Sports Betting in New York Hits $1 Billion Mark Again in June

New York Yankees fans cheer during the eighth inning against the Cleveland Guardians in Game 5 of the American League Division Series as we look at the New York Sports betting scene hitting $1 billion in June. — New York Yankees fans cheer during the eighth inning against the Cleveland Guardians in Game 5 of the American League Division Series. Photo by Elsa/Getty Images/AFP.

In June, retail and online sports betting apps in New York maintained a strong pace, exceeding $1 billion in handle for the 10th month in a row.

The New York State Gaming official June report showed a decrease in betting activity through the top sports betting apps compared to the previous month. However, there were significant year-over-year increases in both handle and revenues in the New York betting scene.

In just 16 months, the legal sports betting industry in New York State reached a milestone of surpassing $25 billion in handle, outpacing New Jersey’s achievement of reaching the same milestone in 47 months.

The taxes paid to state and local coffers from Empire State sports betting providers reached $1.1 billion, a figure exceeded only by New Jersey and Nevada.

New York’s sports betting apps have contributed more in taxes (1.108 billion) since their launch in January 2022 than the total net revenues earned by the state’s sports betting companies ($1.065 billion), thanks to the 51% tax rate on sports betting revenues.

June handle in New York

In New York, bettors wagered a total of $1.17 billion through the state’s retail sports betting platforms and apps, marking the lowest amount since August.

The decrease in overall betting activity from $1.36 billion in May to $929 million in June represents a 31.7% drop, however, there is an 11.3% increase from the $1.056 billion reported in June 2022.

In June, the majority of New York’s sports betting handle was generated by the mobile providers in the state.

Mixed news from New York sportsbook revenues

The revenue of New York sports betting apps saw a significant decrease compared to the previous month, mainly due to the decline in overall sports betting activity in the state. Additionally, the apps reported an underwhelming 8.6% hold, which was 2.5% lower than in May.

In June, New York’s legal sports betting industry saw gross gaming revenues of $103.8 million, marking a significant 31.7% drop from the previous month’s profits of just under $152 million.

Nonetheless, similar to the New York sports betting handle, the revenues in June defied the handle trend and experienced year-over-year growth. The $103.8 million represents a significant 42% increase from the $72.4 million in June 2022, when sports betting operators in New York had a hold rate of only 6.9% – the lowest rate seen in the Empire State in over 15 months.

In June, New York sports betting generated $52.9 million in tax revenue, the lowest amount since August 2022. This is a decrease of approximately $25 million from the $77.5 million contributed to educational programs in May. However, there was a $16 million increase in taxes paid by the state’s providers compared to the previous year.

DraftKings and FanDuel make up 80% of June handle

The competition for dominance in the New York legal sports betting market remains a close contest between two main players. DraftKings New York and FanDuel New York collectively represented almost 80% of all sports betting in the state, leaving the remaining seven providers to make up the remaining 20%.

In June, DraftKings earned $488.5 million in New York with a 7.6% hold rate, while FanDuel reported $418.1 million with an 11.3% hold rate. FanDuel’s higher hold rate led to gross gaming revenues of $47.2 million, compared to DraftKings’ $37.1 million.

In June, FanDuel experienced a 37.8% decrease in revenues compared to the previous month.

In terms of New York sports betting activity, Caesars New York ranked third with a $124.8 million handle and $8.6 million in revenue. BetMGM New York saw $75.2 million in bets, while Rush Street New York came in fifth with $31.9 million. PointsBet New York had $15.6 million in bets, WynnBET New York generated $6.9 million, Resorts World Bet took in $4 million, and Bally Bet reported $898,761 in betting activity during June.

The New York sports betting scene is set to undergo some changes in the near future. Bally Bet will temporarily suspend its operations as it incorporates a new betting platform. Additionally, PointsBet will be rebranded as Fanatics Underscoreg.

Written By:
Perry Sandra

Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.