take New York off the map, California, Texas, and Florida are still served by most operators.
- Here is the list of operators that got C&Ds in NY:
  - Chanced
  - Chumba
  - DingDingDing
  - Fliff
  - Fortune Coins
  - Fortune Wheelz
  - Funrize
  - FunzCity
  - Global Poker
  - Golden Hearts Games
  - High 5 Casino
  - Jackpota
  - Luckyland
  - McLuck
  - Mega Bonanza
  - NoLimitCoins
  - Play Fame
  - RealPrize
  - Sidepot
  - SpinBlitz
  - Sportzino
  - SweepSlots
  - Sweeptastic
  - TaoFortune
  - Yay Casino
  - Zula Casino
- Reaction from one of the sweepstakes trade groups: “The Social and Promotional Games Association (SPGA) is disappointed by the New York Attorney General Letitia James' mischaracterization of legal sweepstakes platforms as ‘illegal’ and ‘dangerous.’ Our members operate within well-established legal frameworks, pay appropriate taxes, and adhere to a strict code of conduct that includes consumer protections and responsible gaming practices. … It’s disappointing to see a blanket enforcement action taken without meaningful dialogue or effort to distinguish between compliant companies and truly illegal operators. This approach stifles innovation, limits consumer choice, and disregards the legal status of sweepstakes promotions.”
- Meanwhile, The Social Gaming Leadership Alliance (SGLA) put out statements on a pair of bills that would ban sweepstakes casinos.
  - Louisiana | SGLA Executive Director and former Congressman Jeff Duncan: “Louisiana residents will be abruptly cut off from popular, free-to-play online games enjoyed by millions nationwide after lawmakers fell for a campaign of deliberate misinformation from parties with clear vested interests that was designed to eliminate legitimate competition. This legislation was rushed through the legislature without providing the industry any meaningful opportunity to engage, while competitors and critics were given ample voice in a concerted effort that prevented a commonsense solution.”
  - Connecticut | Duncan again: “It is disappointing that Connecticut residents have lost access to popular, free-to-play online games enjoyed by millions nationwide. It’s unfortunate that this legislation was hastily passed based on incomplete information with little attempt to engage with legitimate industry operators that prioritize player protections. The result is a win for the black market, and other groups with vested interests that campaigned for this bill with falsehoods and misinformation. It is a loss for innovation, competition, free choice and potential benefits for the State of Connecticut.”

Ifrah Law has been at the center of advancing iGaming in the U.S., shaping groundbreaking legislation, leading precedent-setting cases, and guiding clients that span the iGaming ecosystem through every phase of their business journey. Learn more at IfrahLaw.com.

JAY-Z bets $1 Million on Oklahoma City (Twitter): He is sweating the Thunder to win the NBA Finals in five games. After the Indiana Pacers won Game 1, Oklahoma City will have to win out for him to win the bet.
Meet the Belmont Stakes horses running in the 2025 race (CBS News): “Five weeks after Sovereignty won the Derby over Journalism and Baeza, the three horses will be among the eight competing in the last race of the Triple Crown — the series for 3-year-olds consisting of the Derby, the Preakness Stakes and the Belmont. Sovereignty's connections chose to skip the Preakness in Baltimore to prepare for the Belmont, meaning no horse would win the Triple Crown this year.”
Bet365 Joins Sports Betting Alliance (InGame): “Bet365 is the first new member since the SBA announced its formation in 2021 with BetMGM, DraftKings, Fanatics Sportsbook, and FanDuel as founding members. It is live in 13 U.S. states, and has its North American headquarters in Denver. Other than FanDuel parent company Flutter, it is the first company based in Europe to achieve significant penetration across the U.S.”
State-of-the-art sportsbook opening in Kentucky (Spectrum News): “Las Vegas-based Circa Sports is expanding its Kentucky footprint and is set to debut Kentucky's largest sportsbook at The Mint Gaming Hall Kentucky Downs in Simpson County. … ‘After operating in Kentucky for a year, introducing a sportsbook of this caliber to the region marks a significant milestone for Circa Sports,” said Derek Stevens, CEO of Circa Sports. ‘Along with Kentucky, we're also seeing tremendous excitement from fans in Tennessee—especially in Nashville. Together with The Mint, we’re creating a high-tech betting destination that will bring a new level of live-viewing excitement for customers across both states. The Mint has been an exceptional partner in turning this vision into reality, and we look forward to welcoming guests later this year.’
PENN Entertainment Responds to ISS Report (press release): “PENN Entertainment, Inc. today made the following statement in response to the report issued today by Institutional Shareholder Services (related to the Company’s 2025 Annual Meeting of Shareholders on June 17, 2025:
- The ISS report confirms that two director seats are up for election at the 2025 Annual Meeting and that PENN and HG Vora have nominated and are recommending the same two highly-qualified candidates - Johnny Hartnett and Carlos Ruisanchez. ISS recognizes the open-mindedness with which PENN evaluated HG Vora’s director candidates, noting: “To its credit, the board appears to have given serious consideration to all three dissident nominees, and was open to accepting two of these nominees as its own.”¹ PENN encourages all shareholders to vote for Messrs. Hartnett and Ruisanchez for election and looks forward to welcoming them to the Board. Following the Annual Meeting, 75% of PENN’s directors will have joined the Board since 2019.
  
