Skip to main content

New York Posts Solid August 2024 Sports Betting Financials

Andrew Reid

Last Updated: September 9, 2024 10:11 PM EDT • 1 min 32 sec read.

New York Yankees relief pitcher Nestor Cortes delivers a pitch as we look at the New York sports betting financials for August 2024
New York Yankees relief pitcher Nestor Cortes delivers a pitch. Photo by: Kamil Krzaczynski/Imagn Images.

Summer sports betting slowdown for our best sports betting sites? Maybe on the revenue front, but not when it comes to handle, according to the New York sports betting financials for August 2024. 

The New York sports betting scene is the biggest in the nation, but even it is showing signs of maturing and growth year-on-year. Generally, with only Major League Baseball going in terms of pro sports - and NFL preseason - August is a slower month in the sports betting industry. 

Handle results

August's handle showed some improvement for New York sports betting apps.

According to the New York State Gaming Commission August report, handle levels increased by a little more than $174 million from July to $1.44 billion. While that 13.8% increase is nice as we head into the busiest time of the sports betting season, it's dwarfed by the 29% year-on-year increase from last August's $1.1 billion.

The approximate $1.44 billion in handle may be month-on-month and year-on-year growth, but is still the second-lowest mark of the year for the Empire State, which has crossed over the $8 billion handle mark for the fiscal year, which began in April. Residents continue to take advantage of numerous New York sportsbook promos.

Gross gaming revenue 

However, revenues did not follow suit. 

Gross gaming revenue (GGR) came in at just under $125 million for mobile sports wagering in New York, the lowest for the FY. The previous low came with $133 million in June. It's the second year running that August has been the lowest GGR for the year, but the good news is that September last year experienced a big boost. 

It's also a 26.9% increase year-on-year from last August. 

Sportsbooks and taxes

It was a typical month for sportsbooks in the state, with DraftKings and FanDuel battling it out for the top spot and each claiming one role.

DraftKings led the way with handle, bringing in approximately $526.7 million to FanDuel's $511.6 million; FanDuel took the revenue title with $52.6 million against DraftKings' $43.3 million.

Only two other operators broke the $100 million mark in August - BetMGM and Caesars.

BetMGM had a monthly handle of $127.9 million, netting a GGR of $7 million; Caesars' handle was a not-too-distant $119.9 million, although it recorded $9.4 million in revenues. 

All in, New York mobile sports wagering paid $63.75 million in taxes to needy state and local coffers, bringing the total to just over $400 million for the year.

Written By:
Andrew Reid
Andrew is a Publishing Editor at Sportsbook Review. He graduated from Acadia University with a degree in Kinesiology, working as a personal trainer and in injury rehab, and then attended the College of Sports Media in Toronto to attain a diploma in Radio and Television Sports Broadcasting. Andrew has been involved in the sports betting and fantasy sports space since joining the FNTSY Sports Network in 2014, where he worked as a producer, director, and occasional on-air talent on various shows focusing on sports betting and DFS content. Prior to joining SBR, he spent multiple years with the USA Today Network as an editor and writer. Living in Newfoundland, Andrew frequents grey market sportsbooks, but in the past, when he's lived in regulated areas, he's become well-versed with all of our best sportsbooks. As strictly a casual bettor, he enjoys making touchdown parlays with friends (bro-lays), sweating out golf cut parlays during majors, playing same-game parlays for fun, and chasing long-shot bets. He also enjoys using sportsbooks that have solid iGaming and casino platforms. As the old guy on staff, he has an affinity for industry news, which confuses some, but shh ... quiet ... the news is on.