New York’s Online Sports Betting Revenue Declines in June

Comparative Revenue Performance

The total monthly handle for June was $1.47 billion, reflecting a drop of 25.4% from May’s $1.97 billion, despite being up 25.6% from the same month last year.

This decline is partly attributed to the seasonal nature of sports betting, with major leagues such as the NBA and NFL concluding their finals early in the month, impacting betting activity.

The gross gaming revenue (GGR) for June also witnessed a decline, totaling $133.9 million, which was 34.1% less than the previous month’s revenue but still 29.0% higher than June of the previous year.

The absence of New York teams in the finals of major sports competitions contributed to the reduced engagement and spending by bettors. This revenue was marginally above the $131.4 million recorded in February, another traditionally quieter period following the Super Bowl.

Market Leaders and Tax Contributions

FanDuel continues to dominate the New York market, leading with a revenue of $67.1 million from total wagers amounting to $571.3 million in June.

This performance helped FanDuel contribute a $34.2 million in taxes, pushing its total tax contributions to nearly $998.3 million since the inception of mobile sports betting in January 2022. With the new fiscal month, it’s anticipated that this figure has now surpassed the $1 billion mark.

DraftKings followed FanDuel closely, securing the second spot with $40.9 million in revenue from a handle of $521.6 million. The battle for the third position was tight among other operators, with Caesars and BetMGM leading the chase.

Caesars posted $6.8 million in revenue from $127.7 million wagered, closely matched by BetMGM’s $6.8 million from $100.6 million. Fanatics, a newer entrant having launched in February, reported a handle of $67.3 million and revenue of $6.7 million, showcasing a stronger hold percentage.