  In reaching its conclusions however, the ISS report fails to reflect a realistic view of William Clifford’s candidacy. We remind shareholders that, during his time as PENN’s CFO, Mr. Clifford advocated against key initiatives that were critical to succeeding in a competitive market. Following Mr. Clifford’s departure in 2013 as PENN’s CFO, these changes were implemented under the publicly announced P30 program and resulted in meaningful margin improvement. Further, during his interviews with PENN’s Nominating and Corporate Governance Committee, Mr. Clifford demonstrated antiquated views of a rapidly changing industry, and the same posture of resistance to exploring value-generating solutions, which we believe would hinder constructive decision-making.”
Illinois state regulators side with BetMGM after canceling man's bets that would have won nearly $400,000 (CBS News): “Military veteran Mark Aiello, of northwest suburban Roselle, thought he hit some big bets during March Madness, but the gambling app he used won't pay out, and state regulators have sided with the sports betting company. … In March, Aiello bet big on basketball, and thought he won $389,000 by correctly guessing rebounds and assists by certain Chicago Bulls players. But the BetMGM sports betting app he used canceled his wagers right before the game, and declined to pay him a cent, citing an ‘obvious error of incorrect or inflated odds.’ … the Illinois Gaming Board denied Aiello's complaint to be paid for his parlays…”
CT House passes bill to change debit card & ad rules for gambling (SBC Americas): “A bill to change Connecticut’s rules regarding online gambling payments and advertisements gained approval in the House. House Bill 5269 was passed with amendments by the Connecticut House following a 100-46 vote. HB 5269, sponsored by the House General Law Committee, was introduced in January before being referred to the Joint Committee on General Law.”
All The New York Casino News That’s Fit To Print (Casino Reports): During a debate hosted by NY1 that featured three Democratic candidates for Manhattan borough president, one of them made clear his position on a possible casino in the borough. ‘If you want a Manhattan casino, don’t vote for me,’ said state Sen. Brad Hoylman-Sigal. His district encompasses much of the West Side, where two of the bidders — Caesars Palace Times Square and The Avenir on W 41st Street and 11th Avenue — would be theoretically setting up shop.
Aces, BetMGM Sportsbook team up: What this means for the WNBA (AP): ‘I think it's long overdue,’ said Hall of Fame broadcaster Debbie Antonelli, who has been on the Fever's announcing team since 2000. ‘I think it's a demographic in our base that we have missed. I think that 18- to 36-year-old male that predominately was betting has brought that demographic to our game. I think anything that puts attention on our game in that way is good for our game.’

FanDuel’s Trusted Voices: Conversations About Betting is designed to equip adults, including parents and coaches, with tools and resources to talk to young people about gambling, including information on warning signs, risks and proxy betting. The program is led by retired professional basketball player Randy Livingston and his wife, basketball agent Anita Smith, who share their personal stories related to problem gambling, with the hope of preventing others from experiencing similar harms. Learn more and join the conversation here.