Sports betting in New York appears to be slowing down, which is usually the case this time of the year.
In the week ending June 30, the state’s nine online sportsbooks made a little more than $29 million in profits—the first time it dropped below $30 million since early May.
The total amount wagered was almost $323 million, but that figure is down 3% from the previous week, with a 9% hold. June’s final week marked the sixth consecutive week of handles below $400 million and the second time in three weeks with a single-digit win rate.
As the NBA and NHL playoffs wind down, and the start of football a month away, sports betting in the summer typically cools off, even in the Empire State.
Not All of the Sports Betting News is Bad in New York
Despite this, New York’s sports betting market is significantly ahead of last year. In June 2023, the state saw a handle of $267.6 million and revenue of $16.3 million. That’s nearly 21% ahead of last year’s pace through six months in all categories.
New York’s sportsbooks are also poised for a third consecutive record-setting year. Operators have already reached a handle of almost $11 billion, which is only about $8 billion behind the total recorded for the entire year in 2023.
FanDuel Tops Online Sportsbook Revenue Generators
FanDuel had the highest revenue despite a lower handle, while DraftKings closely followed. Caesars and BetMGM also performed well.
Here’s a breakdown:
1. FanDuel
- Weekly handle: $126.9 million (lowest since late Aug. 2023)
- Revenue: $12.8 million
- Leading in both categories in New York.
2. DraftKings
- Revenue: $9.7 million
- Handle: $113.5 million (fewest since Aug. 2023)
3. Caesars
- Handle: $27.9 million
4. BetMGM
- Handle: $22.9 million
- Weekly revenue: Just under $2 million each.
FanDuel’s weekly handle was its lowest since late August 2023.
But on the flip side, according to figures from the New York State Gaming Commission, FanDuel recently surpassed $1 billion in mobile sports betting tax payments to New York State. It’s also closing in on surpassing $20 billion in lifetime handle in the Empire State.
It is the dominant player among the nine sports betting apps available in New York.
The Empire State Falling Short of Its Potential
Many believe there is still a lot of room for improvement and far from reaching its potential.
Why? New York, with a population of more than 20,000,000 (according to the 2020 Census), boasts a vibrant sports scene.
In-state professional teams include the New York Yankees and New York Mets (MLB), New York Knicks and Brooklyn Nets (NBA), New York Liberty (WNBA), Buffalo Bills (NFL), and New York Islanders, New York Rangers, and Buffalo Sabres (NHL). Additionally, several teams represent New York but play their home games in neighboring New Jersey.
Retail sports betting officially launched in New York on June 16, 2019, and online platforms followed on January 8, 2022. The market hit its peak monthly revenue of $1,799,048,366 in January 2023.
But with the pro and college football seasons around the corner, these weekly downward trends probably won’t last much longer.
It’s up to you New York, New York.
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