New York Sports Betting For July Sees Revenue Rise

The New York Gaming Commission’s report on July’s sports betting activity offered a mixed bag of results, while the monthly handle of $1.26 billion represented a 14.4% decline from June and the Empire State’s online sportsbooks managed to secure a 11.3% hold, but the revenue figures told a different story. Operators collectively saw a 4.8% increase in revenue, reaching $140.3 million, thanks to a nearly 2.5-point uptick in the win rate.

The July performance saw no online sportsbook suffer a monthly revenue loss, and five of the nine operators reported month-over-month profit increases.

FanDuel, the market leader, kicked off the second half of 2024 with a July handle of $482.5 million, its lowest monthly amount wagered since August 2023. However, this figure still puts the operator’s year-to-date handle around $4.95 billion, up 23.4% from the first seven months of 2023. FanDuel has also hauled in an impressive $550 million in gross revenue so far in 2024, solidifying its position as the top player in the Empire State.

DraftKings, another industry heavyweight, saw its revenue jump from $40.9 million in June to $48 million in July. The popular operator enjoyed a 10.5% hold on a $456.8 million handle, finishing ahead of FanDuel’s 10.2% win rate. This performance highlights DraftKings’ ability to adapt and capitalize on the available opportunities, even during the traditionally slower summer months.

Caesars generated the third-best handle in the Empire State, surpassing $100 million wagered in July. BetMGM, which finished with the fourth-best handle, joined Caesars with holds just a hair below 10%.

Fanatics, the newcomer to the New York market, enjoyed a 13.2% month-over-month uptick in handle, leading to a more than $2 million jump in revenue compared to June.

BetRivers had one of the more unique months, as the amount wagered at the sportsbook fell 48.5% from June. However, a 9.9% hold produced nearly $1 million more in monthly profits, highlighting the operator’s ability to maintain profitability even in the face of a significant decline in handle.

In July, WynnBet wrapped up its last month of operations in the state, going out with a whimper as it generated its first and only month of a handle below $1 million. WynnBet’s exit, which began in February 2022, saw the operator generate a total handle of $234 million and revenue of just below $11.4 million in the New York market.

With WynnBet’s departure, ESPN BET, the PENN Entertainment-owned platform, is set to take over Empire State operations. The new entrant is expected to launch in the lucrative New York market by the start of the upcoming football season, further diversifying the competitive landscape.

The New York sports betting market got off to a better start in August, with the commission reporting a $330.6 million handle for the week ending August 4, up 21.7% week-over-week. This ended a two-week streak under $300 million, providing a glimmer of hope for the industry.

However, bettors held their own against the sportsbooks, as the weekly hold of 6.8% fell below double digits for the first time in a month. Revenue of $22.6 million was down 34% from the previous week, underscoring the need for operators to remain vigilant and adaptable.

DraftKings bested FanDuel to lead all operators with a handle of $125.8 million for the week, but a 6.2% hold led to $7.8 million in revenue. FanDuel generated $121.7 million in wagering, while revenue decreased from $14.6 million in the previous period to $8.9 million in the latest week.