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

Retail and New York sports betting apps continued a torrid pace in June, surpassing the $1 billion handle mark for the 10th consecutive month.

Overall betting activity through the best sports betting apps was predictably down month-over-month, according to the New York State Gaming official June report. But the New York scene saw impressive increases in both handle and revenues year-over-year.

June was the month that the New York State legal sports betting industry surpassed the $25-billion mark in terms of handle. The best sportsbooks did that in just 16 months, besting New Jersey's lofty milestone of 47 months.

The figures also took the taxes paid to state and local coffers from Empire State sports betting providers to $1.1 billion, which only New Jersey and Nevada have eclipsed.

Thanks to New York's 51% tax on sports betting revenues, tax contributions since the January 2022 launch of New York sports betting apps (1.108 billion) have eclipsed total net revenues for the state's sports betting companies ($1.065 billion).

June handle in New York

Bettors in New York spent $1.17 billion with the state's retail sports betting platforms and apps - the lowest total recorded in the Empire State since August.

That figure is a healthy 31.7% drop in overall betting activity from the $1.36 billion in May, but a nice year-over-year 11.3% improvement from the $1.056 billion reported in June 2022.

New York's mobile sports betting providers were unsurprisingly responsible for nearly all of the Empire State's June handle.

Mixed news from New York sportsbook revenues

New York sports betting apps experienced a huge month-over-month revenue drop from June, partially because of the dip in overall sports betting in the state, and partially because of an underwhelming 8.6% hold, which is 2.5% lower than in May.

Gross gaming revenues for New York's legal sports betting scene during June came in at $103.8 million, an eye-opening 31.7% decrease from the slightly less than $152 million in sportsbook profits reported in May.

However, just like the New York sports betting handle, the revenues in June bucked the handle trend and saw year-over-year increases. The $103.8 million is up a whopping 42% from the $72.4 million in June 2022, when sports betting providers in New York held only 6.9% - the lowest hold rate we've seen over 15 months in the Empire State.

Taxes revenue from New York sports betting was $52.9 million in June, the lowest total since August 2022. It’s about $25 million less than the $77.5 million in contributions made to educational programs for the state in May, but a year-over-year $16 million improvement in taxes paid by the state's providers.

DraftKings and FanDuel make up 80% of June handle

The battle for supremacy in the New York legal sports betting market continues to be a two-company race. DraftKings New York and FanDuel New York made up nearly a combined 80% of the total sports betting activity, with the other seven providers accounting for 20%.

DraftKings took in $488.5 million in New York in June and held 7.6%. FanDuel reported $418.1 million and held 11.3%. FanDuel's better hold rate saw the company rally to $47.2 million in gross gaming revenues. DraftKings made $37.1 million.

FanDuel's revenues also dropped 37.8% month-over-month in June.

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

The New York sports betting landscape will change slightly in the coming months. Bally Bet will close its doors while it integrates a new betting platform into the company's offerings. And PointsBet will be transitioning to Fanatics Sportsbook.