New York Online Sports Betting Plummets to 10-Month Low in June
New York’s on online sports betting handle dropped to its lowest level in ten months this June and revenue fell to its lowest monthly total since February.
New York sports betting spending falls to a 10-month low in June.
LISTEN TO THIS ARTICLE:The total monthly handle for June was $1.47 billion, which is a 25.6% increase from June last year but a 25.4% decrease from May’s $1.97 billion. The last time the New York sports betting market and handle were this low was in August 2023, when it was $1.11 billion.
Gross gaming revenue in New York also saw a decline. June’s revenue was $133.9 million, up 29% year-on-year but down 34.1% from May. This month is typically slower for betting, with the NBA and NFL finals concluding early on, and no New York teams competing for titles.
June’s revenue was only slightly higher than February’s $131.4 million, another slow period following the Super Bowl. February’s low revenue kept June from marking another 10-month low in GGR.
FanDuel Continues to Dominate in New York
FanDuel remains the top operator in New York, reporting $67.1 million in revenue from $571.3 million in bets for June. This resulted in a tax contribution of $34.2 million, bringing FanDuel’s total state tax payments to $998.3 million since the launch of mobile sports betting in January 2022. As of early July, this total likely exceeds $1 billion.
DraftKings came in second with $40.9 million in revenue from a $521.6 million handle.
There was a close contest for the third spot that Caesars won with $127.7 million in bets, generating $6.8 million in revenue. BetMGM followed closely with $6.8m from $100.6 million wagered, just ahead of Fanatics.
Fanatics, which started on February 29 this year, reported a $67.3 million handle. Despite being lower than Caesars or BetMGM, a 9.96% hold resulted in $6.7 million in revenue.
Rush Street Interactive was the only other operator in the state to exceed $1 million in monthly revenue, posting $2.5 million from $68.8 million in wagers.
BallyBet rounded out the list with $658,294 from $6.9 million, Resorts World with $572,891 from $7.4 million, and Wynn Interactive with $66,665 from $1.5 million.
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A Quiet Summer for US Sports Betting
Summer is traditionally a slower period for sports betting, not just in New York but across the whole country due to a lack of major US-based sports events.
This year, the AOM betting events were the NBA and NHL finals, with the MLB season typically not driving high wagering activity. Additional events included horse racing’s Belmont Stakes, golf’s US Open, and the Copa América football tournament, held in the US for only the second time.
International events like the Euro 2024 football tournament in Europe and cycling’s Tour de France may attract some US bettors. The ongoing MLB season also provides some betting opportunities.
June is generally the best summer month for sports betting. If historical trends continue, numbers will likely decline further in July before a slight recovery in August. The market is expected to pick up again in September with the start of the NFL season.
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